• NAV increased 7 per cent to $220.8mn (713¢)
• Stake in Bolt worth more than TMT’s market capitalisation
• Cash of $5mn
• Listed stake in Backblaze currently valued at $9.8mn
• 69 per cent discount to NAV
TMT Investments’ (TMT:$2.24) portfolio of more than 50 high-growth, internet-based businesses benefited from significant positive currency movements last year, a major factor behind the growth in the venture capital company’s net asset value (NAV).
There was also an increased divergence between its stronger and weaker performers. Despite the ongoing challenges in the macroeconomic and political environment in 2025 (which marked the fourth consecutive “stress year” for the venture capital industry following the tech market correction in early 2022), investors have continued to back fast-growing, high-quality digital technology companies, especially in the popular AI segment, albeit at more subdued levels.
