Minds + Machines (LON:MMX) announced today that it added £2.3 Million, which is over $3.5 Million In USD, by withdrawing its applications for .Blog and .Store to settle those new gTLD’s in private auctions
Minds + Machines’ cash holdings have risen to US $48 Million (£31.9mln).
Minds + Machines also announced they won the new gTLD .DDS in a private auction with Google, although they didn’t say how much they paid for that extension
DDS is an acronym of Doctor of Dental Surgery and “M + M hopes the domain will appeal to the 180,000 dentists practicing there”.
However there domain extension faces vertical competition, including .dentist and .dental.
M +M also announced that they ended its registry services agreement with The American Bible Society for the management and operation of the yet to be delegated .bible domain.
The cash pile of $48 Million now accounts for 44% of the company’s Market Cap,
Shares were up just over 1% in trading today to 8.66p.
What party won .STORE new gTLD?
Someone may very well buy this company with 44% of their market cap in cash-that’s more than enough to finance the deal.
There is so much malinvestment going on today. This is what happens when there is free money in the system.