Funko shares jump after acquisition launches the toy company into the NFT market

Funko Inc.
FNKO,
+2.55%
shares jumped 13% in Thursday premarket trading after the toy and collectible company acquired a majority ownership stake in TokenWave, the company behind the TokenHead app and website that tracks non-fungible token (NFT) holdings. TokenHead is available on Android and iOS devices, currently displays more than 10 million NFTs and has more than 100,000 visits per day. Funko, known for its Pop dolls with oversized heads, will launch its NFT offerings in June, with a new one introduced each week at a starting price of $9.99. “Our strategy in this space is clear – bring the value-added NFT opportunity to our licensing partners to leverage our broad range of existing pop culture content across television, movies, sports, music, anime, video games and comic books,” said Brian Mariotti, Funko’s chief executive in a statement. Funko stock has skyrocketed 89.6% over the past three months, and is up nearly 414% over the last year. The S&P 500 index
SPX,
+0.36%
has gained 60.8% over the last 12 months.