In brief : Revolut was valued at $75bn in a share sale in November 2025. For Molten Ventures, a listed venture capital investor, it is the largest holding in the portfolio, and the company has chosen to sell part of it on several occasions. A real-world case to understand concentration, the multiple on invested capital and partial realisations.

Molten Ventures is a London-listed investment company (ticker GROW) that invests in young European technology companies. Revolut, the British neobank, has been in its portfolio for several years.

On 24 November 2025, Revolut announced a secondary share sale, allowing employees to sell some of their shares, based on a $75bn valuation, around two thirds higher than in 2024. According to City A.M., Molten had recently sold £26.3m of Revolut shares, and its remaining stake was worth £152m, its largest holding.

On 18 May 2026, Molten announced a further partial sale of around £63m. In total, its sales of Revolut shares then reached around £120m, close to 20 times the capital invested. The remaining stake was valued at around £110m.

In venture capital, a handful of successes often drive most of a portfolio’s performance. When one holding grows much faster than the others, the portfolio becomes concentrated: its NAV depends heavily on a single company.

Selling part of the holding turns an unrealised gain into cash and reduces that dependence. Molten’s chief executive put it this way: the company intends to “continue to take some liquidity as it becomes available”. The trade-off: the shares sold will not benefit from any future rise.

These sales also act as a test. Selling at a price close to or above the carrying value lends credibility to the published NAV, a point closely watched in a sector where share prices often diverge from asset values.

Venture capital :
The segment of private equity that finances young, fast-growing companies, with high risk.

Concentration :
The weight of a single holding in the portfolio. The higher it is, the more NAV depends on that company.

Multiple on invested capital :
What an investment has returned divided by what it cost. A multiple of 20 means twenty times the money.

Partial realisation :
Selling only part of a holding, to lock in a gain while remaining invested.

Sources : City A.M., 25 November 2025 – Retail Banker International, Revolut valuation, 25 November 2025 – Molten Ventures, partial realisation of Revolut, 18 May 2026

AVERTISSEMENT
This article is for educational purposes only. It does not constitute investment advice, a recommendation, or a solicitation to buy or sell any security. Past performance is not a reliable indicator of future results.