14 October 2020
("KR1" or the "Company")
Portfolio Update: Polkadot
KR1 plc (AQSE:KR1), a leading digital asset investment company, is pleased to announce that the Company has sold 202,297.55 DOT tokens in the Polkadot (“DOT”) project at an average price of US$5.12 per DOT token, generating proceeds of US$1,035,043.46.
This partial exit represents only a small part of the Company's Polkadot position and, as previously announced, KR1 is actively staking a significant majority of its Polkadot position to generate recurring revenue.
As at the date of this announcement, KR1’s total holding of Polkadot tokens is 3,558,490.89 DOT, post-re-denomination. This differs from the Company’s original DOT allocation, as a result of the bonus pool of unlisted digital tokens allocated pursuant to the Company’s 2017 bonus scheme, which included Polkadot as an asset.
George McDonaugh, Managing Director and Co-founder of KR1, commented:
“Witnessing the successful launch of Polkadot is a momentous event in KR1’s history, which we and many shareholders have been eagerly awaiting since 2017, when we backed the project in its earliest funding round. We are pleased to have locked in some profit at good prices and we’re delighted that Polkadot is further expanding the Company’s staking activities as a yield-bearing asset.”
“As mentioned in our last announcement about the revenue from Polkadot staking yields, there is a buzzing ecosystem of projects building on Polkadot’s technology and the market has clearly recognized this potential, putting Polkadot firmly in the top ten of cryptocurrencies in terms of network valuation. Subsequently, we are seeing huge interest flowing into numerous new projects building on Polkadot, many of which we have already supported at an early stage or are in active discussions with.”
“We’re very excited for Polkadot and what it brings to the general blockchain space. Improved scalability, native interoperability and shared security are going to become important building blocks for many upcoming projects and should push the space forward for years to come.”
For further information please contact:
Peterhouse Capital Limited
(AQSE Corporate Adviser)
Nominis Advisory Ltd
About KR1 plc
KR1 is a leading digital asset investment company supporting early-stage decentralised and open-source blockchain and DeFi projects. Founded in 2016 and publicly traded in London (KR1:AQSE), KR1 has built a notable reputation for generating significant returns by investing in many key projects that are designed to power the decentralised platforms and protocols that are emerging to form new internet infrastructures.
Market Abuse Regulation (MAR) Disclosure
The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulation (EU) No. 596/2014. Upon the publication of this announcement via a Regulatory Information Service, this inside information is now considered to be in the public domain.