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KR1 cashes in from Polkadot token sale


KR1 PLC (LON:KR1) said it has sold 141,564.69 DOT tokens generated since its last update on August 19 through staking activities on the Polkadot blockchain at an average price of US$5.63 each, netting total proceeds of US$796,942.

The Aquis-listed digital asset investment firm said it has generated more than 194,631.69 DOT tokens from staking yields over the last six months since Polkadot migrated to a ‘proof of stake’ network on June 18, adding that it has now sold the entirety of the DOT it has generated through staking to date for a total of US$991,745.

READ: KR1 unveils new investments in Lido, Swarm projects

Staking involves holding funds in a cryptocurrency wallet which are then used to support the security and operations of a blockchain network. The tokens are locked in the wallet for this purpose, and in return, the staker receives financial or another form of reward. The more tokens a user decides to stake, the higher the reward.

KR1 said it plans to continue staking a large majority of its DOT tokens to continue generating revenues for its operations, adding that its strategy of not liquidating its accruing staking yields and postponing the realising of yields until market recovery if the asset price dips below a certain threshold has led to “a more favourable average realised price” per DOT token.

The company’s total holding of DOT tokens currently stands at around 3.5mln.

“A healthy flow of staking income without any capital expenditure allows us to take full advantage of the growing excitement in the digital asset markets. Once again, we have been very successful in achieving great average prices for realising the company’s staking yields with our strategy to time market conditions. The momentum in the Polkadot ecosystem has been very encouraging, with a major surge in community participation and new features like Polkadot’s ‘parachain auctions’ and cross-chain communication coming closer to release”, KR1 managing director and co-founder George McDonaugh said in a statement.

KR1 shares were trading at around 20.5p in late-afternoon trading on Thursday.

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