KR1 plc Update on Revenue from Polkadot Staking Yields

 
TIDMKR1 
 
16 March 2021 
 
                                    KR1 PLC 
 
                           ("KR1" or the "Company") 
 
                Update on Revenue from Polkadot Staking Yields 
 
KR1 plc (KR1:AQSE), a leading digital asset investment company, is pleased to 
provide an update on the Company's revenue from staking activities on Polkadot 
("DOT"). KR1 has generated a further 77,542.92 DOT since the last staking 
update announcement in December 2020, all of which have been sold at an average 
price of US$23.83 per DOT token, realising US$1,847,518.00 for the Company. 
 
The accrued revenue from KR1's Polkadot staking activities had been impacted 
recently due to a migration process of the Company's Polkadot staking 
operations over the last quarter, which involved multiple 'unbonding' 
procedures, during which no staking revenue accrued for twenty-eight days. The 
Company is pleased to have finalised this process and resumed the staking of a 
large majority of its DOT position to continue generating revenues for KR1's 
operations. 
 
The Company's strategy is to time the realisation of its accruing staking 
yields to benefit from prevailing market conditions. This strategy has led to a 
more favourable average realised price of US$23.83 per DOT for this particular 
Polkadot staking revenue update, compared to an average price of US$20.27 per 
DOT that would have been achieved if the Company had sold its proceeds on a 
daily basis. 
 
As at the date of this announcement, KR1's total holding of Polkadot tokens 
remains at 3,498,842.45 DOT after the realisation of all staking yields. 
 
George McDonaugh, Managing Director & Co-Founder of KR1 commented: 
 
"With the impressive appreciation of Polkadot's market price over the last 
quarter, our strategy of timing the market "if the asset price is under 
pressure" was not entirely applicable, considering we were looking at US$5.35 
per DOT at the beginning of this staking period only three months ago. That 
said, with the change in market conditions, we are adjusting our strategy 
accordingly. We are very encouraged by Polkadot's momentum and are looking 
forward to the upcoming months of staking operations." 
 
The Directors of KR1 plc accept responsibility for this announcement. 
 
                                   --ENDS-- 
 
For further information please contact: 
 
KR1 PLC 
George McDonaugh                                                    [phone] 
Keld van Schreven 
Simon Nicol                                                                [e-mail] 
 
Peterhouse Capital Limited                                     (AQSE Corporate Adviser) 
Mark Anwyl                                                          [phone] 
Allie Feuerlein 
 
Nominis Advisory Ltd                                                       (PR Adviser) 
Angus Campbell                                                                [e-mail] 
 
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 on the Apex segment of the AQSE Growth Market (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. 
 
www.KR1.io 
 
Market Abuse Regulation (MAR) Disclosure 
 
This announcement contains inside information for the purposes of Article 7 of 
the Market Abuse Regulation EU 596/2014 as it forms part of retained EU law (as 
defined in the European Union (Withdrawal) Act 2018). 
 
 
 
END 
 
 

(END) Dow Jones Newswires

March 16, 2021 09:56 ET (13:56 GMT)