Interims28 Sep 2023 11:54
Interim Report for the Half Year Ended 30 June 2023
KR1 plc (KR1:AQSE), a leading digital asset investment company,today announces
its half year results for the six months ended 30 June 2023 (HY23).
Financial Highlights
? Net assets of £90.7 million, +94% on HY22; +29.5% on FY22
? NAV per share of 51.12p as at 30 June 2023, +67.1% on HY22; +29.5% on
FY22
? Income from digital assets of £3.9 million, -76.4% on HY22
Investment Highlights
? Investment pipeline and access to projects remains strong
? Investment in Anoma, building a next generation blockchain with an
intent-centric architecture
? Investment in Hydra Ventures, a newly launched investment Decentralised
Autonomous Organisation ("DAO")
? Further investments in Code & State, a Web3 venture studio, and others
Strategic Highlights
? Continuously strong staking activities through Polkadot, Cosmos,
Moonbeam and others
? Recent addition of Ethereum as a staked asset to the Company's staking
strategy
? Lido, a major portfolio projects, remains market share leader for
Ethereum staking (with Rocket Pool, another portfolio project competing)
? Polkadot, a major portfolio project, unveiled its plans for a future
Polkadot version 2.0 to accelerate its potential for many developers
? Cosmos, another major portfolio project, releasing `Mesh Security' to
increase the economic security of Cosmos ecosystem chains while allowing them to
retain complete sovereignty
Markets Outlook
? The upcoming mainnet launch for Celestia (formerly LazyLedger) is very
promising for the KR1 portfolio, continuing to build a high-quality, diversified
portfolio of innovative digital assets
? Bitcoin halving narrative starting to form again while numerous Bitcoin
spot ETF applications were filed by Wall Street heavyweights such as Blackrock,
suggesting potential for significant institutional adoption of the asset class.
George McDonaugh and Keld van Schreven, Managing Directors of KR1 plc,
commented:
"With some positive market momentum as well as major new investments that were
announced since the year end, the Company's net assets have grown substantially
to £90.7 million at the end of June, providing shareholders with capital growth,
which remains our main long-term focus. The year-on-year decline in income from
digital assets, driven by various factors, including stagnant prices over the
relevant period, was expected, while still being of great benefit to the
Company. A major event coming up for the Company will be the launch of Celestia
(formerly LazyLedger). The outlook is promising, as we continue strengthening
our organisation, keep building a high quality `long-only' portfolio of
innovative digital assets and monitor interesting developments in the wider
digital asset m