KR1 (AQSE:KR1 ) said it has sold 202,297.55 DOT tokens in the Polkadot project at an average price of US$5.12 per DOT token, generating proceeds of US$1,035,043.46. 

The digital asset investment firm said this represents only a small part of its Polkadot position and that it is actively staking a significant majority of its position to generate recurring revenue. 

KR1 announced back in August that it had started generating material revenue from staking activities on the Polkadot network, its largest investment and portfolio holding to date.  

The Company has been staking activities on Polkadot to generate revenue on an ongoing basis following its migration to a ‘Proof-of-Stake’ blockchain network back in June 2020.  

KR1 now holds a total of Polkadot 3,558,490.89 DOT tokens, post-re-denomination. This differs from its original DOT allocation as a result of the bonus pool of unlisted digital tokens allocated pursuant to KR1’s 2017 bonus scheme, which included Polkadot as an asset. 

George McDonaugh, Managing Director and KR1’s Co-founder, described the launch of Polkadot as “a momentous event” in the group’s history and one that shareholders have been waiting for since KR1 backed the project in an early funding round in 2017. 

Shares in KR1 have traded strongly in the past month to open at 12.75p this morning. 

Commenting on the group’s largest investment activities, McDonaugh told investors: 

“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." 

He reiterated a previous statement stating, “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.” 

He said KR1 is seeing huge interest flowing into numerous new projects building on Polkadot, many of which it has already supported, or are in active discussions with. 

He added, "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." 

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