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Stakeholders in digital asset investment company KR1 PLC (AQSE:KR1) saw the net asset value (NAV) on their shares surge over 67% on a year-on-year basis during the last interim earning period.
Per today’s trading statement for the six months ending 30 June 2023, NAV per share was 51.12p, with net assets held by the group totalling £90.7 million, nearly twice as high as this time last year.
This was due to a rebound in the cryptocurrency markets, with benchmark cryptoasset bitcoin surging around 84% in the reporting period.
Income generated from KR1’s basket of digital assets did fall by 76% on a yearly basis to £3.8 million, though as managing directors George McDonaugh and Keld van Schreven commented, capital growth “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,” they said.
KR1’s investment pipeline was strong in the latest period, with investments finalised in Anoma, Hydra Ventures, Code & State, Side Protocol and, most recently, Interop Ventures, all of which were largely funded through partial disposals of successful investments from the existing portfolio, such as decentralised finance (DeFi) protocols Lido and Rocket Pool.
Looking forward, KR1 anticipates the mainnet launch of Celestia (formerly LazyLedger), which should be “very promising” for the KR1 portfolio.
Crypto spot prices also have some tailwinds beneath them, with the bitcoin halving event on the horizon and high-profile financial institutions including Blackrock, Ark Invest and Grayscale keeping pressure on the US regulators to approve a spot-bitcoin exchange-traded fund.
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