The company has sold a pile of tokens that it has received by virtue of being an early backer of Stake DAO
() has sold 19,634.15 SDT tokens in the Stake DAO (SDT) project, generating proceeds of US$255,542.
The tokens were sold at an average price of US$13.02 each.
Stake DAO is an on-chain decentralised finance (DeFi) aggregator and interface, which allows users to deposit funds into various innovative DeFi strategies created or curated by the Stake DAO community.
KR1’s remaining position in the Stake DAO project stands at 700,365.83 tokens, which it will receive in regular instalments over the next 23 months. This gradual vesting affects the liquidity of the Stake DAO SDT token and therefore the market value of the company’s holding, KR1 explained. The same is true of other illiquid assets in the company’s portfolio, particularly the holding of Lido’s LDO token announced on 16 December 2020.
“The crypto ecosystem moves very fast and being able to pivot as the environment changes is a key skill we look for when providing funding for early-stage teams. Over the past years, the Stake DAO team demonstrated deep expertise on all things Ethereum, which enabled them to pursue this path and launch an attractive product in a very competitive area of the DeFi ecosystem,” said George McDonaugh, the managing director of KR1.