Crypto fund KR1 cashes portion of Stake DAO (SDT) tokens for $255K
KR1, a blockchain & crypto-asset investment company, today announced that it has sold 19,634.15 SDT tokens in the Stake DAO (SDT) project at an average price of USD $13.02 per SDT token, generating proceeds of USD $255,541.98.
Stake DAO is an on-chain decentralized finance (DeFi) aggregator and interface, which allows users to deposit funds into various DeFi strategies created or curated by the Stake DAO community.
The crypto investment company recently received the Stake DAO tokens as early contributors following KR1’s initial investment into the ‘Flying Carpet’ project, announced on July, 3rd 2018; whose founding team experimented with different blockchain business models and shifted their attention to development in the decentralized finance and staking ecosystem over the past years, bringing Stake DAO to life.
KR1 continues to hold a remaining position of 700,365.83 SDT in the Stake DAO project, which is vesting linearly over the next 23 months. This gradual vesting impacts the liquidity of the Stake DAO SDT and therefore the market value of KR1’s holding. The same is true of other illiquid assets in KR1’s portfolio, particularly the holding of Lido’s LDO token announced on December, 16th 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.”
– George McDonaugh, Managing Director and Co-Founder of KR1