KR1 reassures investors, says long-term investment approach ‘unchanged’ after Bitcoin price volatility


KR1 PLC (LON:KR1) has said its long-term investment strategy “remains unchanged” after what it said were extremely volatile markets for Bitcoin and other cryptocurrencies on Thursday.

The blockchain and crypto investment firm said it wanted to “assure shareholders that none of KR1’s assets were liquidated or threatened by the extreme volatility”, however, as expected, the portfolio experienced a price shock of the underlying assets throughout the night which had slightly recovered by Friday morning.

WATCH: KR1 PLC adds three new investments to its blockchain technology portfolio

KR1 added that it will also provide an update on its staking activities “shortly”, saying the strategy had been “performing very well” with most proceeds realised in recent weeks.

“Bitcoin saw an extreme roller-coaster ride yesterday, starting around US$7,800 down to just under US$4,000 in a very short space of time. With a rebound of sorts back to US$5,600 overnight, repercussions of this move could mean further volatility in the short term”, said KR1’s managing director George McDonaugh.

“Fundamentally [however]…our long-term outlook remains strong, and when confidence eventually returns after this Black Swan event has stabilised, we expect crypto markets to maintain their overall upwards trajectory as demonstrated over the last few years”, he added.

Shares in KR1 were trading at around 4.3p on the NEX exchange at lunchtime on Friday.

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