Digital asset investment group KR1 PLC (AQSE:KR1) has published an investment update on its holdings in modular blockchain token Celestia (formerly LazyLedger) following the mainnet launch on 31 October.
The company holds a total of 7.5 million TIA tokens, which are the native digital asset of the Celestia network, having gained them entirely from KR1’s investment into Celestia’s seed funding round three years ago.
KR1’s entire TIA allocation is held in institutional custody and is subject to a lockup schedule, to be unlocked in two tranches.
A third of KR1’s allocation will unlock 12 months after Celestia’s mainnet launch, with the remainder unlocking on a linear basis over the period between 12 to 24 months after the mainnet launch.
KR1 is also planning to commence staking activities on the Celestia network in order to generate additional income.
Mustafa Al-Bassam, co-founder of Celestia, commented: “The mainnet launch of Celestia is a major event for the entire team and I’m excited that we have the continued support from KR1.
“As one of the oldest funds in the crypto space, KR1 brings invaluable experience, and we are happy that they have been supporting us since our initial seed funding round.”
Keld van Schreven, managing director and co-founder of KR1, commented: ”Witnessing the successful launch of Celestia once again demonstrates our ability to support great entrepreneurs and founding teams.
“We are immensely proud to have been among the earliest supporters of Celestia, when Mustafa and the team got started during the depths of the previous crypto ‘winter’.
“Launching their mainnet is a great achievement by the entire Celestia team. We are also excited for an entirely new ecosystem of projects being developed on top of Celestia’s modular architecture.”
KR1 also posted an unaudited net asset value update showing a total NAV of £80 million or 45.11p per share as of 30 September.
Other top altcoins in the portfolio were Lido (LDO), Polkadot (DOT), Cosmos (ATOM) and Lido Staked ETH (stETH).