KR1, a cryptocurrency staking firm located on the Isle of Man, is set to transition its listing from the smaller Aquis exchange to the London Stock Exchange’s (LSE) main market.
Co-founder Keld Van Schreven informed the Financial Times that this transition, anticipated to conclude next month, serves as “a starter gun for this new asset class on the LSE,” expressing his belief that more cryptocurrency firms will follow suit.
With a market valuation of approximately £56 million (around $75 million), KR1 is recognized as the “first genuine digital asset company” to be listed on the LSE, setting itself apart from others that primarily focus on holding cryptocurrencies like Bitcoin (BTC), according to him.
Founded in 2014, KR1 finances early-stage blockchain projects and generates income through staking assets like Ether (ETH) and Polkadot (DOT). The company has made over 100 digital asset investments and is “doubling down on staking,” as stated by Van Schreven.
Related: Companies respond as the UK plans to reverse crypto ETN ban
UK embraces cryptocurrency
The forthcoming uplisting coincides with the UK’s Financial Conduct Authority (FCA) indicating a more welcoming attitude towards cryptocurrency. The regulator has recently allowed crypto exchange-traded products to trade on the LSE and intends to introduce a comprehensive framework for digital assets next year.
Additionally, the Bank of England is reassessing proposed limits on corporate stablecoin holdings, intending to permit exceptions for firms that need larger reserves of fiat-backed assets.
Initially, the BoE suggested limits on stablecoin holdings, set at £20,000 (about $27,000) for individuals and £10 million (around $13 million) for corporations. This change arises amid global regulatory competition, notably from the US GENIUS Act, which provides clearer regulations for digital asset companies.
Related: BlackRock introduces Bitcoin ETP following the UK lifting trading ban
Argo Blockchain to exit LSE
In the meantime, Argo Blockchain will withdraw from the LSE as part of a significant restructuring that shifts control of the company to its largest creditor, Growler Mining. This decision marks the end of Argo’s six-year tenure as one of the few publicly traded cryptocurrency mining companies in the UK.
The company will keep its Nasdaq listing, contingent on fulfilling compliance standards, which includes a planned reverse stock split before January 2026.
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