KR1, a crypto betting company based in the Isle of Man, is preparing to move its listing from the small-cap exchange Aquis to the main market of the London Stock Exchange (LSE).
Co-founder Keld Van Schreven told the Financial Times that the move, which is expected to be completed next month, represents “a starting gun for this new asset class on the LSE,” adding that he anticipates more cryptocurrency companies to follow.
With a market capitalization of around £56 million (around $75 million), KR1 is the “first true digital asset company” listed on the LSE, distinguishing itself from other listed entities that primarily focus on holding cryptocurrencies such as Bitcoin (BTC), he said.
Founded in 2014, KR1 invests in early-stage blockchain projects and earns income by staking assets such as Ether (ETH) and Polkadot (DOT). The company has completed more than 100 investments in digital assets and is “doubling down,” according to Van Schreven.
Related: Firms weigh in as UK prepares to reverse ETN crypto ban
The UK is excited about cryptocurrencies
The move comes as the UK’s Financial Conduct Authority (FCA) signals a more receptive stance towards cryptocurrencies. The regulator recently allowed exchange-traded crypto products to be traded on the LSE and plans to implement a comprehensive digital assets framework next year.
Additionally, the Bank of England is reconsidering proposed limits on corporate holdings of stablecoins, with plans to allow exemptions for companies that require larger reserves of fiat-pegged assets.
The Bank of England had initially proposed limits on stablecoin holdings of around $27,000 for individuals and $13 million for companies. The change comes amid global regulatory competition, especially from the US GENIUS Act, which offers clearer rules for digital asset companies.
Related: BlackRock Launches Bitcoin ETP After UK Lifts Trading Ban
Argo Blockchain to be removed from the LSE
Meanwhile, Argo Blockchain will delist from the LSE as part of a radical restructuring that hands control of the company to its largest creditor, Growler Mining. The move ends Argo’s six-year run as one of the few listed crypto mining companies in the UK.
The company will maintain its listing on Nasdaq, subject to meeting compliance requirements, including a planned reverse stock split before January 2026.
Magazine: Back to Ethereum: how Synthetix, Ronin and Celo saw the light
