Kr1 (LSE:KR1) — Results for the year ended 31 December 2025

0:00 Good afternoon, and welcome to the KR1 PLC investor presentation. Throughout this recorded presentation, investors will be in listen only mode. Questions are encouraged and could be submitted at any time via the Q and A tab situated on the right hand corner of your screen. Simply type in your questions and press send. The company may not be in a position to answer every question it receives during the meeting itself. However, the company can review all questions submitted today and publish responses where it's appropriate to do so. Before we begin, I'd like to submit the following poll. I'd now like to hand you over to the management team. Kild, good afternoon, sir. Good afternoon. Thank you very much, everyone. Thank you for joining. Your time is important, so we're gonna wrap this up pretty quick. What we're what we're gonna do is give some initial slides. It's not a deep dive on the end of year numbers, but it gives context around 2025 and also where we are today and where what we're focusing on for tomorrow.

0:53 So we've got a disclaimer there, which is standard. But as an introduction for anyone who doesn't know KR1, we're the first diversified institutional grade digital asset company on the LSE, which is a much better market than we were on, which was the Aquis market. We're on that for ten years, and we learned a lot there, and we've had a successful migration November twenty fifth last year. So unlike other ETNs and digital asset treasury companies, we generate income, and we'll kind of come onto this a little bit more later in the presentation. But over the ten years and also coming onto the LSE, we've got all the tools now and the income for success on the LSE, and we are the best positioned to capture this new era of decentralised AI and digital assets on the LSE. So we've been bridging digital assets in the public market since 2016.

1:41 We operate in three areas. We have technology infrastructure, which is sort of Ethereum activities. We currently stake Ethereum, and we are moving to launching a 138 validators. And and after that, we're gonna launch Redstone. We have financial infrastructure. We're currently running a income stream with net Nexus Mutual, which is an underwriting operation, which is starting to net some income already. And then we've got a Bitcoin and Ethereum program running, which is liquidity provision. That's like a test phase, and we're looking forward to the results of that. And the third arm, is much more our kind of historical focus, which is venture and strategic investments, and these have traditionally been pre seed seed follow on and secondary kind of seedlings. These are hardened off assets that have already been in the market.

2:39 As a differential between ETFs and treasury companies, they just offer price exposure. We provide this price exposure plus the income, and we're actively operating in the networks that others are just gambling on. It's a difference what we want you to take away from this presentation. So We have multiple assets generating income and not just idly sitting for the the market to move. So 2025, it was a, a a very unusual year. Our numbers were down 65%. Our total infrastructure income was around 5,000,000, and sort of we did make an adjusted operating 842 k. It was a profit, but it was obviously we had our NAV was reduced dramatically, and NAV per share was down, and our we had, you know, a kind of heavy loss per share. And these were really down to the wider market, plus we had some asset write downs.

3:34 So, yeah, it was very challenging for us, but we're we're kind of through that now. Also, to give a lot of context around it, you know, from February to November last year, we were in this sort of locked in prospectus phase with which we were constrained into you know, we'd try to limit our what we could really do in investments we could make, the reactions we could do. So it was like a hands tied type of, phase for us. And we didn't know if we were gonna uplist successfully or not. It was very difficult. There was no no outcome. I mean, we were a test case for the LSE, really. So but we came over that out of that successfully. So we were absolutely excited about that kind of being on the LSE and being the first. So, yeah, the the results reflect a very extraordinary year with very difficult conditions and this LSE work, on top of it. So it wasn't haven't really changed anything about what we think about decentralization and the assets that are associated with that. It's just, you know, what happened around us and for the company.

4:39 So we're we're the first on the LSE, and we've got all the tools in a much better market. We've got a really good outlook. So we're at this point now where, you know, from 2025, you know, we had a a decline in the market. We just to give some context that we weren't the only ones that suffered, all the kind of pure VC funds were damn big as well. So, you know, this was like a shared experience. And if you do if you remember, if you go back to December 2024, Trump came up on stage and said it's the goal of crypto. You know, the market started to move in there. Since it's all got inauguration, the whole thing really declined on the market side. And alongside that, we saw this sort of lack of regulatory clarity from the SEC, which really was the the driver between these of nihilistic movements like the meme coin explosion was kind of a result of that.

5:35 Alongside of that, there's several other strands happening here. You know, infrastructure matured, this sort of eth killer phase of layer ones that kind of ended. Ethereum won, and, you know, that was kind of like an end of a experimental era. You know, alongside that, when we used to get when we used to invest, we have used to get our allocation straight away. But, obviously, that changed to a more standard VC practice of getting vested, schedules. And that's really, been unfortunate with the sort of volatility of the market. And an example is Celeste, we put 75 k in. We got 4,000,000 in staking inwards app, but we saw the 75 k balloons, 140,000,000, and the principal couldn't touch it. Obviously, frustrating. Alongside that, we had this ETF movement, which caused a, like, a false the four year cycle is happening, but it was just a sort of a different mechanic alongside that as Wall Street got involved, and there was no trickle down into other assets. You know, we're kind of through all that now, that very difficult phase, you know, things are changing with regulation, inflows, and UTFs for other assets.

6:41 So where we are now in 2026? Got a new March now about this morning, around 40,000,000 income. We've got the start of Nexus Mutual within that. It's very important for you to understand we're in the transition phase of our income. You know, we've we we're migrating some of the assets that we're yielding into other assets, that are yielding, but that's a transitionary phase. So there is gonna be a dip in income, but we're gonna come out of it quite strongly. And as a company, we don't owe any money. That's kind of important from a sort of a kind of financial health indicator point of view. So, you know, we're launching Ethereum validators, which delivered on our promise from our January IMC, and this increases our e Ethereum alignment in the ecosystem.

7:28 You know? And, you know, part of what we announced in the first IMC was this repeatable strategy where we research, invest in the asset. We do something with it to make it, generate income, then we've got the income. So it's like a a repeatable function. It's like a loop, and, that's going to be the driver of a lot of our income. And this driver is a differentiator between us and ETNs and treasury companies, and that's gonna be more important as the market matures. So we've you know, we're well positioned in this next cycle and all the new opportunities that it's gonna throw at us. So, you know, as I said, we're focused on the productive side of these assets, and we're in we're in this transition as a strategic response to the all the changes that we're seeing.

8:15 Effectively, we're compounding a lot of these, assets. Some we are gonna be selling off as a more irregular, activity, but there's a a compounding aspect to some the assets like Ethereum. And, you know, we've always been heavily research led, and this is gonna apply even more so with these types of assets. You know, we've been working through the portfolio to convert idle assets into productive assets, and a good example of that is Nexus Mutual. So, yeah, we've got a financial infrastructure pilot underway. Got Bitcoin and Ethereum. You know, we hold a a good amount of Ethereum, and, you know, our target yield is six to 8%. And, we've got other assets in research, like, the Convex CVX token is is is one of those.

9:08 Kind of useful to step back and have a look where we are most technology cycles. Quite good to sort of just see, get away from the emotion, have a look. And we're really coming out of a very difficult time. Everyone's sort of been depressed. A lot of people have sold out. They've quit. They can't handle it. They can't take, you know, the heat. There's not enough change. Not too quickly. There's too many other factors. But we are well, there's lots of really good news coming out. So we we are coming out of this, difficult time into a new era. It it it really feels like that from our point of view. So so the the the the kind of hype cycle's a a very useful indicator of that. And we believe now is the time. You know? The bear market is starting to you know, we're starting to come out of the alts tend to front run the Bitcoin floor, and the alts have kind of flawed, and they're coming you know, starting to to come out of it. The Bitcoin floor, we don't know that that could be coming up within the next phase.

10:08 So, you know, we've we're very confident we're coming out of it. Other indicators that we're in a very healthy place are, you know, you guys don't know what conversations we have with institutional investors, and the the most interest comes from UK wealth managers where their clients want to understand more about the space and how they can get allocated. Others other really interesting strands here, there's new protocol fee accrual in on the token side, whereas in the old days, we used to just really sign safe safe SAF SAF agreements where this token has no utility, you know, or no use whatsoever. Now there are fees associated with the protocol that goes to a token holder, and Uniswap has really led the charge on that.

10:57 That's due to regulatory clarity in America, and that's really completing this investment cycle for tokens, which is really exciting. Alongside that, you know, greater regulatory clarity in The States, the Trump regime and the Clarity Act, hopefully gonna get passed soon. We have the stablecoin law, genius act. More ETFs, more more assets have have been applied for. This is all gonna drive demand and institutional flows. And on this kind of suit coining movement, we're seeing Goldman Sachs and Morgan Stanley, two of the biggest players with the Bitcoin ETFs, and there's lots of other trade fired players coming in like Schwab and Vanguard. I mean, these are not inconsequential movements within the space.

11:42 You know? And alongside this, KR1 will capture value from other movements alongside this, which are as important in a growth driver metric from Agensic AI to stablecoins to tokenization. A lot of this is gonna be using Ethereum as the settlement layer. So, you know, as you can yeah. You're all doing your own research, stablecoins, tokenization. I mean, you know, Wall Street are kind of all over that. And, you know, I think there was a fee chart put out this morning where stablecoins have overtaken Visa in global transactions for last year. So, you know, where we are, you know, we've we've kind of given a bit of an explanation about what happened last year. Hopefully, that gives the context around the results.

12:38 But we are forward looking as a as an organization, and it's really what is next, what's the opportunity for KR1. And what we're seeing emerge is this new infrastructure layer, which is global, real time, programmable, and it's got this intelligence in it, which is the the new capability. You know, we've got the this the kind of the way to pay for micropayments on top of it and just to pay any asset can be wrapped and put on the blockchain, and these can be transacted with a programmatic function. And these can interact with lots of different services like layers, and now we've got intelligence on top of that. So this is a completely new paradigm of blockchain evolution that we haven't seen before, and we are really just starting to understand the effects of that.

13:34 So this is the next big wave. AI and digital assets are converging. I think Mark Andrews Andreessen called it the holy grail of crypto moment. You know, what we're seeing now is and what we're what we're positioning for is this, is this wave and how to embrace it. But in the portfolio already, we are we have assets that are a critical part of that. Ethereum is the settlement layer to agentic transactions. Redstone, oracles, they they kinda provide the information feeds to these agents. And this will really create this sort of autonomous on chain agentic movement that's gonna really explode in volume. When you consider the 80% of transactions on Ethereum are machine to machine, this entering of this new machine economy is just a natural fit for crypto.

14:27 In fact, it's more of a natural fit for for that than us with crypto, and that actually gives more, credence to the the capability that this is a a reboot for blockchains. Alongside this agenic domination of of growth versus user growth, which you can discount to some degree as being the the value driver, you've got the the distributed, decentralized compute and training side of AI, and that's that's a critical part of this whole AI movement because what you have is a handful of companies developing and releasing these AI models.

15:16 And these are single point of failure, real control issue situations, and we are going to see problems around this centralization. Decentralization offers a way out of that for all of us, and it's important for us as a as a group, as investors, as users, to understand decentralization is critical for the to to to underpin this stable new technology, which we are still coming to terms with, all of us coming to terms with us. And that decentralization for this new technology is really just a continuation of KR1's thesis about that in money applications and all all all and anything that can be brought on chain.

16:08 And in fact, it's even more important for us. You know? You know, from an investor's point of view, it offers offers this this convergence, obviously, the biggest opportunity that digital assets and crypto have had since their inception. And, also, it's like a a way to join the the the, the movement to prevent what is an inevitable, situation. So we're super excited about it. There's announcement forthcoming. You have to make sure you keep and watch our feeds. So as as as as a sum up, yesterday, we had a perfect storm of of restrict activity, poor market, and really a company in in in transition. And today, we've got multiple income streams and financial and tech infrastructure, and we're heavily researching this new holy grail moment for digital assets. And tomorrow, yep, our goal is for superior yields, decentralize AI participation in investments and in income.

17:16 And that ends the formal part of the presentation, and we're gonna move on to any questions. That's great. Thank you very much for your presentation. Ladies and gentlemen, please do continue to submit your questions just by using the q and a tab situated on the right hand corner of the screen. Just while the company take a few moments to review those questions submitted today, I'd like to remind you that recording of this presentation along with a copy of the slides and the published q and a can be accessed via your investor dashboard. Peter, could I please ask you to read out the questions and give responses where appropriate to do so? And I'll pick up from you at the end. Thanks. Thanks, Lily. So, yeah, first question is for is for George, which is as the crypto outlook is not very bullish right now, keeping the state as it is, how do you plan to scale and generate more profit? Well, really, it's around taking a look at the portfolio that we have and concentrating it around what we do best as a company in terms of active operations across technology and financial infrastructure strategies that we have in play.

18:17 And then selectively repositioning for a handful of risk adjusted strategies in DeFi and decentralized AI where we, you know, obviously looking for for for yield strategies. And then, you know, our our conviction in in both of those is high, especially in in the decentralized AI area, which we see coming down the pipe as as Kel as Kel spoke to. And so our our aim is to build a scalable, repeatable operating framework across assets and across networks and that, you know, compounds compounds over time. And, you know, bear markets are a great place to to to work and build that so that that work really comes really comes through when when when good market conditions return.

19:11 And as as Ked mentioned, you know, obviously, with with the onset of decentralized AI, we're, you know, we're very bullish in that area. It solves the single point of failure problem, which tends to rear its head again and again in centralized in centralized systems. And and in some ways, we're already seeing that that happen. And so, yeah, we're we're we're very excited for that for that particular area. And, you know, we will we will push very hard on on those two strategies, DeFi and decentralized AI, as as we as we move forward. Thanks, George. So moving on to question two, which is gonna take. So so there appear to be around 20 investments that do not yet have listed tokens issued.

19:58 Is any value assigned to these in the accounts, or have they all been written down to zero? Some examples there are Zcloak, Mintrest, Pangea, and so on. Well, generally, not many of those investments in the pipeline have have yet to list. I think, you know, with that's at cost, and Hydro. Sorry. They have write downs. Hydro is still ongoing. We've received distributions from those, and we've updated those in the financials. The code and state position is much more interesting. That was a a DFINITY incubator that's now pivoted pivoted into a stablecoin incubator.

20:46 They've had three really interesting projects that we've had a close look at, actually. Really, really cool stuff. One is. So, yeah, we're we're very positive on the current investment. Hydro washed his face, and he closed yep. Still to prove himself, but the others will write downs. I hope I hope that's a good enough answer. Thanks, Keralt. So moving on to question number three. KR1 commenced some share buybacks. Will this recommence at some point soon? And I think George is gonna take this one. Yeah. So it it there are a number of tools at our disposal that we're looking at all the time from from from the board perspective, And it sort of comes down to a balance between what opportunities are out there and, obviously, the available funds.

21:35 And, you know, we'll keep shareholders informed, you know, if they if they begin again. Looking back to the previous buyback buybacks that we did, they were they were done when the infrastructure income levels, you know, were were were significantly higher than they are now. But, yeah, we're always considering, you know, where capital is is most effectively placed, whether that's into new strategies, venture, strategic investments. But, yeah, for sure, we'll keep shareholders fully informed. Thanks, George. I think continuing that theme, this is one for for you. I think George as well, just just following on from that is is the question is, will KR1 consider a special dividend? Yeah. I mean, we're we're we're we're very much focused on on growth currently.

22:23 And like I said, the board is always discussing what tools it has it has available. And, you know, it's it's it's a balance, and it's about timing. But, yeah, at the moment, not nothing nothing on that particular special dividend question. Thanks, George. So moving to question five. This is for. Can management shed some light on the adoption usage of some of their major holdings, e. G. Atom and Dot? Are their blockchains even relevant both today and in the future? That's a really good question. Very painful question for us because we've lived with that for a while. You know, each of those projects at some point push the boundaries from a technical standpoint. Atom with, its consensus mechanism was used by a lot of different protocols, but the value accrual to that just never connected.

23:16 So the value accrual of that was we're we're just waiting for that to happen and have the Polkadot, the parachain, you know, which was basically an Ether layer two type of model. So it's ahead of its time. But they have failed in their user bases and the and the sort of the parachain costs were too high for Polkadot. Polkadot yields were too good, get killed DeFi. Usability was terrible. Speed were speeds were great, but, you know, they've been very, very successful for KR1. Let's not, you know, forget that, but they have become a drag, you know, over over the this last this kind in this new era, they're just not relevant as much as they were.

24:02 So these are being repurposed for, you know, this new era. With Polkadot, they were they are releasing a jam token. Yes. I mean, it feels like a bit literally jam tomorrow. So, you know, it's got a technical road map. With Kosmos, it hasn't really you know, we had a call with the founder that just seems like it's unsustainable. So, yeah, I think, you know, you know, it's being repurposed. You know, as I said in the last time, see, it's like having a football team and two of the strikers are just a bit old and knackered and need to they need to play for, you know, Wickham Wanderers, not Chelsea. You know? Their time is over. So yeah. Okay. Thanks, Gael. So moving on to question six. This is for this is for George.

24:50 Although there's there has been a partial disposal of z prime two, its valuation has really changed since the original 2022 investment. Can you elaborate on what the fund contains, how it is valued, how often, and what the plans are for this holding given the new infrastructure strategy? Well, yeah, just to clarify, it wasn't it wasn't a disposal. You know, we we received an initial distribution from the fund last year, and, you know, that was that was valued according to the to the NAV statements that that that they gave us. You know, there there's some, you know, really interesting projects in in that portfolio that, you know, are are very much aligned with our continued, you know, technology and and venture interest, and we're looking forward to to seeing to see what else comes through. I think the most interesting currently sort of look through holding would be, you know, Jensen, which is, you know, just just going live now. The token's just going live.

25:50 And, you know, we alluded to that in the in the MD report. Yeah, we're all eyes on all eyes on that, you know, obviously, because it's in the decentralized AI realm. But, yeah, yeah, looking forward to seeing seeing what else comes down the pipe on that one. Thanks, George. I think to to to put this one to you as well in in follow on from that, the question is, at what point does the company decide to cut their losses? What metrics do you use? So Okay. Is that is that me? We we yeah. We we reallocate we're re in the process of reallocating, you know, some of those, you know, poorer performing assets that are no longer relevant. This space moves incredibly quickly, and, you know, projects become redundant quite quickly, or they need to pivot quite quickly depending on what else is happening in the ecosystem.

26:46 And so we need to be, yeah, you know, ready to to switch up elements within the portfolio, and that's and that's currently what we're doing, you know, at the moment. We're we're we're very excited about the financial infrastructure strategy pushing forward as as as best we can on our on our Bitcoin and Ethereum pilots, you know, which should, you know, boost our boost our yield in that department. And yeah. So I think, you know, I think it's it's it's it's less about cutting losses. It's more about it's more about maintaining a portfolio that is relevant to where the market is heading, and that's that's really what we spend all of our time thinking about.

27:35 I'd just like to chime in to that. I think, you know, that's a great answer, George. I think on top of that, you know, what we do as a team, we look at on chain metrics, transactions, application activity, stable coin usage, and adoption on the chain, total value secured. You know? And there's there's also a narrative you know, there's a hard numbers, but there also is there's a narrative aspect around that. You know, I think if you if you look at how, say, Ethereum's 80% machines, you know, machine to machine, that's kind of useful. Personally, I sit on the x four zero two and MPP dashboards every morning, have a look at the numbers, you know, and from day one, actually, you can be seeing this is not just a hype thing. This is a real there's real growth there, and some of the AI, decentralized AI opportunities we're looking at. You can see token usage is exploding. I mean so on the token side, that's gonna become much more important metric, you know, how how these influences are used to give it a bit more flavor to that question.

28:47 Thanks, Kevin. We we actually just had another question on that theme. Perhaps you could take this one as well. It it sort of continues off the recent blog post that you wrote around this stuff. So on most recent write up, 30,000,000,000,000 switch, do you do you see any ways of growing KR1 through these micropayments machines machine agent activity? Absolutely. Yeah. I mean, I think, you know, it's it's a bit of a layer cake there because you've got execution of the agents on top, which is not all Ethereum. It's a lot of 65% of that Solana. So that's interesting to look at. Ethereum is settling. The agents are gonna settle that. They'll go back to the liquidity, you know, to the sort of the the ecosystem that has a lot more more tooling and sort of, yeah, the reliability to it, you could say.

29:34 So I think that's part of that story on the AgenSys side. There are frameworks on top of that that are not are still being played out, then we're we're not participating in those at the moment. We're we're just watching those. So I think, you know, there is a stack there for on the AgenTx side, which is we've got an incredible position with Ethereum and Redstone. You know, you need these agents will need a an information source of truth, and Redstone will provide that with their Clara update. They provided a framework for that. In fact, I think we've got some Redstone activity coming up to you know, which you you should all keep an eye out for as far as on the, on the communication side. So, yeah, we've got the settlement layer covered with Ethereum. We've got the data layer with Redstone. There there is some question marks about the execution on that side, which we're researching.

30:25 And then you've got the on the compute side, I mean, if you go back to twenty third '17, we had an investment in a protocol then, which was basically the same distributed compute network, which didn't work because it we didn't have didn't have a market to to fit. Now we have got a lot of demand there. So you've got machine learning, AI learning models, training. You've you've got, like, a different they've got the you've got the computational side of it, which needs to be decentralized, and you've got the training side of it, which needs to be decentralized. And those are new areas for KR1. You know, what we are moving into as a company is is as a validator and operator into Ethereum also the protocols like Redstone. It's a very, very small switch to for us to move into these other new areas and generate really good yields and get the capital growth story of that, which is, you know, know, is basically the ultimate use case for crypto is AI because it's machine to machine.

31:26 It's constant activity where you do one transaction. An agent will do a 100. So, you know, the actual if you wanna get to a billion transactions a day for Ethereum, it's not gonna be by me or you. It's gonna be the kind of by these agents. And if we're doing 10,000,000 transactions a day now with layer twos and on layer one, we can get to 1,000,000,000 with just this agentic model on top of it. So, you know, we can do that. In that time frame, we don't know, but it could be much anything. Thanks, Scott. I think we'll just run through a couple more questions. Perhaps, George, you'd like to take this one, which is just in relation to how some of where where KR1 is allocated, how how it captures TradFi values. So can can your holdings facilitate the tokenization of TradFi assets? How exactly would that translate to value for KR1 shares?

32:22 So here, we're talking about real world assets and the the the tokenization of assets moving on chain, so, you know, stocks and shares and and and and other such elements that I think the head of BlackRock has been has been talking about for some time. I think, you know, it is a it is a a an important part of what's coming down the line. I think it strays it strays slightly from our sort of core thesis because, you know, we're we're interested in the decentralized rails. We're interested in in in in, you know, protocols that allow for, you know, the the open and, you know, equitable trade of of assets.

33:09 And, you know, really what's happening here is, you know, centralized assets that will remain centralized but moving on on different rails. And that is a a huge potential coming down the pipe, but it's, yeah, it sort of sits slightly outside of our sort of core core focus. That being said, you know, a lot of a lot of these assets, you know, will clear on, you know, projects like Ethereum. And and, obviously, we we we hold that in the portfolio quite strongly, which, you know, which is a core focus. So, you know, we will we will benefit from that, you know, tokenization of everything on chain. The the quest the the question is more, you know, how do how do other areas, the more decentralized areas of the space, you know, win from that? You know? So, obviously, Redstone's another major major winner from there because, obviously, it's producing the the the data feeds and and and the information that those kinds of rails will require.

34:16 But yeah. So I point to Ethereum and Redstone as our core core elements in the portfolio that will capture some of that some of that movement from the from the real world asset trading. But but, yeah, be don't be confused as to the fact that, you know, a a a lot of a lot of that will be in the sort of more gray area in terms of this this balance between centralization and decentralization, and and and really decentralization is our focus, always has been. Thanks, George. So I think final question here from from Michael. I'll come to you for this one, Kael, on this one. The the company share price has been depressed for some time. Is a share buyback and return that bought back stock being considered, or is the company only considering new seed investments with the income generated?

35:06 I think George covered that off earlier. I think, you know, I think the the kind of the mental model we want you to to come away from is that, you know, we were a pure VC VC before, and now we're we're moving into this operator investor. So we're gonna we're gonna operate we're gonna invest and operate in in in the networks that we choose. So pure seed investing in things that won't where we can't grow with the network and earn income from it. We're just not we're probably less likely to participate in. And I think that that is just gonna get stronger and stronger for us, you know, where we've become perceived as and seen as the you know, not just investing in, but helping run and and secure these networks standing on the shoulders of giants, basically.

36:03 Show share buybacks, think, yeah, we we do talk about it, you know, more frequently than you think, and it's not you know, firstly, I think once we're through this sort of, you know, we we're coming through this phase. We've just listed on the LSE. You know, we we're kind of in a bit of a a slight reset mode. You know, we've got a real focus to get our income levels up, to get into a new area which is gonna drive all the value for digital assets, which is decentralized AI. The big opportunity around this summer, there's three massive AI IPOs coming up. What will happen is investors won't will get locked out of that, and they'll hunt other in other opportunities, and KR1 will be in in that opportunity with these decentralized AI networks. And I think that is you know, you've gotta look at it. We'll be investing in those types of opportunities.

36:55 That that's these are seedlings, not not, you know, not seeds per se. I think, you know, what we saw last year in investing is it was, you know, if you invest a seed investment, you wait a year at least, possibly eighteen months to get your return back. You get one at all, you know, the hit rate with when we did a lot of seed investing, there's a lot of innovation. There's very little innovation now. Things have stagnated. Things have moved on. That mindset is you know, the whole game has changed. The market has changed. Technology has changed. There's a massive new opportunity. It's a reboot of crypto. It's a reboot of blockchains. It's AI meets blockchains. That's the opportunity, and that's what you need to leave today with going, KR1 are making the right move again.

37:40 That's that's what I want you to you to walk away from. That's great. Thank you for answering all those questions you can from investors. And, of course, the company can review all questions submitted today, we'll publish those responses on the investor meet company platform. Just before redirecting investors to provide you with their feedback, which you know is particularly important to the company, please just ask you for a few closing comments. Well, firstly, thank you for turning up. You know, we're here to listen to all your concerns and questions that you have about KR1. You know, we're very much working with you to get KR1 back to the all time highs that, you know, when we, you know, when we were there back in the day. We we can we've done it once. We're gonna do it again. You know, we've got a new wave coming. Join us on this new income focused, decentralized AI focused future for KR1.

38:31 It's gonna be a great future, and, you know, we can with your support, we're gonna get there. We're gonna do a lot more sort of, gonna be out there a lot more as we have been when we said in our first IMC in January, you know, we've delivered and started delivering all the promises we made then, and we will continue to do those from the ones we've made today. So come back to the next one. It'll be, you know, in relatively good short order, and we'll have more questions and more updates for you. That's great. Thank you for updating investors today. Can I please ask investors not to close this session as you'll now be automatically redirected to provide your feedback in order that our management team can better understand your views and expectations? This will only take a few moments to complete, and I'm sure it'll be greatly valued by the company. On behalf of the management team, we'd like to thank you for attending today's presentation, and good afternoon to you all.