Half-Year Results

KASEI DIGITAL ASSETS PLC

(“Kasei” or the “Company”)

Half-Year Results

Kasei Digital Assets  PLC (AQSE: KASH), a digital asset and web 3.0 investment company, announces its unaudited Half-Year results for the six months ended 31 January 2024. The full unaudited financial statements will be uploaded to the Company website:

https://kaseidigitalassets.com

Period Highlights

During the period the Company has taken advantage of market turbulence to add to core positions as well as incept new opportunistic trades. The Company added to its position in the Grayscale Bitcoin Investment Trust at significant discounts to NAV as well as averaging down on high conviction holdings.

The overall market recovery helped the digital assets the Company held increase by over £600,000 to £1,980,104. In addition the Company also grew its income from staking and yield generation.

Post Period Highlights

Following the approval of spot BTC ETF’s in January the Company closed its position in GBTC and rolled some of the profits into spot BTC. The significant inflows generated by the ETF launches has led to an appreciation in NAV to £3,684,327.83 as at 31 March 2024.

Staking rewards and income from yield generating strategies are also expected to be markedly higher this year with spot prices at current levels.

Outlook

Our portfolio as of 31 March 2024 is as follows:

The management of Kasei remains confident that the Digital Asset industry will have further growth this year as ETF adoption continues both in the USA and in other jurisdictions across the world. There has also been a lot of attention paid over the last few weeks to BlackRock, the world's largest asset manager, which has launched its first tokenised money market fund on the Ethereum blockchain. As more and more use cases and utility come to the fore we believe the asset prices will rise to reflect this demand and that we are well placed to capitalise on the opportunities as they arise.

further information please contact:

About Kasei Digital Assets

Kasei is a team of experienced financial experts who came together through a shared interest in the digital asset ecosystem and the belief that blockchain technology will transform industries and have significant global economic impact.

Kasei’s cumulative 100 years plus experience in navigating traditional financial markets, in particular highly volatile asset classes, provides the Company with a solid grounding to build a balanced portfolio positioned to take advantage of the disruptive innovation in this space.  

Despite Kasei’s belief that these assets are positioned for highly significant long-term gains, the Company employs a balanced risk-and-reward strategy. This provides shareholders with an actively managed portfolio of crypto assets, as well as exposure to investments in blockchain enabled companies and technology, all in the form of one listed security.

REGISTERED NUMBER: 13503888

BALANCE SHEET

AS AT 31 JANUARY 2024

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 24 April 2024.

................................................

Brendan Kearns

Director

The notes form part of these financial statements.

STATEMENT OF CHANGES IN EQUITY FOR THE PERIOD ENDED 31 JANUARY 2024

The notes form part of these financial statements.

STATEMENT OF CASH FLOWS

FOR THE PERIOD ENDED 31 JANUARY 2024

NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 JANUARY 2024

1. General information

Kasei Digital Assets Plc ("the Company") is a public limited company limited by shares and incorporated in England. Its registered office is 72 Charlotte Street Ground Floor, London, England, W1T 4QQ, United Kingdom.

The Company's shares are traded on the Aquis Stock Exchange Growth Market under ticker KASH and ISIN number GB00BN950D98.

The Company's aim is to provide investors with exposure to the digital assets ecosystem and an attractive rate of return by leveraging the Board's expertise, experience and networks in the cryptocurrency sector. The Company also intends to invest in venture capital and private equity investments in the blockchain ecosystem.

2. Accounting policies
   1.      Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies.

The following principal accounting policies have been applied:

2.2     Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

2.3     Current and deferred taxation

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

2.4     Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

2. Accounting policies (continued)

2.5     Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

In the Statement of Cash Flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the Company's cash management.

2.6     Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

7. Debtors

10. Share capital

11. Earnings per share

Basic earnings per share is calculated by dividing the profit attributable to ordinary shareholders by the weighted average number of ordinary shares outstanding during the year.

Diluted earnings per share are calculated by dividing the profit attributable to ordinary owners of the parent by the weighted average number of ordinary shares outstanding during the year plus the weighted average number of ordinary shares that would have been issued on the conversion of all dilutive potential ordinary shares into ordinary shares.

The following reflects the income and share data used and dilutive earnings per share computations to the period 31 January 2024:

Unaudited period to 31

January

2024

£

Profit / (loss) for the period attributable to owners of the Company (147,263)

Number of shares

Basic weighted average number of shares 30,429,193

Effect of dilutive share options -

Diluted weighted average number of shares 30,429,193