REG - Blue Star Capital - SatoshiPay Update and Grant of Warrants

Blue Star CapitalAnnouncement

05/01/2026 07:00

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RNS Number : 6231N  Blue Star Capital plc  05 January 2026

05 January 2026

Blue Star Capital plc

 

("Blue Star" or the "Company")

 

SatoshiPay Update

Grant of Warrants and Director Dealing

 

Blue Star Capital plc (AIM: BLU), the investing company with a focus on
blockchain, payments and esports, provides the following update related to
SatoshiPay Ltd ("SatoshiPay"), its investee company, and the performance of
its Digital Asset Treasury (the "Treasury").

 

Portfolio Overview

As at 30 December 2025, the Treasury's base positions were approximately 9.27
BTC and 72.03 ETH, being the principal quantities funded by the Company under
the Treasury financing arrangement. Valuations have been prepared using spot
crypto prices as of 30 December 2025, with inputs of BTC EUR74,583.38, ETH
EUR2,528.49  and an EUR/USD exchange rate of 1.17732, as per the table below:

 

 Digital Asset     Code  Principal    Quantity     Spot Price    Total Value  Performance since inception

                                                   (EUR)         (EUR)        (27/08/25)
      Bitcoin      BTC   9.27                      74,583.38     691,188.03   -24.74%
 Ethereum          ETH   72.03                     2,528.49      182,135.62   -20.69%

                                                   Gross Total   873,323.65
                                                   Aggregate                  -23.93%

                                                   Performance

 

Yield and Fees

Despite the reduction in the portfolio's spot valuation driven by movements in
BTC and ETH prices, the Treasury has generated positive yield over the period.
This yield includes returns generated from decentralised finance liquidity
provisioning, including activity associated with Vortex. Since inception, the
Treasury has had an unrealised yield of USD11,275 and a realised and withdrawn
yield of USD75,297, equating to an average annualised APR of 18.01% calculated
on a simple basis from realised yield since 27 August 2025.

 

The gross portfolio value of the Treasury is EUR882,934.04 and excluding
accrued unrealised yield is EUR873,323.65.

 

The Company is encouraged by the Treasury's yield generation to date.
SatoshiPay remains focused on monitoring both portfolio valuation and yield
generation and views the Treasury management as an important part of its
strategy to optimise returns from digital assets.

 

APR figures are calculated on a simple annualised basis from realised yield
over the period since inception.

 

The Company intends to announce the performance of SatoshiPay's Treasury on a
quarterly basis, with the next period ending 30 March 2026.

 

 

Vortex Update

Further to the announcement on 11 November 2025, Vortex, SatoshiPay's
fiat-to-crypto infrastructure platform processed over US$4.8 million in
transaction volumes for the month of December 2025, representing a month on
month increase of over 52%. Since its launch, Vortex has now processed over
US$9.9 million in cumulative transaction volumes.

 

The Board of the Company is encouraged by Vortex's performance since its
inception, including its recent API partner onboarding, and will continue to
update the market with further developments.

 

The Company currently has an approximate 50 per cent. shareholding in
SatoshiPay.

 

Director Remuneration and Grant of Warrants

Additionally, the Company announces that, in order to preserve cash for
deployment within the business, it has agreed to pay the Directors a reduced
salary and has granted the Directors warrants over ordinary shares in the
Company ("Warrants") as partial remuneration in lieu of salary. The Directors
have not received any salary in respect of their roles since January 2024 in
order to maximise available cash for the Company's portfolio of investments.

 

The Warrants have been granted as follows:

 

 Warrant Holder   Number of Warrants Granted  Exercise Price (£)   Warrants granted as a percentage of issued share capital
 Anthony Fabrizi  700,000                     0.11                 1.47%
 Meinhard Benn    350,000                     0.11                 0.74%
 Sean King        175,000                     0.11                 0.37%

 

The Warrants have an exercise period of 2 years and the exercise price of
£0.11, representing a premium to the closing mid-market price of the
Company's Ordinary Shares on 31 December 2025 of approximately 22 per cent.
The Warrants are not subject to any other performance criteria.

 

The current issued share capital of the Company comprises 47,553,234 Ordinary
Shares.

 

 

This announcement contains inside information for the purposes of the UK
Market Abuse Regulation. The Directors of the Company take responsibility for
this announcement.

 

For more information please contact:

 

 Blue Star Capital plc                +44 (0) 777 178 2434
 Tony Fabrizi

 Cairn Financial Advisers LLP         +44 (0) 20 7213 0880
 (Nominated Adviser)
 Jo Turner / Liam Murray / Ed Downes

 Axis Capital Markets Limited         +44 (0) 20 3026 0449
 (Sole Broker)
 Lewis Jones

 

About Blue Star

Blue Star is an investing company with a focus on new technologies. Blue
Star's investments include SatoshiPay Ltd, an experienced blockchain company
with a strong track record in innovative payment solutions; Dynasty Media
& Gaming, whose B2B white label platform is a full-stack gaming ecosystem;
and Paidia, a female focussed gaming platform.

 

About SatoshiPay

SatoshiPay is a blockchain technology company building software solutions at
the intersection of fiat and decentralised finance. The company is driving
ecosystem growth through strategic projects and incubations including Vortex
Finance (www.vortexfinance.co (http://www.vortexfinance.co) ), a ramping
platform providing widget and API solutions for seamless fiat-to-crypto
access; Pendulum (www.pendulumchain.org (http://www.pendulumchain.org) ), a
Polkadot-based network connecting stablecoins and traditional currencies to
DeFi; and Nabla Finance (www.nabla.fi (http://www.nabla.fi) ), a
next-generation decentralised exchange. SatoshiPay holds strategic token
positions, leveraging synergies across its portfolio, deploying liquidity and
earning yield to strengthen its ecosystem and shareholder value.

 

Forward looking statement disclaimer

Certain statements made in this announcement are forward-looking statements.
These forward-looking statements are not historical facts but rather are based
on the Company's current expectations, estimates, and projections about its
industry; its beliefs; and assumptions. Words such as 'anticipates,'
'expects,' 'intends,' 'plans,' 'believes,' 'seeks,' 'estimates,' and similar
expressions are intended to identify forward-looking statements. These
statements are not guarantees of future performance and are subject to known
and unknown risks, uncertainties, and other factors, some of which are beyond
the Company's control, are difficult to predict, and could cause actual
results to differ materially from those expressed or forecasted in the
forward-looking statements. The Company cautions shareholders and prospective
shareholder holders not to place undue reliance on these forward-looking
statements, which reflect the view of the Company only as of the date of this
announcement. The forward-looking statements made in this announcement relate
only to events as of the date on which the statements are made. The Company
will not undertake any obligation to release publicly any revisions or updates
to these forward-looking statements to reflect events, circumstances, or
unanticipated events occurring after the date of this announcement except as
required by law or by any appropriate regulatory authority.

 

 

 

 Notification of a Transaction pursuant to Article 19(1) of Regulation (EU) No.
 596/2014
 1   Details of the person discharging managerial responsibilities/person closely
     associated
 a.  Name                                                         1.     Anthony Fabrizi

                                                                  2.     Meinhard Benn

                                                                  3.     Sean King
 2   Reason for notification
 a.  Position/Status                                              1.     Executive Chairman

                                                                  2.     Non-executive Director

                                                                  3.     Non-executive Director
 b.  Initial notification/                                        Initial

     Amendment
 3   Details of the issuer, emission allowance market participant, auction
     platform, auctioneer or auction monitor
 a.  Name                                                         Blue Star Capital plc
 b.  LEI                                                          213800Y6XGR31P2LKT12
 4   Details of the transaction(s): section to be repeated for (i) each type of
     instrument; (ii) each type of transaction; (iii) each date; and (iv) each
     place where transactions have been conducted
 a.  Description of the financial instrument, type of instrument  Warrants over ordinary shares

Identification Code

                                                                  GB00B02SSZ25
 b.  Nature of the transaction                                    Grant of warrants
 c.  Price(s) and volume(s)
                                                                              Price(s)             Volume(s)
     1.     £0.11                                                             1.     700,000

     2.     £0.11                                                             2.     350,000

     3.     £0.11                                                             3.     175,000

 d.  Aggregated information

     - Aggregated Volume                                          1,225,000

     - Price                                                      £0.11

 e.  Date of the transaction                                      05/01/2026
 f.  Place of the transaction                                     UK

4

Details of the transaction(s): section to be repeated for (i) each type of
instrument; (ii) each type of transaction; (iii) each date; and (iv) each
place where transactions have been conducted

a.

Description of the financial instrument, type of instrument

Identification Code

Warrants over ordinary shares

 

GB00B02SSZ25

b.

Nature of the transaction

Grant of warrants

c.

Price(s) and volume(s)

Price(s)

Volume(s)

1.     £0.11

2.     £0.11

3.     £0.11

1.     700,000

2.     350,000

3.     175,000

 

d.

Aggregated information

- Aggregated Volume

- Price

 

1,225,000

£0.11

 

e.

Date of the transaction

05/01/2026

f.

Place of the transaction

UK

 

 

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