Monthly Update
2 June 2026
Satsuma Technology Plc
('Satsuma' or the 'Company')
Monthly Fact Pack - June 2026 Update
Satsuma Technology PLC (LSE: SATS), the UK Main Market listed Bitcoin treasury company, today continues its series of monthly Fact Packs providing shareholders and the market with a transparent, standardised snapshot of the Company's financial position and Bitcoin treasury.
May 2026 Highlights
May 2026 was a quieter month for the Company, with its focus remaining on cost discipline. There were no acquisitions or disposals of Bitcoin during the month; the movement in the Company's net asset value over the period principally reflects movements in the Bitcoin market price. The principal developments during the period were as follows.
Cost Reduction Update
Further to the cost reduction programme announced on 2 April 2026, the Board has continued to implement the measures previously identified and has made progress towards the Company's previously announced targets. In addition, the Board has identified additional annualised costs which it intends to remove over the coming weeks and which are expected to reduce the Company's operating expenditure further. The Board will provide further updates as these initiatives are implemented and its review continues.
Shareholder Engagement
On 6 May 2026, the Company announced that it had received representations from certain shareholders regarding a potential return of capital. On receipt of the required regulatory approvals the Board will publish a circular convening a General Meeting for shareholders to vote on the requested return of capital.
May 2026 Fact Pack
The following data is presented as at 31 May 2026.
Bitcoin Treasury
Metric
Value
Total Bitcoin Holdings
668.48 BTC
Bitcoin Market Price (£)
£54,810 per BTC
Bitcoin Market Price ($)
$73,747 per BTC
Market Value of Bitcoin Holdings (£)
£36.64m
Market Value of Bitcoin Holdings ($)
$49.30m
Average Acquisition Cost per Bitcoin (£)
£84,026 per BTC
Unrealised Gain / (Loss) per Bitcoin (£)
£(29,216) per BTC
Bitcoin Acquired During Month
Nil
Bitcoin Disposed of During Month
Nil
Share Capital and Dilution
Metric
Value
Ordinary Shares in Issue
11,203,900,200
Outstanding Warrants (unexercised)
2,144,562,681
Fully Diluted Share Count
13,348,462,881
Unvested share options outstanding: 392,136,507 (not in-the-money and excluded from Fully Diluted Share Count).
Net Asset Value
Metric
Value
NAV per Share (basic) (p)
0.36p
NAV per Share (fully diluted) (p)
0.31p
mNAV
0.70x
BTC per Share
Metric
Value
BTC per 1,000 Shares (basic)
0.00006 BTC
BTC per 1,000 Shares (fully diluted)
0.00005 BTC
BTC Yield - Month-on-Month
0.00%
BTC Yield - Year-to-Date
+7.81%
Notes: NAV comprises the market value of the Company's Bitcoin holdings (£36.64m) plus cash and cash equivalents, totalling £40.75m, and is the basis for NAV per share above. The Company has no debt or other material liabilities. mNAV is calculated as the Company's market capitalisation divided by the market value of its Bitcoin holdings. BTC Yield is the percentage change in BTC per share over the relevant period; the Company's Ordinary Shares in issue have been unchanged since December 2025.
Operations
The Company's technology operations have historically been conducted on the Bittensor network. As part of the revised Board's operational review, the Company is reorienting its operational activities toward the Bitcoin ecosystem, with an initial focus on the Lightning Network - Bitcoin's principal layer-2 protocol for fast, low-cost payments. The Board believes that aligning operational capability with the Company's core treasury asset creates a more coherent investment proposition and a stronger foundation for generating Bitcoin-denominated revenue. The Company has now funded its initial Lightning Network pilot programme, which is progressing, and expects to make further announcements in due course.
The Company's Bittensor operations concluded as a result of the subnet through which the Company operated being deregistered by the Bittensor network's protocol-level quality-control mechanism, with the Company's holdings converted to TAO tokens at that point. The Company is not pursuing further Bittensor subnet activity at this time, and the associated operational costs and personnel arrangements have been or are being wound down. The TAO tokens previously held by the Company have since been realised and the proceeds form the working capital of the Company's Bitcoin Lightning node activities.
Enquiries:
Satsuma Technology Plc IR@satsuma.digital
About Satsuma Technology PLC (SATS.L)
Satsuma Technology PLC (LSE: SATS) is a UK Main Market listed Bitcoin treasury company. The Company's strategy is the acquisition and long-term holding of Bitcoin as its primary treasury reserve asset, complemented by the development of Bitcoin-aligned operational activities.
Website: www.satsuma.digital
This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.
RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy.ENDUPDFBMATMTIMBJF
