REG - Satsuma Tech PLC - Monthly Update

Satsuma TechnologyAnnouncement

02/06/2026 07:00

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RNS Number : 5310G  Satsuma Technology PLC  02 June 2026

 

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 (mailto: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 (http://www.satsuma.digital)

 

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