REG - Satsuma Tech PLC - Cost Reduction Programme and Bitcoin Purchase

Satsuma TechnologyAnnouncement

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RNS Number : 1579Z  Satsuma Technology PLC  02 April 2026

This announcement contains inside information for the purposes of the UK
version of the Market Abuse Regulation (EU) No. 596/2014 as it forms part of
UK domestic law by virtue of the European Union (Withdrawal) Act 2018, as
amended ("UK MAR"). Upon publication of this announcement, this inside
information is now considered to be in the public domain.

2 April 2026

 

Satsuma Technology PLC

("Satsuma", the "Company")

(LSE: SATS)

 

Cost Reduction Programme and Bitcoin Purchase

 

Cost Reduction Programme

Satsuma Technology PLC (LSE: SATS, the Company) has undertaken a comprehensive
review of its cost base. The Board has identified multiple cost-saving
initiatives and is implementing its revised cost reduction strategy that is
expected to reduce the Group's annualised operating expenditure from
approximately £6.7m to approximately £2.7m, with further reductions
expected. This represents an initial annualised saving of approximately
£4.2m, or 62% to date.

The cost reductions include a reduction in staffing levels, renegotiation of
advisory and service provider contracts, the rationalisation of consultancy
arrangements, and the reduction of expenditure that is not aligned with the
Company's current scale and strategy. The Board expects the majority of these
savings to take effect within the current quarter, with further reductions
anticipated thereafter.

At the reduced run rate, the Company's existing cash reserves provide a runway
of over 24 months of operating costs, without requiring any additional revenue
or capital raising.

One-off costs associated with the recent requisition proceedings and related
corporate actions, including executive termination payments, amounted to
approximately £1.35m.

 

Bitcoin Acquisition

Following the cost-saving initiatives identified and implemented by the Board,
with further measures under review, the Company has acquired 25.65 BTC as part
of its long-term treasury strategy, while maintaining sufficient fiat reserves
to support operational outflows for the foreseeable future, providing a
resilient and debt-free balance sheet. The Company has purchased 25.65 Bitcoin
at an average price of £51,939 per Bitcoin for a total purchase amount of
£1,384,175, funded from existing fiat reserves.

 

Acquisition Details

                               This Acquisition
 Bitcoin purchased             25.65 BTC
 Average purchase price (GBP)  £51,939
 Total purchase amount (GBP)   £1,384,175
 Funding source                Existing cash reserves

 

Total Bitcoin Holdings

                                           As at 1 April 2026
 Total Bitcoin held                        645.7 BTC
 Total cost of Bitcoin held (GBP)          £55.95m
 Average cost per Bitcoin (GBP)            £86,652
 Market value of Bitcoin held (GBP) ((1))  £33.345m
 Cash and cash equivalents (GBP)           £5.99m

 

(1) Based on a Bitcoin price of £51,419 as at 1 April 2026

 

Share Capital

                            As at 1 April 2026
 Ordinary Shares in issue   11,203,900,200
 Outstanding warrants       2,137,049,348
 Fully diluted share count  13,340,949,548

 

Unvested share options outstanding: 392,136,507 (not in-the-money and excluded
from Fully Diluted Share Count).

 

Outlook

The Board intends to provide shareholders with regular monthly updates on the
Company's Bitcoin holdings, net asset value, key performance indicators, and
financial position. The Company's strategy remains focused on disciplined
Bitcoin accumulation, cost efficiency, and transparency.

 

Ranald McGregor-Smith, Executive Chairman of Satsuma, commented:

"The Board's immediate priority has been to right-size the Company's cost base
to reflect its current scale. The actions announced today reduce our
annualised expenditure by over 60% and extend our cash runway significantly -
providing the financial stability from which to pursue disciplined Bitcoin
accumulation. We have also taken the opportunity to add to the treasury at
what we believe are attractive levels.

With institutional-grade custody, no debt, no leverage, and a Main Market
listing, Satsuma is well positioned to deliver long-term value for
shareholders. The Board expects to make further announcements shortly
regarding the addition of new Directors and the Company's operational
strategy."

Enquiries:

Satsuma Technology
Plc
IR@satsuma.digital (mailto:IR@satsuma.digital)

Data Counsel - Steffan Williams/William
Barker
satsuma@datacounsel.uk (mailto:satsuma@datacounsel.uk)

 

About Satsuma Technology PLC

Satsuma Technology PLC (LSE: SATS) is a UK Main Market listed company that
holds Bitcoin as its primary treasury reserve asset. The Company's Bitcoin
holdings are held in custody with Anchorage Digital and Kraken, two regulated
institutional custodians, via multi-signature vault structures requiring
quorum approval for all transactions. The Company does not leverage, lend, or
rehypothecate its Bitcoin treasury. Satsuma's Ordinary Shares are admitted to
the Equity Shares (Commercial Companies) category of the Official List and to
trading on the London Stock Exchange's Main Market for listed securities.

 

 

 

 

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