REG - TAO Alpha PLC - CEO Appointment and Bitcoin Purchase

TAO AlphaAnnouncement

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RNS Number : 8978Q  TAO Alpha PLC  14 July 2025

This announcement contains information which, prior to its disclosure, was
inside information as stipulated under Regulation 11 of the Market Abuse
(Amendment) (EU Exit) Regulations 2019/310 (as amended). Upon the publication
of this announcement via a Regulatory Information Service, this inside
information is now considered to be in the public domain.

FOR IMMEDIATE RELEASE

14 July 2025

Tao Alpha PLC

(To be renamed Satsuma Technology PLC)

LSE: SATS

Frankfurt Exchange: NM1

CEO Appointment and Bitcoin Purchase

Henry Elder to be Appointed as CEO

Tao Alpha PLC, to be renamed Satsuma Technology Plc ("the Company"), a public
company pioneering the convergence of Bitcoin treasury strategy and
decentralised AI, is pleased to announce that Henry Elder has agreed to take
on the full-time role of Chief Executive Officer. Henry will also join the
board as an executive director, subject to the completion of due diligence
checks, which we expect to conclude imminently.

Henry Elder was formerly a Principal at UTXO Management. At UTXO, Henry helped
advise on and invest in numerous public and private companies implementing
Bitcoin treasury strategies across the United States, Canada, Japan and
Europe. His leadership and insight have positioned him as one of the most
trusted names in institutional Bitcoin adoption.

Henry has stepped down from his current role at UTXO to focus on his role
within the growth of the Company and the time commitments that the CEO role
would require.

Initial Bitcoin purchase into Treasury

Following the publication of the Company's unaudited financial statements for
the three-month period ending on 31 May 2025 on 10 July 2025, the Company
notes that following the balance sheet date the Company booked receipt of the
proceeds of the £5m seed round in cash around 17 June 2025. Further, the
Company has received cash receipts for warrant exercises as announced on 24
June, 25 June and 9 July 2025. No other material changes to the balance sheet
occurred other than repayment of liabilities in the ordinary course.

On 13 July 2025 the Company acquired £2.5m of Bitcoin into its newly
incorporated Singapore wholly-owned subsidiary to be retained within the
previously announced treasury (see announcement of 17 June 2025) (the
"Treasury"). The particulars of the Bitcoin purchases being:

-     28.56098341 BTC;

-     Average purchase price per BTC of £87,532.00 (being $118,159.45
USD); and

-     Total book value as at 13 July 2025 being £2,500,000 (being
$3,374,750.00 USD).

As a result, the gross assets (excluding cash) of the Company following the
BTC purchases have been adjusted accordingly.

The Board will continue to review the capital adequacy parameters of the cash
reserves for the Company to ensure that sufficient working capital (including
capex and opex) for its near-term costs (being no less than 3 months) are held
in cash, with the excess being held in the Treasury. Accordingly, the balance
to be held in Treasury may increase or decrease from the levels specified in
the previous announcement, dependent on the capital adequacy parameters and
the capital raising undertaken by the Company from time to time.

The Company's Chairman, Matt Lodge, commented: "We are delighted that Henry
Elder has agreed to join the Company as full-time CEO. He has a proven track
record of leadership in the Bitcoin and decentralised finance industries, and
his work has positioned him as one of the foremost thinkers globally when it
comes to corporate Bitcoin treasury strategy."

Henry Elder, CEO appointment, commented: "I am thrilled to be joining Satsuma
Technology as its new Chief Executive Officer, and I am deeply grateful to the
Board for their confidence. The opportunity to lead Satsuma in building its
Bitcoin treasury and decentralised infrastructure is one of the greatest I
have seen in my career, and it is a mission that will require careful
execution and my undivided attention. I believe the London Stock Exchange is
one of the best platforms in the world for a public company executing a
Bitcoin treasury strategy, and we look forward to engaging with the
institutional capital available on that market. I also want to extend my
sincere thanks to my partners at UTXO Management for their incredible support
over the years. I am incredibly excited to dedicate my full focus to working
with the entire Satsuma team to build lasting value for our shareholders.".

The appointment of Henry Elder is subject to the completion of customary due
diligence checks by the Company's advisers. A further announcement will be
made in due course, including any disclosures required under UK Listing Rule
6.4.8, should they be applicable.

 

ENDS

Enquiries:

 Tao Alpha PLC, to be renamed                                  Tel: +44 (0)20 3855 8888

 Satsuma Technology Plc

 Matt Lodge, Chairman
 Yellow Jersey PR

 Charles Goodwin / Annabelle Wills                             Tel: +44 (0)7747 788 221 / +44 (0)7775 194 357

 First Sentinel Corporate Finance Limited - Financial Adviser

 Brian Stockbridge                                             Tel: +44 (0) 20 3855 5551
 Fortified Securities - Broker

 Guy Wheatley                                                  Tel: +44 (0) 7493 989014

About Tao Alpha PLC (SATS.L) Headquartered in London, the Company is a
publicly listed technology company focused on Bitcoin-native treasury
management and decentralised finance focused artificial intelligence. The
Company operates a treasury-first model, aligning itself with the most secure
monetary network in history-Bitcoin-while building and investing in AI-based
decentralised infrastructure and applications.

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

 

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