SatoshiPay Update

Blue Star Capital plc (AIM: BLU), the investing company with a focus on esports, payments, technology and its applications within media and gaming, provides an update regarding its investee company, SatoshiPay Ltd.

As part of the Company's update provided on SatoshiPay in its half-yearly report announced on 28 June 2023, the Company announced that SatoshiPay had retained Benchmark International, a leading international M&A advisory business, to produce an information memorandum in respect of precuring an accurate valuation for the company and potential expressions of interest for its acquisition. The Company announces that Benchmark have now started to approach investors to establish potential interest in SatoshiPay.

Blue Star has been an investor in SatoshiPay since 2017 and has a shareholding of 27.9 per cent. Based off of the last external funding round that took place between February and May 2019, SatoshiPay was valued at €19.2 million. The Board wishes to stress that the process may or may not lead to an acceptable offer for the sale of part or all of its shareholding in SatoshiPay ​and Blue Star is under no obligation to accept any offers received. It's the Board's belief that while SatoshiPay has made significant progress in recent years, it would benefit from an investor better equipped both financially and strategically to support SatoshiPay's aggressive growth plans. The Board will update the market on this process in due course.