SatoshiPay Update and Grant of Warrants
Blue Star Capital plc reported that its Digital Asset Treasury held approximately 9.27 BTC and 72.03 ETH as of December 30, 2025, with a gross value of EUR 882,934.04, despite an aggregate performance decline of 23.93% since inception. The Treasury generated a positive yield, with USD 11,275 unrealised and USD 75,297 realised yield, achieving an average annualised APR of 18.01%. Separately, SatoshiPay's Vortex platform processed over USD 4.8 million in transaction volumes in December 2025, a 52% month-on-month increase, and cumulative volumes exceeding USD 9.9 million. To preserve cash, the company has granted directors warrants for a total of 1,225,000 ordinary shares at an exercise price of £0.11, representing a premium to the closing price.
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Blue Star Capital plc (AIM: BLU), the investing company with a focus on blockchain, payments and esports, provides the following update related to SatoshiPay Ltd ("SatoshiPay"), its investee company, and the performance of its Digital Asset Treasury (the "Treasury").
Portfolio Overview
As at 30 December 2025, the Treasury's base positions were approximately 9.27 BTC and 72.03 ETH, being the principal quantities funded by the Company under the Treasury financing arrangement. Valuations have been prepared using spot crypto prices as of 30 December 2025, with inputs of BTC EUR74,583.38, ETH EUR2,528.49 and an EUR/USD exchange rate of 1.17732, as per the table below:
| Digital Asset | Code | Principal Quantity | Spot Price (EUR) | Total Value (EUR) | Performance since inception (27/08/25) |
|---|---|---|---|---|---|
| Bitcoin | BTC | 9.27 | 74,583.38 | 691,188.03 | -24.74% |
| Ethereum | ETH | 72.03 | 2,528.49 | 182,135.62 | -20.69% |
| Gross Total | 873,323.65 | ||||
| Aggregate Performance | -23.93% |
Yield and Fees
Despite the reduction in the portfolio's spot valuation driven by movements in BTC and ETH prices, the Treasury has generated positive yield over the period. This yield includes returns generated from decentralised finance liquidity provisioning, including activity associated with Vortex. Since inception, the Treasury has had an unrealised yield of USD11,275 and a realised and withdrawn yield of USD75,297, equating to an average annualised APR of 18.01% calculated on a simple basis from realised yield since 27 August 2025.
The gross portfolio value of the Treasury is EUR882,934.04 and excluding accrued unrealised yield is EUR873,323.65.
The Company is encouraged by the Treasury's yield generation to date. SatoshiPay remains focused on monitoring both portfolio valuation and yield generation and views the Treasury management as an important part of its strategy to optimise returns from digital assets.
APR figures are calculated on a simple annualised basis from realised yield over the period since inception.
The Company intends to announce the performance of SatoshiPay's Treasury on a quarterly basis, with the next period ending 30 March 2026.
Vortex Update
Further to the announcement on 11 November 2025, Vortex, SatoshiPay's fiat-to-crypto infrastructure platform processed over US$4.8 million in transaction volumes for the month of December 2025, representing a month on month increase of over 52%. Since its launch, Vortex has now processed over US$9.9 million in cumulative transaction volumes.
The Board of the Company is encouraged by Vortex's performance since its inception, including its recent API partner onboarding, and will continue to update the market with further developments.
The Company currently has an approximate 50 per cent. shareholding in SatoshiPay.
Director Remuneration and Grant of Warrants
Additionally, the Company announces that, in order to preserve cash for deployment within the business, it has agreed to pay the Directors a reduced salary and has granted the Directors warrants over ordinary shares in the Company ("Warrants") as partial remuneration in lieu of salary. The Directors have not received any salary in respect of their roles since January 2024 in order to maximise available cash for the Company's portfolio of investments.
The Warrants have been granted as follows:
| Warrant Holder | Number of Warrants Granted | Exercise Price (£) | Warrants granted as a percentage of issued share capital |
|---|---|---|---|
| Anthony Fabrizi | 700,000 | 0.11 | 1.47% |
| Meinhard Benn | 350,000 | 0.11 | 0.74% |
| Sean King | 175,000 | 0.11 | 0.37% |
The Warrants have an exercise period of 2 years and the exercise price of £0.11, representing a premium to the closing mid-market price of the Company's Ordinary Shares on 31 December 2025 of approximately 22 per cent. The Warrants are not subject to any other performance criteria.
The current issued share capital of the Company comprises 47,553,234 Ordinary Shares.
The Directors of the Company take responsibility for this announcement.
About SatoshiPay
SatoshiPay is a blockchain technology company building software solutions at the intersection of fiat and decentralised finance. The company is driving ecosystem growth through strategic projects and incubations including Vortex Finance (www.vortexfinance.co), a ramping platform providing widget and API solutions for seamless fiat-to-crypto access; Pendulum (www.pendulumchain.org), a Polkadot-based network connecting stablecoins and traditional currencies to DeFi; and Nabla Finance (www.nabla.fi), a next-generation decentralised exchange. SatoshiPay holds strategic token positions, leveraging synergies across its portfolio, deploying liquidity and earning yield to strengthen its ecosystem and shareholder value.
| a. | Name | 1. Anthony Fabrizi 2. Meinhard Benn 3. Sean King |
| 2 | Reason for notification | |
| a. | Position/Status | 1. Executive Chairman 2. Non-executive Director 3. Non-executive Director |
| b. | Initial notification/ Amendment | Initial |
| a. | Name | Blue Star Capital plc |
| b. | LEI | 213800Y6XGR31P2LKT12 |
| a. | Description of the financial instrument, type of instrument Identification Code | Warrants over ordinary shares GB00B02SSZ25 |
| b. | Nature of the transaction | Grant of warrants |
| c. | Price(s) and volume(s) | |
| Price(s) | Volume(s) | |
| 1. £0.11 2. £0.11 3. £0.11 | 1. 700,000 2. 350,000 3. 175,000 | |
| d. | Aggregated information - Aggregated Volume - Price | 1,225,000 £0.11 |
| f. | Place of the transaction | UK |
Cleaned text: letterheads, contacts and legal notices removed. View the original announcement ↗ · Company filings. Not investment advice.