Monthly Update
Satsuma Technology PLC's June 2026 update reveals a focus on cost discipline with no Bitcoin acquisitions or disposals in May, during which the net asset value primarily reflected Bitcoin market price movements. The company is progressing with its cost reduction program and has identified further annualised costs to remove, aiming to reduce operating expenditure. Additionally, Satsuma is preparing to convene a General Meeting for shareholders to vote on a potential return of capital following shareholder representations. As of May 31, 2026, the company held 668.48 BTC, with a market value of £36.64 million, and is reorienting its operations towards the Bitcoin Lightning Network, having funded an initial pilot program.
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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.
Cleaned text: letterheads, contacts and legal notices removed. View the original announcement ↗ · Company filings. Not investment advice.