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63 million bought today and a slight tick up.... some very nice buying
Make that 52 million bought . . . lol
17million in buys today so far.... Hopefully a tick up and rise soon
Interesting tweet from Pendulum referencing a Euro stablecoin. For reference Paddy Hanson is EU strategy director at Circle - who issue both USDC AND EURC stablecoins.
https://twitter.com/pendulum_chain/status/1749007673096581364
Think anything around this 0.1p will likely see 1005+ in the near term. Hearing some big things coming
Watch this 0.1p get taken out shortly
Pretty certain this was a sale despite being above the midway price:
19-Jan-24 10:48:25 0.096 14,987,214 Buy* 0.09 0.10 14.39k
How have we dropped nearly 10% but shares bought against shares sold is 3 to 1 ? Just asking .
Tony Fabrizi has been keen on Satoshipay from the start. He was responsible for BLU investing in Satoshipay several years ago now. I feel sure he knows it very well and has always believed it would come good. Remember BLU very nearly became Satoshipay to get it listed by reverse takeover. It didn’t come to pass but Satoshipay transferred its technology into blockchain as its original idea in the publishing world was brilliant but ahead of its time. Tony has come back to head the company for a second time and he seems confident that Satoshipay will finally have its day. It may not be the Unicorn Meinhard said it could be, but it could be very impressive as it’s in the right place at the right time.
The Directors will be paid with shares and won’t receive any until October:
“ Additionally, in line with the Fundraise and to facilitate immediate free cash to be used for working capital purposes and to assist in delivering the strategy of the Company, the Directors of Blue Star have agreed to receive their remuneration in ordinary shares in the Company, in lieu of cash, on the same terms as the Placing Shares, which include Warrants, for the period between 1 February 2024 and 30 September 2024. The Directors will not be issued ordinary shares or Warrants until after 30 September 2024. A further announcement will be made in due course.”
The Directors are essentially not being paid until October at the earliest which seems very commendable to me and demonstrates confidence that at least one of the major assets will have been monetised by then as per the RNS:
“ The proceeds of the Fundraise will be used by the Company for working capital purposes and will provide the Company with working capital headroom until September 2024, in line with the Company's forecasted monthly cash burn rate and the anticipated disposal of the Company's shareholding in SatoshiPay”
This is looking very positive and proper credit should be given to Tony Fabrizi for all his efforts and working for nothing until he achieves some good results. His share options don’t kick in until the sp is much higher than the current sp.
The placing is irrelevant in this case as it was for such a small amount relative to the market cap. It was probably taken by those who know the upside and what is to come so I doubt we would get any selling until after significant news.
All good and hope to add in the next few weeks.
The 2 trades this morning are both buys above the placing price. It’s just unfortunate that this announcement has happened on a day when the whole market is sharply down. Once the market returns to normal one would expect BLU to continue yesterday’s rise.
The placing looks ok although there is an unknown number of shares and warrants to be issued after 30 September 2024:-
"Additionally, in line with the Fundraise and to facilitate immediate free cash to be used for working capital purposes and to assist in delivering the strategy of the Company, the Directors of Blue Star have agreed to receive their remuneration in ordinary shares in the Company, in lieu of cash, on the same terms as the Placing Shares, which include Warrants, for the period between 1 February 2024 and 30 September 2024. The Directors will not be issued ordinary shares or Warrants until after 30 September 2024. A further announcement will be made in due course."
Well handled placing.
This surely means significant cash is on the way in fact almost certain with minimal dilution.
The placing for £100000 seems a very prudent move and involves minimal dilution. This should inspire confidence that the end game is in sight and should help the sp return to higher levels .
Very nice for the directors, getting shares effectively at 0.05p with no-performance warrants.
Warrants will be bought with profits on exercise so are effectively free of cost. Will only be exercised if profitable.......so absolutely no risk.
Ok, that's everything out of the way, cash raise done for £100k
broker will take fee in shares, directors being paid in shares,
a concern for many (working capital ) out of the way, wait for more contract news.
Great overview there Blu.
Agree with everything you said.
It’s been a painstaking long time but the end is within reach. Like I’ve said previous, if all goes perfect (doesn’t always) then we have a couple, but one in particular, big gems 💎.
Hopefully see a test today and a push forward again.
Thanks
@davetk
stranger things have happened, people are beginning to talk in the high tens of millions again for satoshipay and higher for pendulum and nabla too.
still... at extremes
£30m valuation for Satoshipay = £10m for BLU = 0.2
£100m valuation for Satoshipay = £30m for BLU = 0.6
Satoshipay could be worth anything in the crazy sector it is in, Pendulum's valuation could run into the hundreds of millions as most definitely could Nabla, months , if one looks at ragnarr's research on the Nabla $50m TVL by end 2024, NAbla (FX) also plan to launch on Arbitrum (scaled to Ethereum) inJuly ..... satoshipay owns a share in all.
the possibilities are huge, the infrastructure is very much closer to the end than the beginning, thus its just putting things into place now, partnerships, exchanges, MOU's ....... rather than development ( thankfully), don't get me wrong i'm a believer in do it right , do it once but Spay/Pendulum/Nabla project management have been painfully slow.
i've said it a few times, i'm very happy to be involved here now, Satoshipay will FINALLY bring BLU the valuation we have wanted, a few years late but still it will happen.
anyway, getting much much better here by the day, yesterday RNS was the catalyst.
Clearly the information coming out of these 2 private companies remains restricted. Tony has done the best he can but is very limited in what he can say if the companies don’t give him information they are happy for him to release. There is no benefit to these companies releasing information as it may well be commercially damaging to tell your competitors what you are doing. They will start providing information when they IPO or they will announce a sale. The update indicates that both companies are making good progress but further patience is required before we get up to date valuations.
It is also important to note that the Satoshipay Accounts are to 31st December 2022 so they are a full year out of date and give us no idea about what was achieved in the last 12 months, although as they are clearly making progress one would expect the revenue and profitability to continue to increase.
Good to see the 30% rise on volume of 60 million with buys exceeding sells 2/1.
Does BLU have any? The FT website says no
I stand by my 2p sell out Q2.
You have to believe :)
If both come very good, it could even go higher.
Thanks
I believe the point should now be Marky, is that you might have a degree of confidence that it WILL get there, unless you purchased at 0.59 in January 22.
i wish that statement had been available to be delivered at 0.2 some time ago rather than the depths BLU is recovering from now.
BLU moves quickly and substantially on good news, i feel sure more good news may be on the way prior to end Q1, as we know Satoshipay valuation/sales process report is in March along with the results (as TF alluded to with last results)
i am a buyer below 0.2 (moved up from 0.15)
as for 2p and 5p , i think not... but as mentioned many times on hnere, it only taskes 1 facet of investee busienss, werther it be gaming in India / Philippines (IPL contract for Dynasty etc) or Nabla/Pendulum gaining traction in FX / Latam market or a big player making a play for Satoshipay... to push BLU back to previous highs.
may seem a long way off at present, however, sadly, we've been down here a few times and made it back to highs again, such is the ebb and flow of financial markets.
Yes this year
5p still possible ?
Needs to get a lot higher to get to my breakeven.