Blue Star Regulatory News (BLU)

01 April 2026

Blue Star Capital plc

("Blue Star" or the "Company")

SatoshiPay Update

Blue Star Capital plc (AIM: BLU), the investing company with a focus on blockchain and payments provides the following updates related to its investee company SatoshiPay Ltd ("SatoshiPay").

Vortex Update

During Q1 2026, Vortex, SatoshiPay's fiat-to-crypto infrastructure platform, established a record monthly transaction volume, achieving US$10 million in January 2026. This compares with US$4.8 million recorded in December 2025, and represents a significant milestone with January's volume exceeding the platform's total cumulative transaction volumes since launch, which stood at US$9.9 million as at 31 December 2025.

In the following two months, Vortex achieved a further US$7.8 million in transaction volumes, comprising US$6 million in February 2026 and US$1.8 million in March 2026. These reduced transaction volumes were a consequence of temporary outages of the platform in order to complete necessary platform infrastructure upgrades, along with ongoing internal compliance reviews associated with onboarding and scaling institutional counterparties. In addition, a major institutional client of the platform and user of the Vortex Brazilian PIX-based settlement rails is in the process of changing its banking partner, which also resulted in a significant reduction in transaction volume.

SatoshiPay expects these factors to resolve in the near term, supporting a return to, and further growth of, established volume levels.

Expansion of FX DEX Technology

In March 2026, SatoshiPay expanded its decentralised foreign exchange ("FX DEX") technology, powered by Nabla Finance's ("Nabla") AMM technology and operated by Pendulum, through the deployment of a decentralised exchange for EURC-USDC trading (Euro-denominated stablecoin to US dollar-denominated stablecoin) onto the Base blockchain network. This follows the successful technical test completion in late March 2026 and the subsequent deployment of the relevant smart contracts.

Two additional DEX aggregators were cleared to integrate the DEX in March 2026, which is expected to bring both an increased number of users and volumes to the protocol.

This deployment represents the initial commercial testing of SatoshiPay's FX DEX infrastructure within a high-volume decentralised trading environment, with a focus on delivering low-fee, low-slippage FX trading to Base users, positioning Pendulum's FX operations as an efficient alternative to standard DEX competitors.

Retail Product Development

SatoshiPay is also progressing development of its Vortex widget aimed at retail users. The company is developing functionality to enable fiat-to-crypto conversions to be deployed directly into yield-generating decentralised finance ("DeFi") protocols. A proof-of-concept is currently in prototype phase, with further updates expected in due course.

Outlook

The Company notes that SatoshiPay's quarter was affected by more volatile transaction volumes across its Vortex platform than seen in the previous quarter. However, demand for compliant, low-cost fiat-to-crypto settlement infrastructure remains strong, and with the necessary platform works completed and the continued development of its FX DEX infrastructure, SatoshiPay is confident it will see transaction volumes return to higher levels and that the company is well positioned to scale across both institutional payment flows and decentralised trading applications.

This announcement contains inside information for the purposes of the UK Market Abuse Regulation. The Directors of the Company take responsibility for this announcement.

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About Blue Star

Blue Star is an investing company with a focus on new technologies. Blue Star's investments include SatoshiPay Ltd, an experienced blockchain company with a strong track record in innovative payment solutions; Dynasty Media & Gaming, whose B2B white label platform is a full-stack gaming ecosystem; and Paidia, a female focussed gaming platform.

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 and cross-border payments; Pendulum (www.pendulumchain.org), a cross-chain infrastructure connecting stablecoins and traditional currencies to DeFi; and Nabla Finance (www.nabla.fi), a next-generation, active automated market making decentralised exchange. SatoshiPay holds strategic token positions, leveraging synergies across its portfolio, deploying liquidity and earning yield to strengthen its ecosystem and shareholder value.

Forward looking statement disclaimer

Certain statements made in this announcement are forward-looking statements. These forward-looking statements are not historical facts but rather are based on the Company's current expectations, estimates, and projections about its industry; its beliefs; and assumptions. Words such as 'anticipates,' 'expects,' 'intends,' 'plans,' 'believes,' 'seeks,' 'estimates,' and similar expressions are intended to identify forward-looking statements. These statements are not guarantees of future performance and are subject to known and unknown risks, uncertainties, and other factors, some of which are beyond the Company's control, are difficult to predict, and could cause actual results to differ materially from those expressed or forecasted in the forward-looking statements. The Company cautions shareholders and prospective shareholder holders not to place undue reliance on these forward-looking statements, which reflect the view of the Company only as of the date of this announcement. The forward-looking statements made in this announcement relate only to events as of the date on which the statements are made. The Company will not undertake any obligation to release publicly any revisions or updates to these forward-looking statements to reflect events, circumstances, or unanticipated events occurring after the date of this announcement except as required by law or by any appropriate regulatory authority.