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2 Apr 2026 07:00
This announcement contains inside information for the purposes of the UK version of the Market Abuse Regulation (EU) No. 596/2014 as it forms part of UK domestic law by virtue of the European Union (Withdrawal) Act 2018, as amended ("UK MAR"). Upon publication of this announcement, this inside information is now considered to be in the public domain.
2 April 2026
Satsuma Technology PLC
("Satsuma", the "Company")
(LSE: SATS)
Cost Reduction Programme and Bitcoin Purchase
Cost Reduction Programme
Satsuma Technology PLC (LSE: SATS, the Company) has undertaken a comprehensive review of its cost base. The Board has identified multiple cost-saving initiatives and is implementing its revised cost reduction strategy that is expected to reduce the Group's annualised operating expenditure from approximately £6.7m to approximately £2.7m, with further reductions expected. This represents an initial annualised saving of approximately £4.2m, or 62% to date.
The cost reductions include a reduction in staffing levels, renegotiation of advisory and service provider contracts, the rationalisation of consultancy arrangements, and the reduction of expenditure that is not aligned with the Company's current scale and strategy. The Board expects the majority of these savings to take effect within the current quarter, with further reductions anticipated thereafter.
At the reduced run rate, the Company's existing cash reserves provide a runway of over 24 months of operating costs, without requiring any additional revenue or capital raising.
One-off costs associated with the recent requisition proceedings and related corporate actions, including executive termination payments, amounted to approximately £1.35m.
Bitcoin Acquisition
Following the cost-saving initiatives identified and implemented by the Board, with further measures under review, the Company has acquired 25.65 BTC as part of its long-term treasury strategy, while maintaining sufficient fiat reserves to support operational outflows for the foreseeable future, providing a resilient and debt-free balance sheet. The Company has purchased 25.65 Bitcoin at an average price of £51,939 per Bitcoin for a total purchase amount of £1,384,175, funded from existing fiat reserves.
Acquisition Details
This Acquisition | |
Bitcoin purchased | 25.65 BTC |
Average purchase price (GBP) | £51,939 |
Total purchase amount (GBP) | £1,384,175 |
Funding source | Existing cash reserves |
Total Bitcoin Holdings
As at 1 April 2026 | |
Total Bitcoin held | 645.7 BTC |
Total cost of Bitcoin held (GBP) | £55.95m |
Average cost per Bitcoin (GBP) | £86,652 |
Market value of Bitcoin held (GBP) (1) | £33.345m |
Cash and cash equivalents (GBP) | £5.99m |
(1) Based on a Bitcoin price of £51,419 as at 1 April 2026
Share Capital
As at 1 April 2026 | |
Ordinary Shares in issue | 11,203,900,200 |
Outstanding warrants | 2,137,049,348 |
Fully diluted share count | 13,340,949,548 |
Unvested share options outstanding: 392,136,507 (not in-the-money and excluded from Fully Diluted Share Count).
Outlook
The Board intends to provide shareholders with regular monthly updates on the Company's Bitcoin holdings, net asset value, key performance indicators, and financial position. The Company's strategy remains focused on disciplined Bitcoin accumulation, cost efficiency, and transparency.
Ranald McGregor-Smith, Executive Chairman of Satsuma, commented:
"The Board's immediate priority has been to right-size the Company's cost base to reflect its current scale. The actions announced today reduce our annualised expenditure by over 60% and extend our cash runway significantly - providing the financial stability from which to pursue disciplined Bitcoin accumulation. We have also taken the opportunity to add to the treasury at what we believe are attractive levels.
With institutional-grade custody, no debt, no leverage, and a Main Market listing, Satsuma is well positioned to deliver long-term value for shareholders. The Board expects to make further announcements shortly regarding the addition of new Directors and the Company's operational strategy."
Enquiries:
Satsuma Technology Plc IR@satsuma.digital
Data Counsel - Steffan Williams/William Barker satsuma@datacounsel.uk
About Satsuma Technology PLC
Satsuma Technology PLC (LSE: SATS) is a UK Main Market listed company that holds Bitcoin as its primary treasury reserve asset. The Company's Bitcoin holdings are held in custody with Anchorage Digital and Kraken, two regulated institutional custodians, via multi-signature vault structures requiring quorum approval for all transactions. The Company does not leverage, lend, or rehypothecate its Bitcoin treasury. Satsuma's Ordinary Shares are admitted to the Equity Shares (Commercial Companies) category of the Official List and to trading on the London Stock Exchange's Main Market for listed securities.
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