Cost Reduction Programme and Bitcoin Purchase

Satsuma Technology PLC

02 April 2026

 

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                                                                    [e-mail]

Data Counsel - Steffan Williams/William Barker                              [e-mail]

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.

 

END