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Blue Star's SatoshiPay invests £1m loan into crypto assets
(Sharecast News) - Blue Star Capital confirmed on Friday that portfolio company SatoshiPay had now fully invested the £1m loan provided by Blue Star, deploying the funds into a mix of Ethereum and wrapped Bitcoin assets. The AIM-traded investment firm said in an update that SatoshiPay had acquired 72.03 ETH at an average price of €3,188 each, and 9.27 Coinbase wrapped Bitcoin (cbBTC) at an average price of €99,099 per token.
It said the wrapped Bitcoin tokens are backed one-to-one by native BTC held in secure custody by Coinbase, and were designed for compatibility with decentralised finance (DeFi) applications.
The assets were transferable and redeemable through Coinbase accounts, enabling access to wider financial utilities in the DeFi ecosystem.
"As previously announced, the treasury operations of SatoshiPay are intended to provide a dual benefit of holding digital assets and also providing a framework for SatoshiPay to build additional liquidity behind Vortex through DeFi applications," said Tony Fabrizi, executive chairman of Blue Star.
"We look forward to reporting on the performance of SatoshiPay's treasury operations as well as progress with Vortex in the coming months."
At 1233 BST, shares in Blue Star Capital were up 4.9% at 16.26p.
Reporting by Josh White for Sharecast.com.
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