**Summary of Blue Star Capital PLCs Final Results for the Year Ended 30 September 2025**
Blue Star Capital PLC, an investing company focused on blockchain and payments, announced its final results for the year ended 30 September 2025. Key highlights include
### **Financial Performance**
**Pre-tax Loss**Reduced to £665,606 from £4,491,966 in the prior year, primarily due to a significantly lower fair value movement on investments (£346,928 vs. £4,312,519 in 2024).
**Net Assets**Increased materially to £2,865,895 (2024: £937,381), driven by new equity capital raised and the increased carrying value of the investment in SatoshiPay Limited.
**Valuation of Investments**Increased to £1,553,643 (2024: £970,394), with the carrying value of the SatoshiPay investment at £1,526,492.
### **Strategic Investments**
**SatoshiPay Limited**Increased exposure through
A €75,000 subscription via a SAFE instrument.
Acquisition of 4,531 shares (22.0% of SatoshiPays issued share capital) in exchange for 4,412,096 new ordinary shares in Blue Star.
A £1000000 secured loan to SatoshiPaywith a fair value gain of £15246 recognized in profit or loss.
**Other Investments**Reduced carrying values of Dynasty Gaming & Media and Paidia Esports Inc. to £13,965 and £13,186, respectively, due to ongoing uncertainty.
### **Capital Activities**
**Share Consolidation and Subdivision**Completed a 200:1 share consolidation and subdivision, facilitating equity fundraisings, including £1.15 million raised in July 2025.
**Cash Position**Improved to £313,236 (2024: £5,828), with prudent cash management and alignment of directors remuneration with long-term shareholder value.
### **Operational Highlights**
**SatoshiPays Vortex Platform**Launched a fiat-to-crypto infrastructure platform, operational in Brazil, Europe, Argentina, and expanding to the US. Achieved over $10 million in transaction volumes in January 2026.
**Nabla.fi**Successfully integrated with DEX aggregators, generating yield on crypto tokens.
### **Outlook**
**Focus on Vortex**The success of Vortex and its impact on SatoshiPays valuation are critical to Blue Stars future. The Board believes its 58% stake in SatoshiPay could provide significant returns.
**Cost Management**Continued focus on eliminating non-essential spending and aligning directors remuneration with equity-linked instruments.
### **Corporate Governance**
**Annual General Meeting (AGM)**Scheduled for 24 March 2026 at Cairn Financial Advisers LLP, London. Shareholders are encouraged to vote via proxy.
### **Chairmans Statement**
Tony Fabrizi, Executive Chairman, emphasized the significant progress made by SatoshiPay, particularly through its Vortex platform, and the potential for substantial returns for Blue Star shareholders. The Board remains confident in SatoshiPays growth prospects despite valuation challenges.
### **Auditors Report**
Adler Shine LLP provided an unqualified opinion, highlighting key audit matters including the valuation of investments and going concern considerations. The Company is reliant on future fundraisings to continue operations, with material uncertainty noted.
### **Financial Statements**
Detailed financial statements, including the Statement of Comprehensive Income, Statement of Financial Position, and Cash Flow Statement, were provided, showing improvements in net assets, cash position, and investment valuations.
### **Post Balance Sheet Events**
Subscribed for additional €250000 in SatoshiPay via SAFE Notes.
Directors awarded warrants as partial remuneration in lieu of salary.
Settled the loan to SatoshiPay with a combination of SAFE Notes and cash repayment, reflecting the decline in the digital asset portfolios value.
Blue Star Capital remains focused on its strategic investments, particularly in SatoshiPay, with a cautious yet optimistic outlook for future growth and shareholder value.
| Metric | 2024 | 2025 | Change |
|---|---|---|---|
| Pre-tax Loss (£) | 4,491,966 | 665,606 | (85%) |
| Net Assets (£) | 937,381 | 2,865,895 | 206% |
| Cash Position (£) | 5,828 | 313,236 | 5,271% |
| Valuation of Investments (£) | 970,394 | 1,553,643 | 59% |
| Loan Receivable (£) | 0 | 1,015,246 | N/A |
| Administrative Expenses (£) | 162,309 | 193,257 | 19% |
| Share-based Payment Charge (£) | 0 | 126,700 | N/A |
| Net Cash from Financing Activities (£) | 100,000 | 1,585,000 | 1,485% |
Debt Comparison
| Debt Type | 2024 (£) | 2025 (£) | Change |
|---|---|---|---|
| Loan to SatoshiPay | 0 | 1,000,000 | N/A |
| Loan Repayment (2026) | N/A | -115,000 | N/A |
| SAFE Agreements (2026) | N/A | 658,634 | N/A |
Notes:
- The loan to SatoshiPay was advanced in 2025 and partially repaid in 2026, with the remaining balance converted into SAFE agreements.
- The SAFE agreements are not considered debt but rather a form of equity investment, as they provide downside protection and a valuation cap.
- The company's overall debt position decreased in 2026 due to the loan repayment and conversion into SAFE agreements.