Blue Star Capital PLC (AIM:BLU) was on the move this morning, shooting up to 0.11p after the investing company provided an update regarding its investee company SatoshiPay.
SatoshiPay, a blockchain-based international payment rail, has retained M&A advisors at Benchmark International to determine an accurate valuation of the business.
Benchmark has now started to approach investors to establish potential interest in SatoshiPay.
Blue Star has been an investor in SatoshiPay since 2017 and has a current shareholding of 27.9%.
SatoshiPay was valued at €19.2 million (£16.7 million) following a 2019 funding round.
“The board wishes to stress that the process may or may not lead to an acceptable offer for the sale of part or all of its shareholding in SatoshiPay and Blue Star is under no obligation to accept any offers received,” read today’s Blue Star statement.
It added: “It's the board's belief that while SatoshiPay has made significant progress in recent years, it would benefit from an investor better equipped both financially and strategically to support SatoshiPay's aggressive growth plans.”
Shares returned to 0.10p as Wednesday’s trading session progressed.