Blue Star Capital PLC (AIM:BLU) told investors more time is needed ‘before making any decision regarding the company's future’.
The nano-cap cryptocurrency and e-sports investor, in a statement, updated on its portfolio amid plans to divest and exit its positions.
It comes as its primary asset SatoshiPay is advancing a new project that Blue Star believes can significantly improve its valuation – however, the project is not fully funded.
Blue Star said it has put on hold its process to sell its SatoshiPay stake until the new project is launched and the value to SatoshiPay can be more clearly demonstrated and better understood.
Blue Star, meanwhile, noted that its ‘ongoing future and viability is inextricably aligned with SatoshiPay’ with the company’s 27.9% stake accounting for around 90% of the listed company’s net asset valuation.
Today, Blue Star said that it “has been carefully monitoring the company's cash position with the hope of reaching a position of greater certainty regarding SatoshiPay's value.”
SatoshiPay’s unfunded new venture is called Vortex and, as described by Blue Star, it aims to “enable easy to complete currency conversions and bank transfers with ultra-low costs”, using “a stablecoin-optimised decentralized exchange together with local-currency on and offramp partners.”
Vortex is already operational and SatoshiPay is currently in the process of sourcing funding for Vortex, the company added.