GSTechnologies Ltd (LSE:GST) shares were on the backfoot on Thursday after the announcement of a newly revised strategy – which sees two previously arranged acquisitions shelved, and, a new deal announced.
The blockchain and cryptocurrency firm said it will now acquire Metapay, a Poland-based firm that has a ‘small payment institution’ licence.
It is postponing the acquisition of a 60% stake in EasySend, and it’s cancelled the acquisition of Bonfirepay.
At the same time, GSTechnology highlighted that it has now completed the integration of the previously acquired Bake Cryptocurrency Platform into its digital asset arm, GS Fintech.
"Following this successful integration and a significant expansion of the group's regulated financial services footprint across Europe, we have reviewed the group's current strategic priorities,” GST chair Tone Goh said in a statement.
“Metapay fits very well with these and is considered to be easier to integrate within the group and to provide a more appropriate route to maximising value than other acquisitions we have recently been considering.”
In London, GST shares were down 18% changing hands at 1.61p.