Shares in Tao Alpha (LSE:SATS), soon to be renamed Satsuma Technology, jumped nearly 24% in early trading on Monday following the announcement of Henry Elder as the new full-time chief executive officer.
Elder, previously a Principal at UTXO Management, brings extensive experience advising on Bitcoin treasury strategies across multiple regions.
The company also revealed a £2.5 million purchase of Bitcoin for its treasury through a newly formed Singapore subsidiary, acquiring just over 28.5 bitcoins at an average price of £87,532 each.
This move follows recent cash injections from a £5 million seed round and warrant exercises.
Chairman Matt Lodge praised Elder’s leadership, highlighting his reputation as a leading figure in corporate Bitcoin treasury strategy.
The board confirmed it will maintain sufficient cash reserves for operations, with excess funds held in Bitcoin, adjusting the treasury balance as needed to support the company’s growth.
The shares rose 1.78p to 9.08p.