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The UK-based blockchain venture investment fund, Coinsilium Group Limited, has confirmed the sale of the entirety of the company’s Satoshipay holdings to Blue Star Capital. The agreement comprised the sale of 2,133 Satoshipay shares at the price of €340 per share ($493.48 USD approx) for a total of €725,220 ($866,622.2 approx).
The Sale Has Come Following a Number of Significant Developments in Satoshipay’s Operations
Coinsilium has announced the sale of the entirety of its shareholdings in Satoshipay. Satoshipay is a micropayment processor originally founded in 2014, that has since developed a two-way content monetization platform. Satoshipay received significant investment from Coinsilium and its co-investor network in 2015 – with Coinsilium having invested €200,000 – 55% of seed capital round – with affiliated investors providing the remaining 45% of the seed round. Coinsilium’s 14.5% total shares in the company have been sold to Blue Star Capital – a UK-based investment firm that focuses on new technologies.
The sale has come following a number of significant developments in Satoshipay’s operations, including a recent move to partner with Paypal following increases in bitcoin transaction fees. The company has also entered into partnership with the IOTA network – which according to a Blue Star Capital press release “offers zero-fee transactions with no limit on the the number of transactions per second.”
The Sale Includes the Granting Of 85 Million Warrants Over New Ordinary Shares of Blue Star to Coinsilium
The deal comprises a 362.6% return on investment since Coinsilium’s original purchase in 2015. The transaction has also seen the granting of “85 million warrants over new Ordinary Shares of Blue Star” to Coinsilium, of which “$42.5 million are exercisable at a price of 0.6 pence per Ordinary Share”, and “42.5 million are exercisable at a price of 0.8 pence per share for a 3-year period from completion of the acquisition”.
Eddy Travia, Coinsilium CEO, has stated “[Coinsilium is] pleased to announce the successful exit of one of our investments less than two years after its initiation and at a significant multiple over its original cost… SatoshiPay has proven to be an outstanding investment for Coinsilium and with the inclusion of 85 million ‘Seller Warrants’ in the proposed transaction we continue to maintain a substantial degree of upside exposure to the future success of SatoshiPay.”
Do you think that Satoshipay’s move away from bitcoin based transactions will harm the company’s long term performance? Share your thoughts in the comments section below!
Images courtesy of Shutterstock, Coinsilium, and Satoshipay
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The post Coinsilium Sells Satoshipay Holdings to Blue Star Capital appeared first on Bitcoin News.
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