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Blue Star Capital to take a stake in SatoshiPay as Coinsilium cashes out

Early-stage blockchain accelerator, Coinsilium, has said it has entered into a conditional agreement to sell its entire share holding in London-based SatoshiPay, the bitcoin payments company.

The investment will see Blue Star Capital acquire all 2,133 shares that Coinsilium currently holds in SatoshiPay at the price of €340 share, representing a total cash consideration of €725,220.

The deal itself is conditional on Blue Star raising around £650k through a proposed placing and if it goes through will see the investment firm raise its stake in Satoshi to 31%, valuing the upstart nanopayments company at over €2m.

For Coinsilium, the transaction marks a 362% increase on the price the group paid for the shares back in 2015, and Eddy Travia, Chief Executive, said the proceeds would be put back into ‘exciting new projects’ and investments.

He commented: “We are 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.

“In this regard SatoshiPay has proven to be an outstanding investment for Coinsilium and with the inclusion of 85million ‘Seller Warrants’ in the proposed transaction we continue to maintain a substantial degree of upside exposure to the future success of SatoshiPay.”

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