Blue Star Capital shares soar on positive portfolio update
() , a holding company with a focus on esports and blockchain, issued an update on its investee companies Dynasty Gaming and SatoshiPay.
Blue Star noted that Dynasty had partnered with media conglomerate Vera Media Group and soft-launched its new platform "Lightning Dragon", which is now live in the Philippines. The platform has already secured significant partnerships, including PayMaya - one of the Phillipines' leading payment providers with over 40m users, and Razer - one of the world's largest gaming brands. Dynasty expects to announce further marketing partnerships in the coming weeks.
Following the soft-launch, Lightning Dragon expects to conduct an official launch within the next 2 weeks, with a fully stocked shop, including special offers from major games publishers. The terms of the 24-month partnership will see Lightning Dragon will pay Dynasty a monthly licence fee and net revenue will be shared equally. The deal is renewable for a further 24 months.
Regarding SatoshiPay, Blue Star updated markets on the ongoing process to establish a valuation for SatoshiPay and seek potential interest for its acquisition. After Benchmark International was retained in November 2023 to carry out the valuation and approach investors, the M&A advisory company said initial reaction to the investment memorandum had been "encouraging" and Satoshipay was "pleased with progress to date".
Satoshi also noted progress made by its open-source blockchain Pendulum, which recently launched the Spacewalk Bridge on Amplitude, serving as a link between the Polkadot Mainnet and Stellar. The bridge is intended to facilitate transfers of multiple stablecoins, advancing interoperability in the blockchain space.
View from Vox
A positive update from Blue Star, detailing material progress by its investee companies Dynasty Gaming and SatoshiPay. Dynasty's venture with Lightning Dragon is quickly garnering major sponsors and shaping up to be a value inflection point for both companies. The Philippines is one of the most valuable and fastest-growing gaming markets in Southeast Asia, with a population 115 million and a median age of 25 years. Research suggests that over 40% of the country's population are regular gamers, with around 95% of internet users between the ages of 16 to 64 having played video games in 2023.
The process of establishing SatoshiPay's valuation and assessing potential offers is also progressing well, with Benchmark International reporting good initial interest for the crypto company. The process should be further helped by the recent uptick in attention to crypto currency in the media, driven by positive market developments such as the approval of the first Bitcoin spot ETF. SatoshiPay recently announced its financial results for the year ended 31 December 2022, which showed turnover of €2.93m and profits after tax of €587k. Blue Star's decision to sell its interest in SatoshiPay should therefore result in a considerable ROI.
shares soared 48% on the news.
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