LONDON: Tao Alpha PLC, soon to be renamed Satsuma Technology Plc, announced Monday that Henry Elder will assume the role of Chief Executive Officer and join the board as an executive director, pending final due diligence checks.
Elder, formerly a Principal at UTXO Management, brings deep expertise in institutional Bitcoin strategy, having advised and invested in companies across the U.S., Canada, Japan and Europe. His appointment signals a strategic step in the Company’s mission to merge Bitcoin treasury management with decentralised artificial intelligence.
To accommodate the transition, Elder has stepped down from his role at UTXO to focus exclusively on Satsuma’s growth trajectory. “This opportunity requires undivided attention and careful execution,” he said in a statement. “I’m excited to build lasting value for our shareholders and engage with institutional capital through the London Stock Exchange.”
The Company recently published unaudited financial results for the quarter ended May 31, noting receipt of a £5 million seed round and proceeds from warrant exercises completed in late June and early July.
On July 13, Satsuma acquired £2.5 million ($3.37 million USD) worth of Bitcoin—totaling 28.56 BTC at an average price of £87,532—from its newly incorporated Singapore subsidiary. The move aligns with the firm’s treasury strategy unveiled last month.
Chairman Matt Lodge called Elder “one of the foremost thinkers globally” in the field and praised his leadership in decentralized finance.
The board said it will continue evaluating its capital adequacy framework to ensure at least three months’ operating costs are held in cash, with surplus funds allocated to the Company’s Bitcoin treasury. Adjustments will depend on future capital raising and operational needs.