Satsuma Sells 579 BTC to Strengthen Cash Position Ahead of Planned Uplisting

U.K.-based bitcoin technology firm Satsuma Technology (SATS) sold 579 BTC from its total holdings of 1,199 BTC, generating roughly £40 million ($53.2 million) in net proceeds, the company announced Thursday.

After the sale, Satsuma retains 620 BTC and approximately £90 million in cash. The move is aimed at ensuring sufficient liquidity to meet a £78 million repayment obligation on its convertible loan notes due Dec. 31, in case certain noteholders opt not to convert their notes into equity ahead of the firm’s planned uplisting.

Satsuma is progressing toward admission to the Equity Shares Category of the Financial Conduct Authority (FCA) Official List and trading on the London Stock Exchange (LSE) Main Market. Completion of the uplisting remains subject to FCA approval of its prospectus, meaning timing is not guaranteed ahead of Dec. 30.

Following the announcement, Satsuma shares inched up to 1.05 pence, though they remain down nearly 30% over the past month. The sale positions Satsuma as the 61st largest publicly traded bitcoin holder.