The UK-based firm, Satsuma, boosts cash reserves to meet looming loan note obligations while advancing its bid to join the London Stock Exchange’s Main Market.
Satsuma executed an offload of 579 BTC, receiving $53.2 million in proceeds, which simple arithmetic translates to an average sale price of about $91,883 per bitcoin. The company is left with 620 BTC on its balance sheet, and the divestment equates to approximately 48.3% of the 1,199 BTC previously held.
Satsuma Technology, a London-based bitcoin-focused technology company, has sold 579 BTC from its treasury, raising roughly £40 million ($53.2 million) in net proceeds. The company confirmed the transaction on Thursday, emphasizing that the move was designed to ensure sufficient cash ahead of a major debt milestone.
Following the sale, Satsuma now holds 620 BTC and approximately £90 million in cash—resources intended to provide flexibility as the company prepares for a crucial period. The firm must be ready to meet a £78 million repayment obligation tied to its convertible loan notes on December 31, should noteholders decide not to convert their positions into equity.
Satsuma strengthens liquidity ahead of Year-End debt deadline
The company is in the process of seeking admission to the Equity Shares Category of the Financial Conduct Authority’s (FCA) Official List and to begin trading on the London Stock Exchange’s Main Market. However, Satsuma noted that final approval from the FCA is still pending, leaving both the timing and outcome uncertain ahead of the December 30 target.
Market reaction to the sale was relatively muted. Satsuma shares ticked up slightly to 1.05 pence following the announcement, though the stock remains down nearly 30% over the past month. Investors appear to be weighing the near-term dilution risks and the company’s broader strategy as it moves toward a main-market listing.
Despite trimming its bitcoin holdings, Satsuma still ranks among the largest publicly traded corporate holders of BTC globally. The company is now the 61st-largest public bitcoin holder—positioning that underscores how significant its treasury strategy remains relative to its size.
The sale highlights the balancing act facing BTC-heavy companies navigating public markets: maintaining long-term conviction in bitcoin while ensuring liquidity, regulatory readiness and financial stability as they pursue growth. For Satsuma, the next few weeks will determine whether its uplisting ambitions align with its tightened financial posture.
