Satsuma Offloads 579 Bitcoin for $53.2 Million, Nearly Half Its Holdings

Satsuma Sells 579 BTC to Boost Liquidity Ahead of Planned Uplisting

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

Following the sale, Satsuma holds 620 BTC and around £90 million in cash. The transaction is intended to secure enough liquidity to cover a £78 million repayment on its convertible loan notes due Dec. 31, should some holders choose not to convert their notes into equity during the company’s planned uplisting.

Satsuma is moving 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. Uplisting remains subject to FCA approval of its prospectus, so timing is not guaranteed ahead of Dec. 30.

Shares rose slightly to 1.05 pence following the announcement, though they remain down nearly 30% over the past month. The sale also makes Satsuma the 61st largest publicly traded bitcoin holder.

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