Company Raises £40 Million Ahead of Loan Note Deadline
Satsuma Technology, a United Kingdom–based bitcoin-focused firm, has sold a significant portion of its digital asset reserves to reinforce liquidity ahead of key financial obligations. The company confirmed the sale of 579 BTC, a move aimed at securing funds before upcoming repayment requirements tied to its convertible loan notes.
Major BTC Sale to Secure Cash Position
The transaction generated approximately £40 million in net proceeds (about $53.2 million), reducing Satsuma’s holdings from 1,199 BTC to 620 BTC. The firm now maintains roughly £90 million in cash, ensuring it can fulfill a £78 million repayment obligation scheduled for December 31 if noteholders choose not to convert debt into equity during the company’s planned uplisting.
Executives noted that the sale forms part of a broader strategy to stabilize the balance sheet while navigating capital market requirements. The company stressed that the move ensures adequate liquidity during a critical transitional period.
Satsuma continues advancing toward admission to the Equity Shares Category of the Financial Conduct Authority’s Official List, with plans to trade on the London Stock Exchange Main Market. The timing remains dependent on FCA approval of its prospectus, leaving some uncertainty ahead of the December 30 target.
Market reaction to the announcement was modest, with shares inching up to 1.05 pence after the update, though the stock remains down nearly 30% over the past month. Following the sale, Satsuma now ranks as the 61st largest publicly traded bitcoin holder.
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