Satsuma Sells 579 BTC to Strengthen Cash Ahead of Uplisting
U.K.-based bitcoin technology firm Satsuma Technology (SATS) has sold 579 BTC from its total holdings of 1,199 BTC, raising approximately £40 million ($53.2 million), the company announced Thursday.
The sale leaves Satsuma with 620 BTC and around £90 million in cash, ensuring liquidity to cover a £78 million repayment on convertible loan notes due Dec. 31, in case some holders do not convert into equity during the planned uplisting.
Satsuma is progressing toward admission to the Equity Shares Category of the FCA Official List and trading on the London Stock Exchange Main Market, though timing depends on FCA approval.
Shares rose slightly to 1.05 pence following the announcement but remain down nearly 30% over the past month. The company now ranks as the 61st largest publicly traded bitcoin holder.
