Satsuma Offloads 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 roughly £40 million ($53.2 million), the company announced Thursday.
The sale leaves Satsuma with 620 BTC and about £90 million in cash. The proceeds are intended to ensure sufficient liquidity to cover a £78 million repayment on convertible loan notes due Dec. 31, in case some holders opt not to convert their notes into equity during the planned uplisting.
Satsuma is advancing toward admission to the Equity Shares Category of the FCA Official List and trading on the London Stock Exchange (LSE) Main Market, though final timing depends on FCA approval of its prospectus.
Shares ticked up to 1.05 pence following the announcement, remaining down roughly 30% over the past month. The company now ranks as the 61st largest publicly traded bitcoin holder.
