Satsuma Sells 579 BTC to Bolster Cash Ahead of Uplisting
U.K.-based bitcoin technology company Satsuma Technology (SATS) sold 579 BTC from its total holdings of 1,199 BTC, generating roughly £40 million ($53.2 million), the firm announced Thursday.
After the sale, Satsuma retains 620 BTC and about £90 million in cash. The proceeds aim to ensure liquidity for a £78 million repayment on convertible loan notes due Dec. 31, should some noteholders choose not to convert into equity ahead of 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, with final timing dependent on FCA approval.
Following the announcement, shares edged up to 1.05 pence, though they remain down nearly 30% over the past month. The company now ranks as the 61st largest publicly traded bitcoin holder.
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