Satsuma Sells Half Its Bitcoin to Prepare for LSE Main Market Listing
Satsuma Technology (LSE: SATS), a UK-based company, announced Thursday that it sold 579 Bitcoin out of its 1,199 BTC holdings, generating net proceeds of approximately £40 million ($53 million). After the sale, the company retains 620 Bitcoin and holds around £90 million in cash.
The primary purpose of the sale is to ensure sufficient liquidity to repay £78 million in convertible loan notes that mature on December 31, 2025. This is part of Satsuma's strategy to transition from the Aquis Stock Exchange to the main market of the London Stock Exchange. Some noteholders have not yet committed to converting their debt into equity upon the publication of the prospectus for the uplisting, and the company wants to hold enough cash in case those conversions do not occur. CEO Henry K. Elder said the Bitcoin sale positions the company for "stability and growth" as it advances its broader strategy.
Following the announcement, Satsuma shares edged up to 1.05 pence, though they remain down nearly 30% over the past month. After the sale, Satsuma ranks as the 61st largest publicly traded Bitcoin holder globally.
Board Restructuring Brings Experienced Capital Markets Professionals
Alongside the treasury move, Satsuma proposed appointing Ranald McGregor-Smith as Chair and Clive Carver as Senior Independent Director, both to take effect upon completion of the uplisting. McGregor-Smith spent his career advising FTSE100 and FTSE250 companies and co-founded corporate broker Whitman Howard. He also serves on the board of Sabien Technology Group. Carver, a chartered accountant, has chaired and served as a non-executive director at several listed companies over the past decade and will additionally chair Satsuma's Audit Committee.
Current Chair Matt Lodge will step down after the uplisting but remain on the board, while non-executive director Darcy Taylor resigned immediately as part of the restructuring. CEO Henry K. Elder said the board changes bring stronger PLC governance at a key transition point for the company.
Corporate Bitcoin Treasury Survey: 65% in Unrealized Losses
According to the Bitcoin Treasuries Corporate Adoption Report, roughly 65% of corporate Bitcoin treasuries were in unrealized losses in November after Bitcoin briefly fell below $90,000. The report, which covers over 100 companies, shows that large treasuries like Strategy and Strive dominated net purchases, while early signs of selling emerged, led by Sequans.
Quarterly accumulation slowed but remains steady, with Q4 2025 on track for approximately 40,000 BTC added. Mining companies now hold 12% of corporate BTC. In November, public and private treasuries bought over 12,644 BTC, bringing total holdings past 4 million BTC. Global diversification and disciplined buying continue despite market volatility, indicating sustained institutional interest in Bitcoin as a corporate asset.