Satsuma Technology Sells Half Its Bitcoin Treasury to Prepare for LSE Main Market Listing
Satsuma Technology (LSE: SATS) announced the sale of 579 BTC from its 1,199 BTC holdings, netting approximately £40 million ($53 million) in proceeds. The move leaves the company with 620 BTC and roughly £90 million in cash. The sale is designed to ensure sufficient liquidity to repay £78 million in convertible loan notes due on December 31, 2025.
Some noteholders have not yet committed to converting their debt into equity upon publication of the prospectus for the uplisting. Satsuma wants to hold enough cash in case those conversions do not occur. Alongside the treasury move, the company proposed appointing Ranald McGregor-Smith as Chair and Clive Carver as Senior Independent Director. McGregor-Smith, a former FTSE100 and FTSE250 advisor, co-founded corporate broker Whitman Howard. Carver, a chartered accountant, has chaired and served as a non-executive director at several listed companies and will chair Satsuma’s Audit Committee.
Current Chair Matt Lodge will step down after the uplisting but remain on the board. 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. 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 the stock remains down nearly 30% over the past month. After the sale, Satsuma ranks as the 61st largest publicly traded bitcoin holder.
65% of Corporate Bitcoin Treasuries Are Underwater
According to the Bitcoin Treasuries Corporate Adoption Report, roughly 65% of corporate Bitcoin treasuries were in unrealized losses after Bitcoin briefly fell below $90,000 in November. The report, covering 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 ~40,000 BTC added. Mining companies now hold 12% of corporate BTC. Public and private treasuries bought over 12,644 BTC in November, bringing total holdings past 4 million BTC. Global diversification and disciplined buying continue despite volatility.