UK BTC Company Satsuma (SATS) Sells 579 of Its 1,199 Bitcoin for $53.2 Million
UK-based Satsuma Technology sold 579 BTC for $53.2 million to secure cash for loan note obligations ahead of its planned uplisting.Summary
Satsuma Technology, a U.K.-based bitcoin-focused technology company, announced the sale of 579 of its 1,199 Bitcoin holdings, generating net proceeds of approximately 40 million pounds ($53.2 million). Following the transaction, the company retains 620 BTC and holds around 90 million pounds in cash. This sale is intended to ensure sufficient liquidity to cover a 78 million pound repayment obligation on its convertible loan notes due on December 31, in case some holders do not convert their notes into equity during the company's planned uplisting. Satsuma is progressing toward admission to the Financial Conduct Authority (FCA) Official List's Equity Shares Category and trading on the London Stock Exchange (LSE) Main Market, though this remains contingent on FCA approval of its prospectus before December 30. The announcement caused shares to move slightly higher to 1.05 pence, though they remain down nearly 30% over the past month.
(Source：CoinDesk)