Satsuma Technology Sells 579 Bitcoin Ahead of Planned LSE Uplisting

Satsuma Technology (LSE: SATS), a U.K.-based company, sold 579 of its 1,199 Bitcoin, raising approximately £40 million ($53 million) in net proceeds. This sale leaves the company with 620 BTC and about £90 million in cash. The primary motivation for the sale is to ensure sufficient liquidity to cover £78 million in convertible loan notes due on December 31, 2025, accounting for potential non-conversions of debt to equity. Concurrently, Satsuma announced significant board changes, proposing Ranald McGregor-Smith as Chair and Clive Carver as Senior Independent Director upon completion of the uplisting, aiming to strengthen governance. CEO Henry K. Elder stated the move positions the company for "stability and growth." Following the announcement, Satsuma's shares slightly increased, though they remain down nearly 30% over the past month.

(Source：Bitcoin Magazine)