Satsuma Technology (LSE: SATS) has sold almost half of its bitcoin reserves and announced significant changes to its board as it prepares for an intended uplisting to the main market of the London Stock Exchange.
The U.K.-based firm disposed of 579 BTC from its total of 1,199 BTC holdings, generating approximately £40 million ($53 million) in net proceeds, as revealed in a Thursday announcement. Following this transaction, Satsuma’s remaining assets include 620 BTC and approximately £90 million in cash.
The sale is strategically aimed at ensuring the company possesses adequate liquidity to service £78 million in convertible loan notes due on December 31, 2025.
Some noteholders have yet to agree to convert their debt into equity once Satsuma releases its prospectus for the uplisting. The company indicated its desire to maintain adequate cash reserves in case those conversions do not materialize.
In conjunction with the treasury adjustment, Satsuma has suggested the appointments of Ranald McGregor-Smith as Chair and Clive Carver as Senior Independent Director, both set to join upon the uplisting’s completion.
McGregor-Smith has spent his career advising FTSE100 and FTSE250 companies and co-founded the corporate broker Whitman Howard. He also serves on the board of Sabien Technology Group. Carver, a chartered accountant, has chaired and acted as a non-executive director for several listed firms over the past decade and will chair Satsuma’s Audit Committee as well.
Current Chair Matt Lodge will resign post-uplisting but will remain on the board. Non-executive director Darcy Taylor has stepped down immediately as part of the restructuring.
CEO Henry K. Elder remarked that the board changes enhance PLC governance at a critical transitional phase. He also noted that the bitcoin sale positions the company for “stability and growth” as it pursues its broader objectives.
Satsuma’s shares rose to 1.05 pence following the announcement, although the stock remains down nearly 30% over the last month. After the sale, Satsuma ranks as the 61st largest publicly traded holder of bitcoin.
65% of Bitcoin treasuries in the red
In November, around 65% of corporate Bitcoin treasuries reported unrealized losses after Bitcoin momentarily dipped below $90,000, according to the Bitcoin Treasuries Corporate Adoption Report.
The report, which encompasses over 100 companies, indicates that large treasuries like Strategy and Strive led net purchases, while initial signs of selling were seen, primarily from Sequans.
Quarterly accumulation has slowed but remains stable, with Q4 2025 projected to add approximately 40,000 BTC. Mining firms currently hold 12% of corporate BTC.
Public and private treasuries acquired over 12,644 BTC in November, raising total holdings to over 4 million BTC. Global diversification and disciplined purchasing continue, despite market volatility.
