Satsuma Technology (SATS), a technology firm in the U.K. focused on bitcoin, has sold 579 BTC from its total holding of 1,199 BTC, resulting in approximately 40 million pounds ($53.2 million) in net proceeds, as announced on Thursday.
After the sale, the company retains 620 BTC and about 90 million pounds in cash.
This transaction aims to provide adequate liquidity to fulfill the 78 million pound repayment obligation on its convertible loan notes set to mature on Dec. 31, should certain holders opt not to convert their notes into equity during the anticipated uplisting.
Satsuma is making strides toward listing in the Equity Shares Category of the Financial Conduct Authority (FCA) Official List and trading on the London Stock Exchange (LSE) Main Market. The completion of the uplisting is contingent upon FCA approval of its prospectus, making timing and certainty ahead of Dec. 30 uncertain.
Following the announcement, shares saw a slight increase to 1.05 pence, although they are down nearly 30% over the last month.
Post-sale, Satsuma ranks as the 61st largest publicly traded bitcoin holder.
