"The U.K.-based company sold 579 BTC out of its 1,199 BTC holdings, raising about £40 million ($53 million) in net proceeds, according to a Thursday announcement. The move leaves Satsuma with 620 BTC and roughly £90 million in cash. The sale is designed to ensure the company has enough liquidity to repay £78 million in convertible loan notes due on Dec. 31, 2025. Some noteholders have not yet committed to converting their debt into equity once Satsuma publishes its prospectus for the uplisting."
"Alongside the treasury move, Satsuma proposed appointing Ranald McGregor-Smith as Chair and Clive Carver as Senior Independent Director. Both would join upon completion of the uplisting. McGregor-Smith spent his career advising FTSE100 and FTSE250 firms and co-founded corporate broker Whitman Howard. He also sits on the board of Sabien Technology Group. Carver, a chartered accountant, has chaired and served as a non-executive director at several listed companies over the past decade and will also chair Satsuma's Audit Committee."
"CEO Henry K. Elder said the board changes bring stronger PLC governance at a key transition point. He also said the bitcoin sale positions the company for "stability and growth" as it advances its broader strategy. Satsuma shares edged up to 1.05 pence following the announcement. The stock remains down nearly 30% over the past month.After the sale, Satsuma ranks as the 61st largest publicly traded bitcoin holder."
Satsuma Technology sold 579 BTC from its 1,199 BTC holdings, raising about £40 million ($53 million) and retaining 620 BTC plus roughly £90 million in cash. The sale aims to ensure liquidity to repay £78 million in convertible loan notes due Dec. 31, 2025, amid uncertainty over some noteholders converting debt to equity after a prospectus is published. The company proposed appointing Ranald McGregor-Smith as Chair and Clive Carver as Senior Independent Director upon uplisting, with current Chair Matt Lodge stepping down but remaining on the board and Darcy Taylor resigning immediately. The measures seek stronger PLC governance and financial stability ahead of the planned London Stock Exchange uplisting.
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