Satsuma Technology (LSE: SATS) sold nearly half its bitcoin treasury and announced major board changes as it prepares for a planned uplisting to the London Stock Exchange’s main market.
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. The company said it wants to hold sufficient cash in case those conversions do not occur.
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.
Current Chair Matt Lodge will step down after the uplisting but remain on the board. Non-executive director Darcy Taylor resigned immediately as part of the restructuring.
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.
65% of Bitcoin treasuries in the red
In November, roughly 65% of corporate Bitcoin treasuries were in unrealized losses after Bitcoin briefly fell below $90,000, per the Bitcoin Treasuries Corporate Adoption Report.
The report, covering 100+ companies, shows large treasuries like Strategy and Strive dominated net purchases, while early signs of selling emerged, led by Sequans.
Quarterly accumulation slowed but remains steady, with Q4 2025 on track for ~40,000 BTC added. Mining companies now hold 12% of corporate BTC.
Public and private treasuries bought over 12,644 BTC in November, bringing total holdings past 4 million BTC. Global diversification and disciplined buying continue despite volatility.
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