In a strategic move to prepare for upcoming obligations, Satsuma Bitcoin activity has drawn market attention as the company rebalances its treasury ahead of a planned London listing.
Satsuma trims Bitcoin position to fund future commitments
Satsuma Technology (SATS), a U.K.-based bitcoin-focused technology company, has sold 579 BTC out of its total holdings of 1,199 BTC, according to an announcement on Thursday, Dec. 11, 2025, at 11:25 a.m.
The sale generated approximately 40 million pounds in net proceeds, equivalent to $53.2 million. Moreover, following this transaction, the company now holds 620 BTC and around 90 million pounds in cash on its balance sheet.
The company said the transaction is designed to ensure sufficient liquidity to meet its 78 million pound repayment obligation on outstanding convertible loan notes due on Dec. 31. However, that repayment will only be required if certain noteholders choose not to convert their notes into equity during the planned uplisting.
Preparing for FCA approval and London Stock Exchange uplisting
Satsuma Technology continues to work toward admission to the Equity Shares Category of the Financial Conduct Authority (FCA) Official List and trading on the London Stock Exchange (LSE) Main Market. That said, the completion of the uplisting remains conditional on FCA approval of its prospectus.
The company noted that timing and certainty around the listing are not guaranteed ahead of Dec. 30. Moreover, the recent satsuma bitcoin sale underlines management’s focus on de-risking the balance sheet as the uplisting process advances.
Market reaction and Satsuma’s position among bitcoin treasuries
Following the announcement, Satsuma Technology shares moved slightly higher to 1.05 pence. However, the stock remains down nearly 30% over the past month, reflecting broader volatility in crypto-related equities.
Despite cutting its BTC stack, Satsuma now ranks as the 61st largest publicly traded bitcoin holder globally. Moreover, with 620 BTC and around 90 million pounds in cash, the company retains significant exposure to digital assets while holding ample liquidity for its bitcoin loan repayment and growth plans.
In summary, Satsuma’s decision to monetize part of its bitcoin treasury strengthens its cash position ahead of key loan note deadlines and a high-profile LSE uplisting, while still leaving the firm among the notable corporate holders of BTC.