Satsuma Technology's Strategic Bitcoin Sale and Board Shake-Up

Satsuma Technology, a company listed on the London Stock Exchange, recently made a significant move. They sold a large chunk of their Bitcoin holdings as part of their plan to prepare for a bigger role in the main market.

The Sale

Bitcoins Sold: 579 out of 1,199
Amount Raised: Approximately 40 million pounds
Remaining Holdings: 620 Bitcoins and around 90 million pounds in cash

Why the Sale?

Satsuma has a big loan coming due in December 2025. They want to ensure they have enough money to pay it back. Some lenders might not convert their debt into shares, so Satsuma wants to be prepared for any situation.

Board Changes

Along with the Bitcoin sale, Satsuma is changing its board. They proposed two new leaders:

Ranald McGregor-Smith as Chair
Clive Carver as Senior Independent Director

Both will join after the uplisting is complete.

McGregor-Smith has extensive experience advising big companies.
Carver is a chartered accountant with a decade of experience in listed companies. He will also lead the Audit Committee.

The current Chair, Matt Lodge, will step down but stay on the board. Another director, Darcy Taylor, resigned immediately.

CEO's Statement

The CEO, Henry K. Elder, said these changes will bring better governance. He also stated that the Bitcoin sale will help the company stay stable and grow.

Market Position

After the sale, Satsuma is now the 61st largest publicly traded Bitcoin holder. Their shares went up a bit but are still down nearly 30% over the past month.

Bitcoin Market Trends

Volatility: Bitcoin's value has been up and down. In November, about 65% of corporate Bitcoin holdings were in the red after Bitcoin's price briefly dropped below 90,000 pounds.
Corporate Holdings: A report covering over 100 companies showed that some big players like Strategy and Strive were still buying Bitcoin. But others, like Sequans, were selling.
Disciplined Buying: Despite the volatility, companies keep adding to their Bitcoin holdings. In November, they bought over 12,644 Bitcoins, bringing the total holdings past 4 million Bitcoins.
Mining Companies: Now hold 12% of all corporate Bitcoin. Despite the price swings, global companies are still buying Bitcoin in a disciplined way.