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UK Bitcoin Company Satsuma Sells 579 of Its 1,199 Bitcoin for $53.2 Million
Source: CryptoNewsNet Original Title: UK Bitcoin Company Satsuma Sells 579 of Its 1,199 Bitcoin for $53.2 Million Original Link: Satsuma Technology (SATS), a U.K.-based bitcoin-focused technology company sold 579 BTC out of its holdings of 1,199 BTC, generating approximately 40 million pounds ($53.2 million) in net proceeds, according to an announcement on Thursday.
Following the sale, the company holds 620 BTC and around 90 million pounds in cash.
The transaction is intended to ensure sufficient liquidity to meet the 78 million pound-repayment obligation on its convertible loan notes due on Dec. 31 should certain holders choose not to convert their notes into equity during the planned uplisting.
Satsuma continues to progress 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. Completion of the uplisting remains dependent on FCA approval of its prospectus, so timing and certainty are not yet guaranteed ahead of Dec. 30.