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. This was part of their plan to prepare for a bigger role in the main market. The company sold 579 Bitcoins from their total of 1, 199. This sale brought in about 40 million pounds. Now, they have 620 Bitcoins left and around 90 million pounds in cash. Why did they do this? Well, they have a big loan coming due in December 2025. They want to make sure they have enough money to pay it back. Some people who lent them money might not convert their debt into shares. So, Satsuma wants to be ready for any situation. Along with the Bitcoin sale, Satsuma is changing its board. They proposed two new leaders: Ranald McGregor-Smith as Chair and Clive Carver as Senior Independent Director. Both will join after the uplisting is complete. McGregor-Smith has a lot of 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. The CEO, Henry K. Elder, said these changes will bring better governance. He also said the Bitcoin sale will help the company stay stable and grow. 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's value has been up and down. In November, about 65% of corporate Bitcoin holdings were in the red. This was after Bitcoin's price briefly dropped below 90, 000 pounds. 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. Even with the volatility, companies keep adding to their Bitcoin holdings. In November, they bought over 12, 644 Bitcoins. This brought 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.