Software developer Satsuma Technology has announced the sale of 579 Bitcoin to raise net proceeds of approximately £40m.

The company, which is publicly listed and has diverse Bitcoin operations, still holds 620 Bitcoin and around £90m in cash following the move.

Satsuma Technology, which uses AI agents to bridge Bitcoin, decentralised networks and traditional finance, said it made the sale to ensure it has sufficient cash on hand to repay the holders of convertible loan notes that have not committed to convert these into ordinary shares.

This forms part of a wider move by the company for a planned uplisting to the Financial Conduct Authority’s official list and trading on the London Stock Exchange’s main market.

Satsuma Technology’s cash balance of around of £90m will mean it can now meet a liability of £78m that is due to be repaid on 31 December 2025.

CEO of the company, Henry K. Elder, commented: “The board’s priority is to ensure the company is positioned for stability and growth. Today’s sale ensures we have the accessible capital required to execute our long-term strategy.

“The strength of our team and balance sheet will support our vision to become a leading Bitcoin business in the region, delivering long-term value for shareholders.”

---