Bitcoin Magazine

Satsuma Technology Sells 579 Bitcoin Ahead of Planned LSE Uplisting

Satsuma Technology (LSE: SATS) sold nearly half its bitcoin treasury and announced major board changes as it prepares for a planned uplisting to the London Stock Exchange’s main market.

The U.K.-based company sold 579 BTC out of its 1,199 BTC holdings, raising about £40 million ($53 million) in net proceeds, according to a Thursday announcement. The move leaves Satsuma with 620 BTC and roughly £90 million in cash.

The sale is designed to ensure the company has enough liquidity to repay £78 million in convertible loan notes due on Dec. 31, 2025. 

Some noteholders have not yet committed to converting their debt into equity once Satsuma publishes its prospectus for the uplisting. The company said it wants to hold sufficient cash in case those conversions do not occur.

Alongside the treasury move, Satsuma proposed appointing Ranald McGregor-Smith as Chair and Clive Carver as Senior Independent Director. Both would join upon completion of the uplisting.

McGregor-Smith spent his career advising FTSE100 and FTSE250 firms and co-founded corporate broker Whitman Howard. He also sits on the board of Sabien Technology Group. Carver, a chartered accountant, has chaired and served as a non-executive director at several listed companies over the past decade and will also chair Satsuma’s Audit Committee.

Current Chair Matt Lodge will step down after the uplisting but remain on the board. Non-executive director Darcy Taylor resigned immediately as part of the restructuring.

CEO Henry K. Elder said the board changes bring stronger PLC governance at a key transition point. He also said the bitcoin sale positions the company for “stability and growth” as it advances its broader strategy.

Satsuma shares edged up to 1.05 pence following the announcement. The stock remains down nearly 30% over the past month.After the sale, Satsuma ranks as the 61st largest publicly traded bitcoin holder.

65% of Bitcoin treasuries in the red 

In November, roughly 65% of corporate Bitcoin treasuries were in unrealized losses after Bitcoin briefly fell below $90,000, per the Bitcoin Treasuries Corporate Adoption Report. 

The report, covering 100+ companies, shows large treasuries like Strategy and Strive dominated net purchases, while early signs of selling emerged, led by Sequans. 

Quarterly accumulation slowed but remains steady, with Q4 2025 on track for ~40,000 BTC added. Mining companies now hold 12% of corporate BTC. 

Public and private treasuries bought over 12,644 BTC in November, bringing total holdings past 4 million BTC. Global diversification and disciplined buying continue despite volatility.

This post Satsuma Technology Sells 579 Bitcoin Ahead of Planned LSE Uplisting first appeared on Bitcoin Magazine and is written by Micah Zimmerman.

Bitcoin Magazine

65% of Corporate Bitcoin Treasuries Are Underwater: Report

Corporate Bitcoin treasuries faced mark-to-market losses in November, according to an exclusive Corporate Adoption Report from Bitcoin Treasuries. 

The report, covering more than 100 companies, offers a systematic look at how last month’s price drop affected public company holdings.

Bitcoin briefly fell below $90,000 in late November. The decline pushed many 2025 buyers into the red. Of the 100 companies for which cost basis is measurable, about two-thirds now sit on unrealized losses at current prices, per the report.

Despite the volatility, large balance sheets continued to dominate net Bitcoin buying. Strategy, Strive, and a small cohort of high-conviction buyers accounted for most net additions. 

Strategy alone represented roughly 75% of net new buying after sales.

Public Bitcoin treasury equities remain weak versus BTC and broad indices. Still, a minority of companies delivered at least 10% gains over the past 6–12 months. 

Early signs of corporate Bitcoin selling also emerged. At least five companies reduced BTC exposure in November. Sequans led the group, selling roughly one-third of its holdings. While small in aggregate, these moves suggest some management teams are willing to crystallize losses or de-risk when volatility spikes.

Quarterly Bitcoin accumulation is slowing, but not collapsing. Q4 2025 is on track for roughly 40,000 BTC in net additions to public company balance sheets. This is below the last four quarters but broadly in line with Q3 2024, as companies normalize to a slower, more selective accumulation pace.

In November, public and private treasuries purchased, added, or disclosed over 12,644 BTC in November and the total BTC held across all tracked entities surpassed 4 million by month’s end. 

Bitcoin purchases

Big treasuries know for their bitcoin buying continue to dominate purchases. Strategy added 9,062 BTC across three transactions in November, per the report.

Its largest buy, 8,178 BTC, came on Nov. 17. Strategy ended the month with 649,870 BTC, worth about $59 billion. Currently, the company has 660,624 after some December purchases. 

Strive added 1,567 BTC at an average price of $103,315 per BTC in November. The purchase brought its month-end holdings to 7,525 BTC, or $684 million. The company funds its Bitcoin strategy primarily through perpetual preferred equity.

Mining companies remain significant players. Cango and Riot added 508 BTC and 37 BTC, respectively, from mining operations. American Bitcoin added 139 BTC through combined purchase and mining strategies. 

Per the report, mining companies now account for 12% of public company BTC holdings.

Bitcoin selling and rebalancing

Sales were limited but notable. As mentioned earlier, Sequans sold nearly one-third of its holdings, to reduce convertible debt. Hut 8 reduced holdings by 389 BTC. KindlyMD and Genius Group also trimmed exposure.

Some companies added small amounts even amid the downturn. DDC Enterprise Limited picked up 100 BTC during the pullback. 

Metaplanet continued “additional purchase” filings on the Tokyo exchange. ETF flows returned to net inflows after a month of redemptions.

The data suggests a barbell pattern: small distressed sellers versus programmatic buyers and disciplined treasuries. Investors see BTC increasingly used as collateral or for cash flow, rather than just as a speculative asset.

Global trends and future outlook

Corporate Bitcoin holdings are increasingly global. U.S. companies dominate the top 20, but Japan, China, Europe, and other regions are growing. 

Non-U.S. public company holdings rose 3,180 BTC from two months prior, now representing about 9% of all public company BTC. Analysts say this geographic diversification reduces regulatory risk.

Despite November’s volatility, corporate adoption of Bitcoin continues. Large treasuries are still buying aggressively. The quarterly pace of accumulation is slower than earlier in 2025, the report noted, but steady growth persists. 

Those interested in reading the full report can do so below:

This post 65% of Corporate Bitcoin Treasuries Are Underwater: Report first appeared on Bitcoin Magazine and is written by Micah Zimmerman.

Bitcoin Magazine

Strive Lines Up $500 Million Stock Offering to Buy More Bitcoin

Strive, a publicly traded bitcoin treasury and asset-management firm, said it has arranged a $500 million at-the-market offering to help fund more bitcoin purchases.

The company plans to sell Variable Rate Series A Perpetual Preferred Stock, known as SATA. The offering allows Strive to issue shares into the market at prevailing prices rather than through a single sale. The structure gives the firm flexibility to raise capital as demand allows.

SATA carries a 12% dividend and an effective yield near 13%. The preferred stock is modeled on Strategy’s STRC perpetual preferred equity, which has been used as a funding tool for bitcoin accumulation. 

SATA currently trades around $91, below its $100 par value.

Strive said proceeds may be used for a range of purposes. These include buying bitcoin, purchasing income-generating assets, supporting working capital, repurchasing common shares, or pursuing acquisitions. 

JUST IN: Vivek Ramaswamy's Strive to raise $500 million to buy more #Bitcoin

Nothing stops this train pic.twitter.com/I2ZStdFYBX

— Bitcoin Magazine (@BitcoinMagazine) December 10, 2025

The company did not specify how much of the raise would be allocated to bitcoin purchases.

The 14th-largest corporate bitcoin holder

Strive currently holds about 7,525 bitcoin, valued at roughly $695 million at recent market prices. That positions the firm as the 14th-largest publicly traded corporate holder of bitcoin. 

The company has leaned into a bitcoin-focused treasury strategy following a public reverse merger earlier this year.

The company was co-founded in 2022 by entrepreneur and political figure Vivek Ramaswamy. Since launching its first exchange-traded fund in August 2022, Strive Asset Management has grown to oversee more than $2 billion in assets, according to company disclosures. 

The firm markets itself as an alternative asset manager with a focus on aligning capital with long-term investment themes.

In September, Strive agreed to acquire Semler Scientific, a transaction that increased the combined entity’s bitcoin exposure. The move placed the company among a growing group of public companies that use equity markets to build large bitcoin positions, a strategy popularized by Michael Saylor’s Strategy.

Shares of its common stock, ASST, trade near $1 today.

Strive calls out MSCI on bitcoin beliefs 

The company has also taken an active role in market structure debates tied to bitcoin treasury firms. Earlier this month, Strive called on index provider MSCI to avoid excluding companies with large digital asset holdings from major equity benchmarks. 

MSCI is reportedly consulting investors on whether firms with balance sheets dominated by crypto assets should remain eligible for inclusion.

The company argued that such exclusions would limit investor choice and reshape capital flows across passive funds. The review could have broad implications for companies that hold bitcoin as a core treasury asset.

This post Strive Lines Up $500 Million Stock Offering to Buy More Bitcoin first appeared on Bitcoin Magazine and is written by Micah Zimmerman.

Bitcoin Magazine

Bitcoin Is a Relief, Not a Theory: Pakistan’s Case for Crypto Adoption

At the Bitcoin MENA conference, Bilal Bin Saqib, chairman of the Pakistan Virtual Assets Regulatory Authority, delivered a message that framed bitcoin not as a speculative asset, but as a practical solution to structural economic problems facing millions of people in Pakistan.

One of Bin Saqib’s most striking takeaways was how grounded his argument in lived reality. In Pakistan, bitcoin is less about ideology and more about necessity. 

Bitcoin as a financial relief

As Bin Saqib put it, for many Pakistanis “bitcoin is not theory, it’s a relief,” a response to problems traditional financial systems have failed to solve for decades.

He pointed first to savings. Pakistan’s currency has lost more than half its value over the past five years, eroding purchasing power for ordinary citizens. In that environment, Bin Saqib argued, people are not looking for explanations of monetary theory. They are looking for protection.

Bitcoin, he said, provides a way to store value outside inflation driven by political decisions, money printing and currency mismanagement. “You don’t need a lecture,” he noted. “You need a hedge.”

Access was the second pillar of his case. Despite Pakistan being home to roughly 240 million people, more than 100 million remain unbanked. 

JUST IN: Minister of State Bilal Bin Saqib says, “#Bitcoin gives people a way to store value outside politics, printing and inflation.”

Pakistan is coming pic.twitter.com/5YJSyKfibT

— Bitcoin Magazine (@BitcoinMagazine) December 9, 2025

For this population, traditional finance has simply never arrived. Bitcoin, according to Bin Saqib, offers a financial identity without the need for permission, paperwork or intermediaries that may never open the door. 

That permissionless access, he argued, is especially powerful for young people encountering true financial ownership for the first time.

The third pillar was cross-border earnings. Pakistan has one of the largest freelance workforces in the world, yet freelancers often struggle to receive international payments quickly, cheaply and transparently. 

Bitcoin and blockchain-based payment rails enable Pakistani workers to get paid globally without friction, delays or excessive fees. For many, this has meant a direct connection to the global economy for the first time.

Bin Saqib tied these grassroots use cases to a broader national strategy. Pakistan, he said, is not trying to “chase the future” but to build a new one. With roughly 70% of the population under the age of 30, the country cannot rely on outdated economic models. 

Digital assets, and bitcoin in particular, are being viewed as infrastructure rather than speculation—new financial rails for the Global South.

He outlined his mandate since being appointed seven months ago: to transform one of the world’s largest unregulated crypto markets into a compliant, investment-friendly ecosystem. 

Pakistan has already moved to establish a virtual asset regulatory framework, issue provisional licenses for exchanges, and develop regulatory sandboxes for mining, tokenization and fintech.

The goal, Bin Saqib said, is to bring activity onshore rather than push it underground, protecting users without suffocating builders.

Bin Saqib’s discussion of energy 

Energy played a central role in the discussion. Pakistan paradoxically suffers from both power shortages and massive excess capacity, paying for electricity that goes unused. 

Bin Saqib described bitcoin mining and artificial intelligence as tools to convert that “wasted economic oxygen” into productive output. 

Every unused megawatt, he argued, could be turned into bitcoin mining or AI compute, effectively transforming stranded energy into digital exports.

In that framework, bitcoin mining becomes less about consumption and more about industrial renewal. 

Rather than exporting only commodities or labor, Pakistan could export compute—what Bin Saqib called one of the most valuable resources of the 21st century. He framed this not as a narrow energy policy, but as part of a broader industrial rebirth.

Looking ahead, Bin Saqib predicted that the next wave of bitcoin adoption will not be led by Wall Street, but by emerging markets where economic pain is real and the upside is massive. 

This post Bitcoin Is a Relief, Not a Theory: Pakistan’s Case for Crypto Adoption first appeared on Bitcoin Magazine and is written by Micah Zimmerman.