diff --git a/units/src/amount.rs b/units/src/amount.rs
index 1f8b7d923..cc5431ec6 100644
--- a/units/src/amount.rs
+++ b/units/src/amount.rs
@@ -711,7 +711,7 @@ fn repeat_char(f: &mut dyn fmt::Write, c: char, count: usize) -> fmt::Result {
 
 /// Format the given satoshi amount in the given denomination.
 fn fmt_satoshi_in(
-    satoshi: u64,
+    mut satoshi: u64,
     negative: bool,
     f: &mut dyn fmt::Write,
     denom: Denomination,
@@ -736,6 +736,19 @@ fn fmt_satoshi_in(
         }
         Ordering::Less => {
             let precision = precision.unsigned_abs();
+            // round the number if needed
+            // rather than fiddling with chars, we just modify satoshi and let the simpler algorithm take over.
+            if let Some(format_precision) = options.precision {
+                if usize::from(precision) > format_precision {
+                    // precision is u8 so in this branch options.precision() < 255 which fits in u32
+                    let rounding_divisor = 10u64.pow(u32::from(precision) - format_precision as u32);
+                    let remainder = satoshi % rounding_divisor;
+                    satoshi -= remainder;
+                    if remainder / (rounding_divisor / 10) >= 5 {
+                        satoshi += rounding_divisor;
+                    }
+                }
+            }
             let divisor = 10u64.pow(precision.into());
             num_before_decimal_point = satoshi / divisor;
             num_after_decimal_point = satoshi % divisor;
@@ -2391,10 +2404,10 @@ mod tests {
         btc_check_fmt_non_negative_6, 1, "{}", "0.00000001";
         btc_check_fmt_non_negative_7, 1, "{:2}", "0.00000001";
         btc_check_fmt_non_negative_8, 1, "{:02}", "0.00000001";
-        btc_check_fmt_non_negative_9, 1, "{:.1}", "0.00000001";
+        btc_check_fmt_non_negative_9, 1, "{:.1}", "0.0";
         btc_check_fmt_non_negative_10, 1, "{:11}", " 0.00000001";
-        btc_check_fmt_non_negative_11, 1, "{:11.1}", " 0.00000001";
-        btc_check_fmt_non_negative_12, 1, "{:011.1}", "00.00000001";
+        btc_check_fmt_non_negative_11, 1, "{:11.1}", "        0.0";
+        btc_check_fmt_non_negative_12, 1, "{:011.1}", "000000000.0";
         btc_check_fmt_non_negative_13, 1, "{:.9}", "0.000000010";
         btc_check_fmt_non_negative_14, 1, "{:11.9}", "0.000000010";
         btc_check_fmt_non_negative_15, 1, "{:011.9}", "0.000000010";
@@ -2409,7 +2422,7 @@ mod tests {
         btc_check_fmt_non_negative_24, 110_000_000, "{}", "1.1";
         btc_check_fmt_non_negative_25, 100_000_001, "{}", "1.00000001";
         btc_check_fmt_non_negative_26, 100_000_001, "{:1}", "1.00000001";
-        btc_check_fmt_non_negative_27, 100_000_001, "{:.1}", "1.00000001";
+        btc_check_fmt_non_negative_27, 100_000_001, "{:.1}", "1.0";
         btc_check_fmt_non_negative_28, 100_000_001, "{:10}", "1.00000001";
         btc_check_fmt_non_negative_29, 100_000_001, "{:11}", " 1.00000001";
         btc_check_fmt_non_negative_30, 100_000_001, "{:011}", "01.00000001";
@@ -2441,7 +2454,7 @@ mod tests {
 
     check_format_non_negative_show_denom! {
         Bitcoin, " BTC";
-        btc_check_fmt_non_negative_show_denom_0, 1, "{:14.1}", "0.00000001";
+        btc_check_fmt_non_negative_show_denom_0, 1, "{:14.1}", "       0.0";
         btc_check_fmt_non_negative_show_denom_1, 1, "{:14.8}", "0.00000001";
         btc_check_fmt_non_negative_show_denom_2, 1, "{:15}", " 0.00000001";
         btc_check_fmt_non_negative_show_denom_3, 1, "{:015}", "00.00000001";
@@ -2872,14 +2885,17 @@ mod tests {
         assert_eq!(format!("{}", Amount::ONE_BTC), "1 BTC");
         assert_eq!(format!("{}", Amount::from_sat(1)), "0.00000001 BTC");
         assert_eq!(format!("{}", Amount::from_sat(10)), "0.0000001 BTC");
-        assert_eq!(format!("{:.2}", Amount::from_sat(10)), "0.0000001 BTC");
-        assert_eq!(format!("{:.2}", Amount::from_sat(100)), "0.000001 BTC");
-        assert_eq!(format!("{:.2}", Amount::from_sat(1000)), "0.00001 BTC");
-        assert_eq!(format!("{:.2}", Amount::from_sat(10_000)), "0.0001 BTC");
-        assert_eq!(format!("{:.2}", Amount::from_sat(100_000)), "0.001 BTC");
+        assert_eq!(format!("{:.2}", Amount::from_sat(10)), "0.00 BTC");
+        assert_eq!(format!("{:.2}", Amount::from_sat(100)), "0.00 BTC");
+        assert_eq!(format!("{:.2}", Amount::from_sat(1000)), "0.00 BTC");
+        assert_eq!(format!("{:.2}", Amount::from_sat(10_000)), "0.00 BTC");
+        assert_eq!(format!("{:.2}", Amount::from_sat(100_000)), "0.00 BTC");
         assert_eq!(format!("{:.2}", Amount::from_sat(1_000_000)), "0.01 BTC");
         assert_eq!(format!("{:.2}", Amount::from_sat(10_000_000)), "0.10 BTC");
         assert_eq!(format!("{:.2}", Amount::from_sat(100_000_000)), "1.00 BTC");
+        assert_eq!(format!("{:.2}", Amount::from_sat(500_000)), "0.01 BTC");
+        assert_eq!(format!("{:.2}", Amount::from_sat(9_500_000)), "0.10 BTC");
+        assert_eq!(format!("{:.2}", Amount::from_sat(99_500_000)), "1.00 BTC");
         assert_eq!(format!("{}", Amount::from_sat(100_000_000)), "1 BTC");
         assert_eq!(format!("{}", Amount::from_sat(40_000_000_000)), "400 BTC");
         assert_eq!(format!("{:.10}", Amount::from_sat(100_000_000)), "1.0000000000 BTC");