A 90% shareholder rebellion just forced this public company to dump its entire Bitcoin treasury at a crushing £39,984 per-coin loss
Shareholders approved liquidation and delisting, but the record time fixes participation, not payment or court approval.
Quick Take
- Satsuma shareholders approved a capital return and delisting despite the board majority’s opposition.
- The Aug. 3 record time decides who receives B shares; payment depends on court approval.
- Satsuma’s 668.48 BTC sale price, execution date and net proceeds remain undisclosed.
Shareholders of Satsuma Technology Plc approved a capital return and delisting with 90.63% and 90.59% of votes cast, respectively, against the majority board's recommendation. The votes put the UK-listed Bitcoin treasury company on a path toward selling its Bitcoin and returning cash to shareholders.
The result converted the conditional proposal CryptoSlate covered on July 16 into an approved process. Satsuma's July 20 announcement says the board authorized immediate preparations to close trading activities and sell the Bitcoin, while the official circular indicatively targets a sale on or around Aug. 3.
The public record remained at the preparation stage through July 30. Satsuma's official London Stock Exchange issuer page still listed the July 20 result as its latest RNS, leaving the execution date, venue, amount, price and net proceeds undisclosed.
Satsuma's latest publicly disclosed holding was 668.48 BTC as of June 30, when it reported no Bitcoin disposals during June. The company valued the holding at £29.44 million using $58,353 per BTC.
Aug. 3 determines who shares in the return
Under the indicative timetable, 6 p.m. UK time on Aug. 3 fixes the number of ordinary shares entitled to receive one B share each. Warrant holders must exercise by that cutoff for the resulting ordinary shares to participate. The record time sets entitlement, with payment and court confirmation scheduled later.
The amount returned per B share depends on the Bitcoin sale proceeds, cash balances and any warrant exercise proceeds. The calculation then deducts about £2 million of retained working capital and estimated transaction and termination costs of about £2.7 million. Warrant exercises increase both available cash and the eligible share count, and the return requires High Court confirmation.
The June 30 figures show why the cash outcome remains uncertain. Satsuma reported 0.80x mNAV, defined as market capitalization divided by the value of its Bitcoin, along with no debt or other material liabilities. Its average Bitcoin acquisition cost was £84,026, leaving an unrealized loss of £39,984 per BTC at that date.
The expected sequence moves to a directions hearing on Aug. 13 and a confirmation hearing on Sept. 8. The return is scheduled to become effective on Sept. 11, listing cancellation is expected at 8 a.m. UK time on Sept. 14, and payments are due on or before Sept. 28. Those dates remain indicative, while the execution price and net proceeds are the central missing inputs for shareholder recovery.
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