Satsuma Technology shareholders have voted decisively to wind down the company’s listed Bitcoin treasury strategy: more than 90% backed a plan to sell the firm’s Bitcoin holdings, return most capital to investors and cancel its London listing.
Key vote results and immediate steps
- At a July 20 general meeting, 90.63% of votes cast supported the capital return and 90.59% supported delisting. The board has authorised preparations to halt trading and sell the Bitcoin treasury.
- The capital return will be handled via a B Share distribution. Record time for entitlement is 6 p.m. on Aug. 3. Satsuma must secure UK High Court approval before completing the return.
What shareholders approved
- Satsuma’s June circular listed 668 BTC. The company estimated a sale could leave roughly £27.7m–£30.9m available for distribution under two warrant scenarios, after transaction costs and retaining about £2m for working capital. The final figure will depend on the Bitcoin sale price, costs and warrant exercises.
- After the capital return and costs, the company expects to retain about £2m and could be left as a cash shell that might pursue a reverse takeover in future, though none has been announced.
Board split and shareholder pressure
- The liquidation proposal was put forward by shareholders holding more than 20% of Satsuma’s issued share capital, who asked the company to return substantially all available capital rather than remain a listed Bitcoin treasury.
- The board was divided: four of six directors recommended voting against, warning the plan “destroys an asset that took time and cost to build.” Two directors backed the return, arguing it gave investors a clearer route to realise value. Shareholders sided with the latter view.
Background — rapid U-turn from expansion to liquidation
- Less than a year ago Satsuma raised £163.6m (about $218m) in an oversubscribed convertible note round featuring big crypto names including Pantera Capital, Digital Currency Group and Kraken. Investors contributed 1,097 BTC directly to that fundraising instead of cash.
- The company positioned itself as a UK-listed digital-asset business building a Bitcoin treasury, but market pressures intervened. In Dec. 2025 Satsuma sold 579 of 1,199 BTC for net proceeds of about £40m to repay convertible noteholders who didn’t convert, leaving roughly 620 BTC. By June 2026 announced holdings stood at 668 BTC.
- Meanwhile Satsuma’s share price plunged — falling more than 99% from its June 2025 peak — trading below the value of its underlying Bitcoin assets. That gap prompted some investors (including Pantera) to request a full capital return by selling the remaining Bitcoin and distributing proceeds.
Next steps and timetable (subject to court approval)
- Directions hearing expected Aug. 13; High Court hearing to confirm the capital return scheduled for Sept. 8.
- If approved, Satsuma expects to cancel its London listing on Sept. 14 and to send payments and complete CREST transfers by Sept. 28, though timings may shift with the court process.
Wider significance
- Satsuma’s reversal — from a £163.6m fundraising to liquidation within a year — highlights the stress on publicly listed Bitcoin treasury companies amid weaker Bitcoin prices, falling share premiums and tighter financing. Strive CIO Ben Werkman warned that prolonged Bitcoin weakness could push some treasury firms toward restructuring or consolidation.
In short: shareholders have chosen cash over continuing to operate one of the few UK-listed Bitcoin treasuries. The sale and capital return are now on course for September, pending High Court sign-off.
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