Satsuma shareholders have voted to unwind the corporate’s bitcoin treasury and pull its shares off the London Inventory Change.
At a basic assembly on July 20, holders handed two particular resolutions: one to return considerably all of Satsuma’s capital to shareholders, the opposite to cancel the corporate’s itemizing on the FCA’s Official Record.
The capital return decision carried 90.63% assist, with 7,869,182,042 votes in favor in opposition to 813,703,719 opposed. The delisting decision handed with near-identical margins, 90.59% in favor.
The board will now shut out Satsuma’s buying and selling operations and promote the corporate’s remaining bitcoin, roughly 668 BTC.
The inventory had traded as Satsuma Expertise PLC (LSE: SATS), one of many UK’s bitcoin treasury autos, second in measurement solely to The Smarter Internet Firm.
A timetable set out within the June 24 shareholder round governs the wind-down. The document time for entitlement to B Shares falls at 6 p.m. on August 3, the deadline for warrant holders to train their warrants if they need the ensuing strange shares included within the capital return.
As soon as the overall variety of qualifying shares is fastened, Satsuma will petition the UK Excessive Court docket to substantiate the return of capital. A instructions listening to is ready for August 13, with a affirmation listening to to comply with on September 8.
Below that schedule, the itemizing cancellation lands on September 14, and funds and CREST transfers exit by September 28.
Satsuma’s bitcoin struggles
The vote caps a run of bother for a corporation that constructed its id round holding bitcoin on a public steadiness sheet. Satsuma purchased most of its cash at a mean value above $113,000.
With bitcoin buying and selling beneath $68,000 in July, the treasury sat on steep unrealized losses, and Satsuma’s shares fell greater than 99% from their June 2025 peak close to £14 to round 21 pence, a valuation beneath the value of its personal bitcoin holdings.
The corporate had already begun trimming its place beneath liquidity stress. In December 2025, the corporate offered 579 of its 1,199 bitcoin for roughly £40 million, proceeds it used to retire £78 million in convertible mortgage notes that matured on December 31. That sale left the corporate with 620 BTC and about £90 million in money.
By April, Pantera Capital, which held a 6% to 7% stake, was publicly pushing Satsuma’s board to promote its remaining bitcoin and hand the money again to shareholders fairly than persist as a listed treasury firm.
That stress, mixed with a shareholder requisition from holders representing greater than 20% of Satsuma’s issued capital, compelled Wednesday’s vote.
The board itself break up on the result. 4 of six administrators advisable shareholders reject the wind-down, arguing it will dismantle a listed bitcoin automobile and shut off the corporate’s present technique. Two administrators backed the proposal, citing shareholder demand and the execution danger of constant as a going concern.
Satsuma’s exit provides to a wave of misery amongst smaller bitcoin treasury corporations as coin costs sit effectively beneath the degrees at which a lot of them gathered their holdings, leaving boards to decide on between elevating recent capital or returning what stays to shareholders.
