Satsuma Shareholders Approve Bitcoin Liquidation and Delisting Plans

Satsuma Shareholders Approve Bitcoin Liquidation and Delisting Plans

Satsuma Technology shareholders have voted overwhelmingly in favor of selling the company’s Bitcoin holdings and proceeding with a delisting from the London Stock Exchange. Over 90% of the votes cast during a July 20 general meeting supported both the liquidation plan and the cancellation of the London listing.

The approval signals a significant shift from Satsuma’s previous treasury strategy, which was backed by a £163.6 million ($218 million) fundraising round conducted in 2025. The board now looks to implement the capital return and settle the delisting process, anticipated to occur by September 14.

Shareholder Support and Board Division

The capital return proposal was backed by shareholders representing over 20% of Satsuma’s issued share capital. While the majority supported the liquidation, the board was divided on the issue. Four out of six directors recommended against selling the Bitcoin, citing concerns over dismantling a valuable asset. In contrast, the two dissenting directors argued that a capital return would provide investors with a clearer path to realizing value.

Details of the Bitcoin Liquidation

Satsuma disclosed in its June circular that it holds 668 BTC, estimating that the liquidation could leave around £27.7 million to £30.9 million available for shareholders after accounting for transaction costs and retained working capital. The company is initiating a B Share scheme to facilitate the distribution of capital to shareholders, with the record date set for 6 p.m. on August 3. Following this, Satsuma will need to obtain UK High Court approval to finalize the capital return process.

Market Pressures and Strategic Changes

This vote marks a turnaround from Satsuma’s strategic direction just a year ago, when it aimed to build its Bitcoin treasury following an oversubscribed fundraising round. After facing market pressures, including a significant drop in share price – declining more than 99% from its peak – shareholders opted for liquidation rather than continuing as a listed Bitcoin treasury business.

The board’s majority warned that selling off Bitcoin holdings would dismantle one of the few fully listed Bitcoin treasury vehicles in the UK. Nevertheless, the majority of shareholders prioritized returning capital over maintaining the ongoing business.

Next Steps for Satsuma

Satsuma is preparing for a directions hearing scheduled for August 13 and a High Court hearing on September 8 to confirm the capital distribution plan. The company aims to complete the London delisting and initiate capital payments by September 28, although these dates could be affected by the court process. Following the capital return, it is anticipated Satsuma will retain approximately £2 million in working capital, potentially transforming into a cash shell that might pursue a reverse takeover in the future.