Satsuma Expertise shareholders have authorized plans to promote the corporate’s Bitcoin holdings, return most of its capital to buyers and cancel its London itemizing.
Abstract
- Satsuma shareholders backed Bitcoin liquidation and delisting with greater than 90% assist in each votes.
- The choice reverses a treasury technique launched after a $218 million fundraising spherical final yr.
- Satsuma plans court docket approval, capital distributions and a London delisting at present scheduled for September 14.
The vote ends a treasury technique that started lower than a yr in the past with a big institutional fundraising spherical.
At a July 20 normal assembly, 90.63% of votes solid supported the return of capital, whereas 90.59% backed the itemizing cancellation. Satsuma stated its board had licensed rapid preparations to shut buying and selling actions and promote its Bitcoin.
Shareholders again liquidation regardless of a divided board
The proposal got here from shareholders representing greater than 20% of Satsuma’s issued share capital. They requested the corporate to return considerably all accessible capital slightly than proceed as a listed Bitcoin treasury enterprise.
The board remained divided. 4 of six administrators really useful voting towards the plan, whereas two supported it. The bulk administrators wrote that the proposal “destroys an asset that took time and value to construct.” The dissenting administrators argued that returning capital would give buyers a clearer route to appreciate worth.
Satsuma’s June round listed 668 BTC and estimated {that a} sale may go away roughly £27.7 million to £30.9 million accessible for shareholders below two warrant situations, after transaction prices and £2 million of retained working capital. The ultimate quantity will rely upon the Bitcoin sale worth, prices and warrant workouts.
The corporate plans to make use of a B Share scheme to distribute capital. The report time for buyers entitled to obtain B Shares is 6 p.m. on Aug. 3. Satsuma should then search UK Excessive Courtroom approval earlier than finishing the return.
Satsuma reverses its Bitcoin treasury technique
The vote marks a pointy change from Satsuma’s place in 2025. As crypto.information beforehand reported, the corporate raised £163.6 million, or about $218 million, in an oversubscribed convertible be aware spherical. Pantera Capital, Digital Forex Group, Kraken and different buyers participated.
Traders contributed 1,097 BTC instantly into that fundraising as an alternative of money. On the time, Satsuma introduced the transaction as a significant step in constructing its Bitcoin treasury and increasing its place as a UK-listed digital asset firm.
The technique confronted stress later within the yr. In December 2025, Satsuma offered 579 of its 1,199 BTC for internet proceeds of about £40 million. The corporate stated it wanted the money to repay convertible noteholders who had not dedicated to transform their debt into shares. The transaction left Satsuma with 620 BTC on the time.
Satsuma later elevated its holdings once more, reaching 668 BTC in its June 2026 round. Nonetheless, its share worth fell a lot quicker than Bitcoin, leaving the corporate buying and selling under the worth of its underlying property earlier than shareholders authorized the capital return.
Pantera-backed stress led to shareholder vote
By April, some shareholders had begun pushing for a full capital return. Pantera Capital was amongst buyers calling on Satsuma to promote its remaining Bitcoin and distribute the proceeds.
The request got here after Satsuma’s shares had fallen greater than 99% from their June 2025 peak. At that stage, the corporate’s Bitcoin holdings had been value greater than its market worth, creating a large hole between its balance-sheet property and share worth.
Satsuma later printed a round presenting either side. The vast majority of the board stated liquidation would dismantle one of many few absolutely listed UK Bitcoin treasury autos. The 2 administrators supporting the proposal stated a money return may permit shareholders to get better worth nearer to the corporate’s underlying property.
Shareholders settled that dispute in favor of liquidation. The outcome comes as different Bitcoin treasury firms face stress from decrease Bitcoin costs, weaker share premiums and tighter financing situations. Try Chief Funding Officer Ben Werkman stated extended Bitcoin weak point may push some treasury firms towards restructuring or consolidation.
London delisting is scheduled for September
Satsuma’s subsequent steps stay topic to court docket approval. The corporate expects a instructions listening to on Aug. 13 and a Excessive Courtroom listening to to substantiate the capital return on Sept. 8.
Below the present timetable, Satsuma expects to cancel its London itemizing on Sept. 14. The corporate plans to ship funds and full CREST transfers by Sept. 28, though the schedule may change because the court docket course of strikes ahead.
After the capital return, Satsuma expects to retain about £2 million in working capital after closing operations and paying transaction and termination prices. The June round stated the remaining firm may turn into a money shell and probably pursue a reverse takeover later, though Satsuma has not introduced such a transaction.
Lower than a yr after elevating $218 million to construct its Bitcoin holdings, Satsuma shareholders have chosen to promote the remaining treasury and return a lot of the proceeds slightly than proceed the listed Bitcoin technique. The vote marks a direct reversal from the corporate’s 2025 enlargement and places its deliberate capital return on target for completion in September, topic to court docket approval.
