Satsuma shareholders have voted to unwind the company’s bitcoin treasury and remove its shares from the London market, clearing the way for the company to sell its remaining holdings and return capital to investors.
At a general meeting on July 20, shareholders passed two special resolutions. One approved the return of substantially all of Satsuma’s capital to shareholders. The other approved the cancellation of the company’s listing on the UK Financial Conduct Authority’s Official List. The capital return resolution won 90.63% support, with 7,869,182,042 votes in favor and 813,703,719 against. The delisting resolution passed with 90.59% support.
Wind-down process and sale of remaining BTC
Following the vote, Satsuma’s board is set to close the company’s trading operations and sell its remaining bitcoin, about 668 BTC. The company traded as Satsuma Technology PLC (LSE: SATS) and was one of the UK’s listed bitcoin treasury vehicles, second in size only to The Smarter Web Company.
The wind-down will follow the timetable laid out in the June 24 shareholder circular. The record time for entitlement to B Shares is 6 p.m. on August 3. That is also the deadline for warrant holders who want any resulting ordinary shares included in the capital return.
Once the number of qualifying shares is fixed, Satsuma will apply to the UK High Court for confirmation of the capital return. A directions hearing is scheduled for August 13, followed by a confirmation hearing on September 8. Under that schedule, the listing cancellation is due to take effect on September 14, and payments and CREST transfers are expected by September 28.
Bitcoin losses and prior asset sales
The vote closes a difficult chapter for a company that had built its identity around holding bitcoin on a public balance sheet. Satsuma bought most of its bitcoin at an average price above $113,000. With bitcoin trading below $68,000 in July, the treasury was sitting on heavy unrealized losses. Its shares had fallen more than 99% from a June 2025 peak near £14 to about 21 pence, leaving the company valued below the worth of its bitcoin holdings.
The company had already begun reducing its position under liquidity pressure. In December 2025, it sold 579 of its 1,199 bitcoin for about £40 million. The proceeds were used to retire £78 million in convertible loan notes that matured on December 31. After that sale, the company was left with 620 BTC and about £90 million in cash.
Shareholder pressure and board split
By April, Pantera Capital, which held a 6% to 7% stake, had publicly urged Satsuma’s board to sell the rest of its bitcoin and return the cash to shareholders instead of continuing as a listed treasury company. That pressure, together with a shareholder requisition from holders representing more than 20% of Satsuma’s issued capital, pushed the company into Wednesday’s vote.
The board was divided. Four of the six directors recommended that shareholders reject the wind-down, saying it would dismantle a listed bitcoin vehicle and end the company’s existing strategy. Two directors supported the proposal, citing shareholder demand and the execution risk tied to continuing as a going concern.
Satsuma’s exit adds to the strain facing smaller bitcoin treasury companies as bitcoin trades well below the levels where many of them built their holdings. That has left boards weighing whether to raise fresh capital or return what remains to shareholders.
According to Bitcoin Magazine, the article was written by Micah Zimmerman.