Satsuma shareholders approve Bitcoin sale and London delisting

Satsuma Technology shareholders have approved plans to sell the company’s Bitcoin holdings, return most of its capital to investors and cancel its London listing. 

The vote ends a treasury strategy that began less than a year ago with a large institutional fundraising round.

At a July 20 general meeting, 90.63% of votes cast supported the return of capital, while 90.59% backed the listing cancellation. Satsuma said its board had authorized immediate preparations to close trading activities and sell its Bitcoin.

Shareholders back liquidation despite a divided board

The proposal came from shareholders representing more than 20% of Satsuma’s issued share capital. They asked the company to return substantially all available capital rather than continue as a listed Bitcoin treasury business.

The board remained divided. Four of six directors recommended voting against the plan, while two supported it. The majority directors wrote that the proposal “destroys an asset that took time and cost to build.” The dissenting directors argued that returning capital would give investors a clearer route to realize value.

Satsuma’s June circular listed 668 BTC and estimated that a sale could leave roughly £27.7 million to £30.9 million available for shareholders under two warrant scenarios, after transaction costs and £2 million of retained working capital. The final amount will depend on the Bitcoin sale price, costs and warrant exercises.

The company plans to use a B Share scheme to distribute capital. The record time for investors entitled to receive B Shares is 6 p.m. on Aug. 3. Satsuma must then seek UK High Court approval before completing the return.

Satsuma reverses its Bitcoin treasury strategy

The vote marks a sharp change from Satsuma’s position in 2025. As crypto.news previously reported, the company raised £163.6 million, or about $218 million, in an oversubscribed convertible note round. Pantera Capital, Digital Currency Group, Kraken and other investors participated.

Investors contributed 1,097 BTC directly into that fundraising instead of cash. At the time, Satsuma presented the transaction as a major step in building its Bitcoin treasury and expanding its position as a UK-listed digital asset company.

The strategy faced pressure later in the year. In December 2025, Satsuma sold 579 of its 1,199 BTC for net proceeds of about £40 million. The company said it needed the cash to repay convertible noteholders who had not committed to convert their debt into shares. The transaction left Satsuma with 620 BTC at the time.

Satsuma later increased its holdings again, reaching 668 BTC in its June 2026 circular. However, its share price fell much faster than Bitcoin, leaving the company trading below the value of its underlying assets before shareholders approved the capital return.

Pantera-backed pressure led to shareholder vote

By April, some shareholders had begun pushing for a full capital return. Pantera Capital was among investors calling on Satsuma to sell its remaining Bitcoin and distribute the proceeds.

The request came after Satsuma’s shares had fallen more than 99% from their June 2025 peak. At that stage, the company’s Bitcoin holdings were worth more than its market value, creating a wide gap between its balance-sheet assets and share price.

Satsuma later published a circular presenting both sides. The majority of the board said liquidation would dismantle one of the few fully listed UK Bitcoin treasury vehicles. The two directors supporting the proposal said a cash return could allow shareholders to recover value closer to the company’s underlying assets.

Shareholders settled that dispute in favor of liquidation. The result comes as other Bitcoin treasury companies face pressure from lower Bitcoin prices, weaker share premiums and tighter financing conditions. Strive Chief Investment Officer Ben Werkman said prolonged Bitcoin weakness could push some treasury companies toward restructuring or consolidation.

London delisting is scheduled for September

Satsuma’s next steps remain subject to court approval. The company expects a directions hearing on Aug. 13 and a High Court hearing to confirm the capital return on Sept. 8.

Under the current timetable, Satsuma expects to cancel its London listing on Sept. 14. The company plans to send payments and complete CREST transfers by Sept. 28, although the schedule could change as the court process moves forward.

After the capital return, Satsuma expects to retain about £2 million in working capital after closing operations and paying transaction and termination costs. The June circular said the remaining company could become a cash shell and potentially pursue a reverse takeover later, although Satsuma has not announced such a transaction.

Less than a year after raising $218 million to build its Bitcoin holdings, Satsuma shareholders have chosen to sell the remaining treasury and return most of the proceeds rather than continue the listed Bitcoin strategy. The vote marks a direct reversal from the company’s 2025 expansion and puts its planned capital return on course for completion in September, subject to court approval.