Two publicly traded companies at opposite ends of the corporate Bitcoin adoption spectrum are making decisive moves this week, spotlighting the deepening divide in how firms approach their digital asset treasuries.
Satsuma Technology, listed on the London Stock Exchange, has passed its final proxy deadline for a proposal that could see it sell every single bitcoin in its portfolio and cancel its listing. The company held 668.48 BTC as of June 30, valued at £29.44 million against a total net asset value of £33.23 million. The upcoming July 20 general meeting will decide whether to approve both interdependent special resolutions, each requiring at least 75% of votes cast. If either fails, the entire capital return and delisting are blocked.
The initiative came from shareholders representing over 20% of issued capital, but the six-member board is split: a majority of four recommend rejection, while two directors support it. Trading in Satsuma shares has been suspended since July 1 because the unresolved vote prevented the publication of audited accounts by the June 30 deadline. The company expects to release those accounts by month-end and resume trading subject to Financial Conduct Authority approval.
If the resolutions pass, the indicative timetable foresees a bulk bitcoin sale around August 3, issuance of non-tradable B shares on August 4, a court confirmation hearing on September 8, delisting cancellation on September 14, and cash payments by September 28. After deducting £2 million for retained working capital and transaction costs, net cash would be distributed pro rata. Using CryptoSlate’s bitcoin price on July 16 of £48,372.69, the 668.48 BTC would be worth about £32.34 million—a stark reflection of the discount at which the listed vehicle trades relative to its underlying assets. Satsuma’s mNAV ratio was just 0.80x in its June 30 fact pack.
The company also highlighted the sharply different recoveries that its convertible loan note holders would receive under various scenarios, with former CLN1 holders potentially getting between £113.9 and £143.0 per £100 invested, while CLN2 holders might see only £22.4–£25.5 in a $59,923 bitcoin price illustration.
In stark contrast, Bitcoin Japan (formerly Horita Marusho) has secured plans to raise approximately 9.66 billion yen ($59.5 million), with 662 million yen ($4.08 million) earmarked for its first-ever bitcoin treasury allocation since rebranding in 2024 as a digital asset and AI infrastructure company. The Tokyo Stock Exchange-listed firm will issue 1.5 billion yen in unsecured convertible bonds with stock acquisition rights, alongside a second series of rights, to Cayman Islands-based EVO FUND. If fully exercised, net proceeds would hit 9.657 billion yen, but the structure could dilute existing shares by up to 110% on a voting rights basis.
Only about 7% of the total financing is allocated to bitcoin purchases, with the bulk directed toward private equity (3.756 billion yen), rare earth mining in South Africa (3.503 billion yen), and a Robot-as-a-Service business (1.446 billion yen). Bitcoin Japan has yet to acquire any bitcoin, and a previous 5.715 billion yen fundraising in late 2025 fell short, leaving no funds for the treasury strategy due to weak share performance. The company has now obtained an independent committee’s opinion that the new financing is necessary and reasonable, despite reporting an operating loss for the eighth consecutive year.
These two events illustrate the bifurcation in corporate bitcoin strategies: while some firms see their holdings as an undervalued treasure to be unlocked through liquidation, others double down on bitcoin as a long-term hedge. The outcome of Satsuma’s vote on July 20 will be closely watched, as it may set a precedent for other publicly traded bitcoin treasuries trading at persistent discounts to their net asset value.
