Satsuma Technology Plc, a UK-listed Bitcoin treasury company, has been forced to liquidate its entire cryptocurrency holding after an overwhelming shareholder vote. At a general meeting, 90.63% of votes approved a capital return and 90.59% backed the delisting of the company, rejecting the board's recommendation and setting in motion an immediate sale of its Bitcoin.
The public record shows the board authorized preparations to close trading and sell the Bitcoin, targeting a sale date on or around 3 August. The latest disclosed holding was 668.48 BTC as of 30 June, valued at £29.44 million (using $58,353 per BTC). The company's average acquisition cost was £84,026 per BTC, leaving an unrealized loss of £39,984 per coin at that date.
Under the indicative timetable, 6 p.m. UK time on 3 August fixes the number of ordinary shares entitled to receive one B share each. The amount returned per B share will depend on Bitcoin sale proceeds, cash balances, and warrant exercise proceeds, minus approximately £2 million in retained working capital and £2.7 million in transaction and termination costs. A directions hearing is scheduled for 13 August, a confirmation hearing for 8 September, the return becomes effective on 11 September, listing cancellation is expected on 14 September, and final payments are due by 28 September.
The move represents a rare full exit from a Bitcoin treasury strategy, driven entirely by shareholder activism. The decision echoes other recent reversals, such as Nasdaq-listed K Wave Media selling all its Bitcoin and Strategy trimming its holdings, but the Satsuma vote stands out because it forces a complete liquidation and delisting. While the amount sold is modest relative to Bitcoin’s market, the event highlights governance tensions around corporate treasury holdings of the volatile asset.
