London-listed Satsuma Technology passed its final proxy deadline today for a shareholder proposal to sell its entire Bitcoin stash and cancel its listing on the London Stock Exchange. The next decision point comes at a general meeting on July 20.
Both resolutions are special – they need at least 75% of votes cast to pass. And they are interdependent: if one fails, both the capital return and the delisting are blocked. The board is split. Four of six directors recommend rejection; two support the plan.
Holders representing more than 20% of issued capital put forward the proposal. The board agreed to table it without a formal requisition. The company suspended trading on July 1 because the unresolved vote prevented directors and auditors from assessing its future in time to publish audited accounts by the June 30 deadline. Satsuma expects to have accounts by month-end and says trading will resume after that, subject to FCA approval.
As of June 30, Satsuma held 668.48 Bitcoin. Its fact pack valued the coins at £29.44 million against total net asset value of £33.23 million. The company reported a 0.80x market-to-NAV ratio, no debt, an average acquisition cost of £84,026 per BTC, and an unrealised loss of £39,984 per coin at that snapshot. Using CryptoSlate’s Bitcoin price of £48,372.69 on July 16, those same coins are worth roughly £32.34 million – still below the company’s total NAV, but not as deep under water.
If both votes pass and remaining approvals are obtained, the indicative timetable calls for selling all Bitcoin on or around August 3. The company would then issue one non-tradable B share per ordinary share, deduct about £2 million for retained working capital and transaction costs, and pay out the net cash to B shareholders. A court confirmation hearing is scheduled for September 8, with cancellation on September 14 and payments by September 28. Every date is conditional.
The choice for shareholders is stark: preserve a listed vehicle that trades at a discount to its coin holdings, or liquidate and take the net proceeds after costs. The July 20 meeting will decide. Trading remains halted until Satsuma files its audited accounts and gets the FCA's green light – a key milestone to watch before the vote.
Satsuma Technology may sell all its Bitcoin and leave London Stock Exchange by July 20
Satsuma Technology is voting on a proposal to sell its entire Bitcoin treasury and delist from the London Stock Exchange, reflecting pressure on Bitcoin treasury companies amid market challenges.