Satsuma shareholders voted on July 20 to liquidate the company's bitcoin treasury and cancel its listing on the London Stock Exchange. The decision followed steep unrealized losses on bitcoin purchased above $113,000 per coin and a 99% share price collapse from a June 2025 peak near £14 to around 21 pence. Pressure from Pantera Capital, which held a 6-7% stake, and a shareholder requisition representing over 20% of issued capital forced the vote after the company's shares fell below the value of its own bitcoin holdings.
Shareholders Approve Capital Return and Delisting Resolutions
At the July 20 general meeting, holders passed two special resolutions. The capital return resolution carried 90.63% support, with 7,869,182,042 votes in favor against 813,703,719 opposed. The delisting resolution passed with 90.59% in favor. The board will now close out Satsuma's trading operations and sell the company's remaining bitcoin, roughly 668 BTC. The stock had traded as Satsuma Technology PLC (LSE: SATS), one of the UK's bitcoin treasury vehicles, second in size only to The Smarter Web Company.
Court Confirmation and Payment Timeline Through September 28
A timetable set out in the June 24 shareholder circular governs the wind-down. The record time for entitlement to B Shares falls at 6 p.m. on August 3, the deadline for warrant holders to exercise their warrants if they want the resulting ordinary shares included in the capital return. Once the total number of qualifying shares is fixed, Satsuma will petition the UK High Court to confirm the return of capital. A directions hearing is set for August 13, with a confirmation hearing to follow on September 8. Under that schedule, the listing cancellation lands on September 14, and payments and CREST transfers go out by September 28.
Satsuma Accumulated Bitcoin Above $113,000 and Sold 579 BTC in December 2025
Satsuma bought most of its coins at an average price above $113,000. With bitcoin trading below $68,000 in July, the treasury sat on steep unrealized losses. The company's shares fell more than 99% from their June 2025 peak near £14 to around 21 pence, a valuation below the worth of its own bitcoin holdings. In December 2025, the company sold 579 of its 1,199 bitcoin for roughly £40 million, proceeds it used to retire £78 million in convertible loan notes that matured on December 31. That sale left the company with 620 BTC and about £90 million in cash. By April, Pantera Capital was publicly pushing Satsuma's board to sell its remaining bitcoin and hand the cash back to shareholders rather than persist as a listed treasury company.
Board Split 4-2 on Wind-Down Recommendation
The board itself split on the outcome. Four of six directors recommended shareholders reject the wind-down, arguing it would dismantle a listed bitcoin vehicle and close off the company's existing strategy. Two directors backed the proposal, citing shareholder demand and the execution risk of continuing as a going concern.
FAQ
What did Satsuma shareholders vote on July 20?
Shareholders voted to return substantially all of Satsuma's capital to shareholders and cancel the company's listing on the FCA's Official List. The capital return resolution passed with 90.63% support, and the delisting resolution passed with 90.59% in favor.
When will Satsuma complete the delisting and payments?
The listing cancellation lands on September 14, and payments and CREST transfers go out by September 28. A UK High Court directions hearing is set for August 13, with a confirmation hearing on September 8.
Why did Satsuma shareholders approve the liquidation?
Satsuma purchased bitcoin at an average price above $113,000, and with bitcoin trading below $68,000 in July, the treasury sat on steep unrealized losses. The company's shares fell more than 99% from their June 2025 peak, and pressure from Pantera Capital and a shareholder requisition representing over 20% of issued capital forced the vote.
