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2w ago

Satsuma Shareholders Vote to Sell 668 BTC and Delist From London

The decision forces a sale that will return only a fraction of the £163.6 million raised because convertible note holders are paid before ordinary shareholders and the plan requires UK High Court approval.

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Another bitcoin treasury firm is shutting down. what satsuma’s vote means for investors

Overview

  • The shareholder vote, held on July 20, passed with more than 90% support for resolutions to sell the company’s remaining 668 BTC and cancel its London Stock Exchange listing.
  • Satsuma plans to run the wind-down through a U.K. B Share scheme, seek High Court directions on Aug. 13 and a confirmation hearing on Sept. 8, target delisting on Sept. 14 and aim to make payments and CREST transfers by Sept. 28.
  • The remaining 668 BTC are worth about $43.5–$44.5 million at current prices, and the company will sell them to fund the capital return and cover termination costs.
  • Satsuma raised £163.6 million in August 2025 via convertible notes that included 1,097 BTC; a December 2025 emergency sale of 579 BTC for roughly £40 million was used to repay noteholders who did not convert.
  • After estimated termination costs and the repayment priority of noteholders, Satsuma expects headline recoveries of about £26.8–£30 million, leaving ordinary shareholders to absorb steep losses and making the case a test for other small public bitcoin-treasury vehicles.