Satsuma Returns £30 Million to Shareholders After Selling Entire Bitcoin Reserve

UK-listed company Satsuma Technology has completed the sale of its entire Bitcoin reserve to return £30,718,881 to shareholders. The capital return is fixed at £0.002734 per B share after selling all 669 BTC for £31.9 million in July.

The High Court of Justice approved the cancellation of 11,235,874,700 B shares, authorizing the share-capital reduction behind the return to shareholders. Shareholders had approved the capital return and delisting on July 20, which launched the sequence but did not complete the Bitcoin sale or satisfy the court condition attached to the reduction.

Satsuma sold the 669 BTC between July 24 and July 31 at a net volume-weighted average realized price of £47,667 per BTC. The company calculated the B-share value after allowing for £2.6 million of estimated transaction and termination costs and retaining £2 million as working capital.

Checks are expected to be sent or electronic payments credited by September 28, following the Sept. 8 decision that removed the judicial condition attached to the reduction. The court-approval notice announced that the company would return the fixed amount, but did not say the cash had already reached shareholders.