Satsuma Sells Bitcoin Treasury at Crushing Loss After Shareholder Rebellion

UK-listed Satsuma Technology Plc has been forced to sell its entire Bitcoin treasury after shareholders overwhelmingly approved a capital return and delisting. The decision, made at a record time on Aug. 3, will result in a £39,984 per-coin loss for the company. Shareholders voted with 90.63% approval for the capital return and 90.59% for delisting, both against the majority board's recommendation.

The sale of 668.48 BTC at an undisclosed price is expected to be completed soon, but Satsuma has not disclosed any details about the execution date, venue, amount, or net proceeds. The company will also return cash to shareholders, with the amount per B share dependent on the Bitcoin sale proceeds, cash balances, and warrant exercise proceeds.

The process was made possible by a conditional proposal approved by shareholders in July, which allowed for the capital return and delisting. Satsuma's board had opposed this move, but ultimately, it was unable to stop the decision from being implemented. The company's listing will be canceled on Sept. 14, with payments due to shareholders on or before Sept. 28.

The UK-listed Bitcoin treasury company reported an unrealized loss of £39,984 per BTC as of June 30, when it valued its holding at £29.44 million using a $58,353 price for BTC. The expected sequence of events includes a directions hearing on Aug. 13 and a confirmation hearing on Sept. 8.