Satsuma Shareholders Force Company to Dump Entire Bitcoin Treasury at Crushing Loss

Shareholders of Satsuma Technology Plc have approved a capital return and delisting proposal, forcing the company to sell its entire Bitcoin treasury at a significant loss. The proposal passed with 90.63% of votes cast in favor, despite the board's recommendation against it. As a result, the company will close trading activities and sell its approximately 668.48 BTC holding, valued at £29.44 million as of June 30.

The sale is expected to take place on or around August 3, with the execution price and net proceeds remaining undisclosed. The return per B share will depend on the Bitcoin sale proceeds, cash balances, and warrant exercise proceeds. The calculation also takes into account retained working capital and estimated transaction costs, which total approximately £4.7 million.

Satsuma's average Bitcoin acquisition cost was £84,026, leaving an unrealized loss of £39,984 per BTC at the time of sale. The company's shares are expected to be cancelled on September 14, with payments due on or before September 28.