Crypto
UK Satsuma Tech Sells All Bitcoin Holdings, Returns £30.7M to Shareholders
UK-based Satsuma Technology PLC has offloaded its entire Bitcoin treasury holdings after court approval of a £30.7 million shareholder payout.
The company, listed on the London Stock Exchange under the ticker SATS, disposed of 669.4867 BTC in late July at an average price of £47,667 per coin, generating proceeds of £31,912,395.
The sale was part of a winding-down proposal supported by over 90% of shareholders, who voted to sell the remaining Bitcoin holdings and cancel the company's listing.
Four out of six directors opposed the plan, arguing that Satsuma should remain a publicly traded Bitcoin treasury vehicle. However, the majority of shareholders sided with the two dissenting directors, who backed the return of capital.