Satsuma Shareholders Approve Bitcoin Liquidation, London Delisting
Bitcoin Magazine Satsuma Shareholders Approve Bitcoin Liquidation, London Delisting Satsuma shareholders voted to sell the company's bitcoin, return the cash to investors, and delist from the London Stock Exchange, ending its run as a bitcoin treasury company after heavy losses.
Bitcoin Magazine Satsuma Shareholders Approve Bitcoin Liquidation, London Delisting Satsuma shareholders have voted to unwind the company’s bitcoin treasury and pull its shares off the London Stock Exchange. At a general meeting on July 20, holders passed two special resolutions: one to return substantially all of Satsuma’s capital to shareholders, the other to cancel the company’s listing on the FCA’s Official List. The capital return resolution carried 90.
63% support, with 7,869,182,042 votes in favor against 813,703,719 opposed. The delisting resolution passed with near-identical margins, 90.59% in favor.
The board will now close out Satsuma’s trading operations and sell the company’s remaining bitcoin, roughly 668 BTC. The stock had traded as Satsuma Technology PLC (LSE: SATS), one of the UK’s bitcoin treasury vehicles, second in size only to The Smarter Web Company. A timetable set out in the June 24 shareholder circular governs the wind-down.
The record time for entitlement to B Shares falls at 6 p.m. on August 3, the deadline for warrant holders to exercise their warrants if they want the resulting ordinary shares included in the capital return.
Once the total number of qualifying shares is fixed, Satsuma will petition the UK High Court to confirm the return of capital. A directions hearing is set for August 13, with a confirmation hearing to follow on September 8. Under that schedule, the listing cancellation lands on September 14, and payments and CREST transfers go out by September 28.
Satsuma’s bitcoin struggles The vote caps a run of trouble for a company that built its identity around holding bitcoin on a public balance sheet. Satsuma bought most of its coins at an average price above $113,000. With bitcoin trading below $68,000 in July, the treasury sat on steep unrealized losses, and Satsuma’s shares fell more than 99% from their June 2025 peak near £14 to around 21 pence, a valuation below the worth of its own bitcoin holdings.
The company had alread
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