Satsuma Technology PLC shareholders voted overwhelmingly on Wednesday to liquidate the company's bitcoin treasury and delist from the London Stock Exchange. Two special resolutions — one to return substantially all capital to shareholders, the other to cancel the listing on the FCA's Official List — each passed with more than 90% support. The move marks the end of a two-year experiment for the second-largest UK bitcoin treasury vehicle.
The vote and the numbers
The capital return resolution received 90.63% support, with 7,869,182,042 votes in favor and 813,703,702 against. The delisting resolution passed with 90.59% support. The vote was forced by a shareholder requisition from holders representing more than 20% of Satsuma's issued capital. Pantera Capital, which held a 6% to 7% stake, had publicly pushed the board to sell the remaining bitcoin and return cash to shareholders.
A board divided
The board was split on the wind-down. Four of six directors recommended against it; two supported it. But the shareholder vote overrode the board's recommendation. Satsuma will now sell its remaining approximately 668 BTC. The company bought most of its bitcoin at an average price above $113,000. With bitcoin trading below $68,000 in July, the holdings carried steep unrealized losses.
The timeline for the wind-down
The process has a clear schedule. The B Share entitlement record date and warrant exercise deadline is August 3 at 6 p.m. A directions hearing is set for August 13, followed by a confirmation hearing on September 8. The listing cancellation is scheduled for September 14, with payments and CREST transfers to be completed by September 28.
A broader trend
Satsuma's liquidation is part of a wave of distress among smaller bitcoin treasury companies. Bitcoin prices are well below the levels at which many of these firms accumulated their holdings. Satsuma's shares fell more than 99% from their June 2025 peak near £14 to around 21 pence. In December 2025, the company sold 579 of its 1,199 bitcoin for roughly £40 million to retire £78 million in convertible loan notes due December 31.
The next concrete step is the August 3 deadline for B Share entitlements and warrant exercises. After that, the courts will need to approve the scheme. Shareholders who voted for the wind-down will be watching the bitcoin price — and the speed of the sale.
