The final proxy deadline has passed for Satsuma Technology's proposal to sell its entire Bitcoin treasury and cancel its London Stock Exchange listing. The July 20 general meeting is now the next decision point, and both special resolutions need at least 75% of votes cast to pass. They're interdependent — failure of either kills both the capital return and the delisting.
Pressure from holders
The proposal came from shareholders representing more than 20% of Satsuma's issued capital. The board agreed to table it without a formal requisition, but it's far from a united front. A four-director majority of the six-member board recommends rejection. Two directors back the resolutions.
Trading suspended since July 1
Satsuma's shares have been frozen since 7:30 a.m. on July 1, when the unresolved vote prevented directors and auditors from assessing the company's future in time to publish audited accounts by June 30. The company expects to have accounts by month-end and hopes to resume trading shortly after, subject to FCA approval. That timeline assumes the vote doesn't force a different path.
The numbers behind the treasury
Satsuma held 668.48 BTC as of June 30. Its fact pack valued that hoard at £29.44 million against total NAV of £33.23 million, with a 0.80x mNAV. The company carries no debt. The average acquisition cost per Bitcoin was £84,026, meaning each coin currently sits on an unrealized loss of £39,984.
Two paths forward
If both votes pass, the indicative timetable calls for selling all Bitcoin on or around Aug. 3, issuing one non-tradable B share per ordinary share around Aug. 4, a court confirmation hearing on Sept. 8, cancellation on Sept. 14, and payments by Sept. 28. Cash after the sale would be reduced by £2 million for retained working capital and transaction and termination costs.
If either vote fails, the proposal triggers neither a Bitcoin sale nor a listing cancellation. Satsuma would continue its treasury strategy, and the trading suspension would remain in place until accounts are published and the FCA agrees to lift it.
Separately, an update on July 3 showed how former holders of the company's CLN1 and CLN2 convertible-loan tranches would see different recoveries relative to their original investments under various scenarios.
All eyes now on July 20.
