Shareholders of Satsuma Technology Plc have voted overwhelmingly to force the company to sell its entire Bitcoin hoard and delist from the London Stock Exchange, overriding the board's recommendation. The vote, which saw 90.63% in favor of a capital return and 90.59% in favor of delisting, effectively ends Satsuma's experiment as a publicly traded Bitcoin treasury vehicle.
The vote that overturned the board
The board had urged shareholders to reject both resolutions, arguing that selling Bitcoin at current prices would lock in heavy losses. But investors weren't buying it. Satsuma's market cap has traded at a persistent discount to the value of its Bitcoin holdings — the so-called net asset value (NAV) discount. As of June 30, the company's market cap to Bitcoin value ratio stood at 0.80x, meaning the market valued the company at 20% less than its Bitcoin stash.
With no debt and no other material liabilities, shareholders decided they'd rather have the cash. The board authorized preparations to close trading activities and sell the Bitcoin on July 20, just days after the vote.
The Bitcoin position and the loss
Satsuma's latest publicly disclosed holding was 668.48 BTC as of June 30. The company valued that at £29.44 million, using a Bitcoin price of $58,353 per coin. But Satsuma didn't buy at those levels. Its average acquisition cost was £84,026 per BTC — meaning the company is sitting on an unrealized loss of roughly £39,984 per coin. That's a paper loss of about £26.7 million on the whole position.
The timing isn't great. Bitcoin has been under pressure this year, and Satsuma's forced sale could add to selling pressure, though 668 BTC is a relatively modest amount in the grand scheme of daily volumes.
What happens next: sale and capital return
The indicative target date for the Bitcoin sale is on or around August 3, 2026. That's also the deadline for warrant holders to exercise their warrants if they want to participate in the capital return. After the sale, the company will hold cash plus about £2 million in retained working capital, minus roughly £2.7 million in transaction and termination costs.
The capital return process has a clear timeline: a directions hearing on August 13, a confirmation hearing on September 8, and payment on or before September 28. The exact amount per B share will depend on the Bitcoin sale proceeds, cash balances, and warrant exercise proceeds, minus those costs.
Satsuma isn't the first Bitcoin treasury company to sell under shareholder pressure. Other firms have done so after debt covenants or Nasdaq listing requirements forced their hand. But Satsuma had no debt — this was purely a vote of no confidence in the board's strategy. The question now is whether the sale will actually close near the target date, and at what price.
