A 90% shareholder rebellion just forced this public company to dump its entire Bitcoin treasury at a crushing £39,984 per-coin loss
Satsuma Technology shareholders approved both a capital return and delisting, with about 90.6% backing each proposal, overruling the board’s recommendation. The decision moves the UK-listed Bitcoin treasury company toward selling its Bitcoin and distributing cash to shareholders. The company’s latest disclosed holding was 668.48 BTC as of June 30, valued at £29.44 million, with no June sales reported. The process is still at the preparation stage, and key execution details remain undisclosed, including the sale venue, price, proceeds, and exact timing. An indicative timetable targets a Bitcoin sale around Aug. 3, with record time for entitlement also set for Aug. 3. Cash returned per B share will depend on Bitcoin sale proceeds, cash on hand, and any warrant exercise proceeds, after deducting retained working capital and transaction costs. The return still needs High Court confirmation, with indicative dates for hearings in August and September, effectiveness on Sept. 11, delisting on Sept. 14, and payment by Sept. 28.
