Bitcoin treasury troubles reach London as company votes to sell its entire BTC stack and delist
Satsuma Technology has passed the proxy deadline on its plan to sell its entire Bitcoin treasury and cancel its London Stock Exchange listing. The next decision point is the July 20 general meeting. Both special resolutions need 75% approval and are linked: if either fails, neither the Bitcoin sale nor delisting proceeds. The company held 668.48 BTC on June 30. A four-director majority recommends rejecting the plan, while two directors support it. Trading was suspended on July 1 because the unresolved vote delayed audited accounts; Satsuma expects accounts by month-end and hopes trading can resume after FCA approval. If approved, the company plans to sell Bitcoin around Aug. 3, distribute net cash through non-tradable B shares around Aug. 4, and later seek court and cancellation approvals. Cash available for distribution would be reduced by £2 million for working capital and costs. If the vote fails, Satsuma keeps its treasury strategy and the suspension remains tied to accounts and regulator approval.
