Satsuma forced to sell 668 Bitcoin at £39,984 loss after shareholder revolt

Satsuma Technology Plc shareholders voted 90.63% to liquidate the company's entire 668.48 Bitcoin treasury and delist from the London Stock Exchange, forcing a sale at an average loss of £39,984 per coin.

"The board recommended against the proposal, but 90% of votes cast supported the capital return and delisting," Satsuma said in a July 20 regulatory filing, adding that preparations to sell the Bitcoin and close trading activities have begun.

The UK-listed Bitcoin treasury company reported 668.48 BTC as of June 30, valued at £29.44 million using $58,353 per BTC. Its average acquisition cost of £84,026 per coin left an unrealized loss of £39,984 at that date. The company carried no debt or other material liabilities and traded at 0.80x mNAV, defined as market capitalization divided by the value of its Bitcoin holdings.

Under the indicative timetable, 6 p.m. UK time on Aug. 3 fixes which ordinary shares receive B shares tied to the capital return. The sale proceeds, after deducting about £2 million in retained working capital and an estimated £2.7 million in transaction and termination costs, will be distributed to shareholders. A directions hearing is set for Aug. 13, with a confirmation hearing on Sept. 8 and payments due on or before Sept. 28.

The shareholder rebellion marks one of the most decisive corporate rejections of a Bitcoin treasury strategy in a public market. Satsuma's board majority had opposed both resolutions, but 90.63% of votes cast supported the capital return and 90.59% backed delisting, according to the company's announcement on the London Stock Exchange's regulatory news service.

The execution price and net proceeds from the Bitcoin sale have not been disclosed. Satsuma's official issuer page on the LSE still listed the July 20 result as its latest filing as of July 30, with no update on the sale venue, amount, or price.

The liquidation adds to a growing pattern of Bitcoin treasury companies reversing course under shareholder pressure. Earlier in July, a US-based Bitcoin treasury company sold its entire stack after debt and Nasdaq listing requirements closed in, while another UK-listed firm faced similar pressure from investors questioning the strategy's viability. Bitcoin traded at $64,846 as of July 30, down 48.6% from its all-time high of $126,198 set in October 2025, according to CoinGecko data.

Warrant holders must exercise by the Aug. 3 record time for the resulting ordinary shares to participate in the capital return. The amount returned per B share depends on the Bitcoin sale proceeds, cash balances and any warrant exercise proceeds, with the calculation subject to High Court confirmation. Listing cancellation is expected at 8 a.m. UK time on Sept. 14.

This article is for informational purposes only and does not constitute investment advice.