Bitcoin treasury troubles reach London as company votes to sell its entire BTC stack and delist
Satsuma Technology passed its final proxy deadline today for its proposal to sell its entire Bitcoin treasury and cancel its London Stock Exchange listing,
This leaves the upcoming July 20 general meeting as the next decision point.
Approval of both resolutions would start a process to sell all its Bitcoin, return net cash and cancel its London Stock Exchange listing. The company held 668.48 BTC as of June 30.
Both special resolutions require at least 75% of the votes cast and are interdependent, meaning that failure of either would block both the capital return and the delisting. The cutoff applied to paper, online and CREST proxy instructions; eligible shareholders may still attend and vote in person at the July 20 meeting.
The proposal came from holders representing more than 20% of Satsuma’s issued capital, which the board agreed to table without a formal requisition. A four-director majority of the six-member board recommends rejection, while two directors support the resolutions.
Trading was suspended at 7:30 a.m. on July 1 because the unresolved vote prevented Satsuma’s directors and auditors from assessing its future in time to publish audited accounts by June 30. The company expects to have accounts by month-end and said it expects trading to resume afterward, subject to FCA approval.
Satsuma’s June 30 fact pack valued its 668.48 BTC at £29.44 million against total NAV of £33.23 million. It reported 0.80x mNAV, no debt or other material liabilities, an average acquisition cost of £84,026 per BTC and an unrealized loss of £39,984 per coin at that snapshot.
Applying CryptoSlate’s £48,372.69 Bitcoin price on July 16 to the June 30 balance produces a gross value of about £32.34 million. That is not a distribution estimate, but it captures the choice: preserve a listed vehicle trading below its coins or seek their value after costs.
If both votes pass and the remaining approvals are obtained, the company’s indicative timetable calls for selling all Bitcoin on or around Aug. 3 and issuing one non-tradable B share for each ordinary share around Aug. 4.
Cash after the sale would be reduced by £2 million for retained working capital and transaction and termination costs, and then divided among the B shares. A court confirmation hearing is expected on Sept. 8, with cancellation on Sept. 14 and payments by Sept. 28. Each date remains conditional.
If either vote fails, this proposal triggers neither a Bitcoin sale nor listing cancellation. Satsuma says it would continue its treasury strategy, while the trading suspension would remain subject to the publication of accounts and FCA agreement.
One price, very different recoveries
Satsuma’s July 3 update separated former holders of its CLN1 and CLN2 convertible-loan tranches because the proposed pro rata distribution would produce sharply different recoveries relative to their original investments. Using a $59,923 Bitcoin scenario, it illustrated these returns per £100:
| Scenario | Former CLN1 holders | Former CLN2 holders |
|---|---|---|
| No CLN1 warrant exercise, no surplus cash | £113.9 | £22.8 |
| Full CLN1 warrant exercise, no surplus cash | £121.9 | £22.4 |
| No CLN1 warrant exercise, about £3m surplus cash | £127.3 | £25.5 |
| Full CLN1 warrant exercise, about £3m surplus cash | £143.0 | £24.8 |
The figures are illustrations, not forecasts. They deduct estimated transaction costs and £2 million of working capital, assume the original CLN holders still own their shares, and present the CLN1 warrant cases net of about £3.2 million in exercise proceeds.
As of June 29, CryptoSlate’s treasury-company analysis put Metaplanet at about 0.9x mNAV, and it had halted new common issuance below 1.0x. Satsuma’s vote takes the same discount pressure further: shareholders can decide whether to exchange the wrapper for the assets underneath it.
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