Satsuma shareholders voted to release the company’s treasury in bitcoin and delist its shares on the London Stock Exchange.
At the general meeting of July 20, the owners passed two special resolutions: one to return all the capital of Satsuma to the shareholders, and the other to cancel the listing of the company in the official FCA list.
The decision to restore capital received 90.63% support, with 7,869,182,042 votes in favor and 813,703,719 against. The delisting resolution was passed by nearly identical margins, with 90.59% in favor.
The board will now close Satsuma’s trading operations and sell the company’s remaining bitcoin, which is estimated at 668 BTC.
The stock was trading as Satsuma Technology PLC (LSE: SATS), one of the UK’s bitcoin vehicles, second in size to The Smarter Web Company.
The timetable set out in the June 24 shareholder circular governs the expiry. The record time for receiving B Shares is 6 pm on August 3, the deadline for warrant holders to exercise their warrants if they want the ordinary shares to be included in the dividend.
Once the total number of eligible shares has been determined, Satsuma will apply to the UK High Court to ensure the return of the capital. A directions hearing is scheduled for August 13, and a confirmation hearing will follow on September 8.
Under that plan, delisting takes place on September 14, and CREST payments and transfers will go out on September 28.
Satsuma’s bitcoin problems
The vote caps a run of problems for the company that built its identity by holding bitcoin on its public balance sheet. Satsuma bought most of its coins for an average price of $113,000.
With bitcoin trading below $68,000 in July, the treasury sat on unrealized losses, and Satsuma shares have fallen more than 99% since June 2025 peaked near £14 to 21 pence, a price below the value of its bitcoin holdings.
The company had already started to cut its position under liquidity pressure. In December 2025, the company sold 579 of its 1,199 bitcoins for approximately £40 million, the proceeds of which were used to retire £78 million in convertible loan notes that matured on December 31. That sale left the company with 620 BTC and about £90 million in cash.
In April, Pantera Capital, which held a 6% to 7% stake, was publicly pushing Satsuma’s board to sell its remaining bitcoin and return cash to shareholders rather than continue as a listed treasury company.
That pressure, combined with a request by shareholders representing more than 20% of Satsuma’s issued capital, forced the vote on Wednesday.
The board itself split on the outcome. Four of the six directors recommended that shareholders reject the cut, saying it would dissolve the listed bitcoin vehicle and derail the company’s existing strategy. Two directors supported the proposal, citing shareholder demand and the risk of execution as continuing concerns.
Satsuma’s exit adds to a wave of distress among bitcoin microfinance companies as the currency’s prices remain below the levels at which many of them have accumulated, leaving boards to choose between raising new capital or returning the remainder to shareholders.
