Satsuma shareholders face vote on full Bitcoin sale and delisting

For Bitcoin investors watching treasury companies, Satsuma Technology's July 20 vote is a live test of what happens when a listed vehicle trades below the value of the BTC it holds. Shareholders will decide whether the company should sell its entire Bitcoin treasury, return net cash, and cancel its London Stock Exchange listing.

Satsuma held 668.48 BTC as of June 30. Its fact pack valued that stack at GBP 29.44 million at the time, against total net asset value of GBP 33.23 million. The company also reported no debt or other material liabilities, an average purchase price of GBP 84,026 per BTC, and an unrealized loss of GBP 39,984 per coin at that snapshot. Both resolutions need at least 75% of votes cast, and both must pass for either step to go ahead.

The board is split. Four of six directors recommend voting no, while two support the plan. The proposal came from shareholders representing more than 20% of issued capital.

Trading in Satsuma shares has been suspended since July 1 because the unresolved vote delayed the publication of audited accounts. The company expects those accounts by month-end, with trading resumption still subject to FCA approval. If the resolutions pass, Bitcoin could be sold around Aug. 3, with shareholder payments targeted by Sept. 28, subject to further approvals.