Satsuma Technology shareholders reached the final proxy deadline today for a proposal to sell the London-listed Bitcoin treasury company’s entire 668.48 BTC holdings and cancel its exchange listing. The general meeting vote is scheduled for July 20, with both special resolutions requiring 75% approval to proceed.
The proposal originated from shareholders representing more than 20% of Satsuma’s issued capital. The board agreed to table it without requiring a formal requisition. Trading in Satsuma shares was suspended on July 1 at 7:30 a.m. because the unresolved vote prevented directors and auditors from assessing the company’s future in time to publish audited accounts by the June 30 deadline.
As of June 30, Satsuma held 668.48 BTC valued at £29.44 million, representing a total net asset value of £33.23 million. The company’s average acquisition cost per Bitcoin was £84,026, translating to an unrealized loss of £39,984 per coin at that snapshot. At the July 16 Bitcoin price of £48,372.69, the gross value of the holdings stood at £32.34 million.
The board is divided on the resolutions. Four of six directors recommend rejection, while two directors support the sale and delisting. Both special resolutions are interdependent; failure of either blocks both the capital return and the delisting process. If shareholders vote down the proposals, Satsuma would continue its treasury strategy, and the trading suspension would remain subject to publication of accounts and Financial Conduct Authority agreement.
If the resolutions pass, Satsuma plans to sell all Bitcoin by August 3 and issue one non-tradable B share per ordinary share on August 4. Cash proceeds would be reduced by £2 million for retained working capital and transaction and termination costs before distribution to B shareholders. A court confirmation hearing is expected September 8, with cancellation anticipated September 14 and payments expected by September 28.
On July 3, Satsuma issued an update separating recovery calculations for convertible-loan holders CLN1 and CLN2. Eligible shareholders may still attend and vote in person at the July 20 meeting despite the proxy deadline passing.
