Bitcoin treasury troubles reach London as company votes to sell its entire BTC stack and delist – Crypto News – Crypto News
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Bitcoin treasury troubles reach London as company votes to sell its entire BTC stack and delist – Crypto News

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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.

Infographic showing Satsuma’s July 20 shareholder vote, the 75% threshold, June 30 Bitcoin treasury snapshot, and the conditional outcomes if both resolutions pass or either fails.

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.

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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.

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