{"id":434320,"date":"2026-07-16T23:20:42","date_gmt":"2026-07-16T17:50:42","guid":{"rendered":"https:\/\/dripp.zone\/news\/bitcoin-treasury-troubles-reach-london-as-company-votes-to-sell-its-entire-btc-stack-and-delist-crypto-news\/"},"modified":"2026-07-17T00:47:29","modified_gmt":"2026-07-16T19:17:29","slug":"bitcoin-treasury-troubles-reach-london-as-company-votes-to-sell-its-entire-btc-stack-and-delist-crypto-news","status":"publish","type":"post","link":"https:\/\/dripp.zone\/news\/bitcoin-treasury-troubles-reach-london-as-company-votes-to-sell-its-entire-btc-stack-and-delist-crypto-news\/","title":{"rendered":"Bitcoin treasury troubles reach London as company votes to sell its entire BTC stack and delist &#8211; Crypto News"},"content":{"rendered":"<p><\/p>\n<div>\n<p>Satsuma Technology passed its final proxy deadline today for its proposal to sell its entire Bitcoin treasury and cancel its London Stock Exchange listing,<\/p>\n<p>This leaves the upcoming July 20 general meeting as the next decision point.<\/p>\n<p>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.<\/p>\n<p>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.<\/p>\n<p><a rel=\"nofollow\" target=\"_blank\" href=\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2026\/07\/exec-6ffca6c6-a8f9-42a2-bf29-b7cfec237825.png\" target=\"_blank\" rel=\"noopener\"><noscript><\/noscript><img loading=\"lazy\" decoding=\"async\" class=\"lazyload aligncenter wp-image-548296 size-full\" src=\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2026\/07\/exec-6ffca6c6-a8f9-42a2-bf29-b7cfec237825.png\" alt=\"Infographic showing Satsuma\u2019s July 20 shareholder vote, the 75% threshold, June 30 Bitcoin treasury snapshot, and the conditional outcomes if both resolutions pass or either fails.\" width=\"1122\" height=\"1402\"\/><\/a><\/p>\n<p>The proposal came from holders representing more than 20% of Satsuma&#8217;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.<\/p>\n<p>Trading was suspended at 7:30 a.m. on July 1 because the unresolved vote prevented Satsuma&#8217;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.<\/p>\n<p>Satsuma&#8217;s <a rel=\"nofollow\" target=\"_blank\" href=\"https:\/\/www.investegate.co.uk\/announcement\/rns\/satsuma-technology-plc--sats\/monthly-fact-pack-july-2026-update\/9647615\">June 30 fact pack<\/a> valued its 668.48 BTC at \u00a329.44 million against total NAV of \u00a333.23 million. It reported 0.80x mNAV, no debt or other material liabilities, an average acquisition cost of \u00a384,026 per BTC and an unrealized loss of \u00a339,984 per coin at that snapshot.<\/p>\n<p>Applying <a rel=\"nofollow\" target=\"_blank\" href=\"https:\/\/cryptoslate.com\/coins\/bitcoin\/\">CryptoSlate&#8217;s \u00a348,372.69 Bitcoin price<\/a>\u00a0on July 16 to the June 30 balance produces a gross value of about \u00a332.34 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.<\/p>\n<div class=\"cs-article-embed\"> <a rel=\"nofollow\" target=\"_blank\" href=\"https:\/\/cryptoslate.com\/the-never-sell-bitcoin-treasury-trade-is-seriously-starting-to-crack\/\" class=\"cs-article-embed__link\"><\/p>\n<div class=\"cs-article-embed__media\"> <noscript><img width=\"1024\" height=\"576\" src=\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2026\/05\/bitcoin-neversell-1024x576.jpg\" alt=\"Bitcoin treasury companies said they'd never sell \u2013 the bear market changed that fast\" loading=\"lazy\" decoding=\"async\"\/><\/noscript><img class=\"lazyload\" width=\"1024\" height=\"576\" src=\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2026\/05\/bitcoin-neversell-1024x576.jpg\" alt=\"Bitcoin treasury companies said they'd never sell \u2013 the bear market changed that fast\" loading=\"lazy\" decoding=\"async\"\/><\/div>\n<div class=\"cs-article-embed__body\"> <span class=\"cs-article-embed__related-reading\">Related Reading<\/span><\/p>\n<h3 class=\"cs-article-embed__title\">Bitcoin treasury companies said they&#8217;d never sell \u2013 the bear market changed that fast<\/h3>\n<p>As debt, dividends, and buybacks enter the picture, some companies are starting to treat Bitcoin less like a sacred reserve and more like liquidity.<\/p>\n<p> <span class=\"cs-article-embed__meta-item\">May 7, 2026<\/span> <span class=\"cs-article-embed__meta-divider\">\u00b7<\/span> <span class=\"cs-article-embed__meta-item\">Gino Matos<\/span><\/p>\n<\/div>\n<p> <\/a><\/div>\n<p>If both votes pass and the remaining approvals\u00a0are obtained, the\u00a0<a rel=\"nofollow\" target=\"_blank\" href=\"https:\/\/www.investegate.co.uk\/announcement\/rns\/satsuma-technology-plc--sats\/proposed-return-of-capital-and-delisting\/9634577\" target=\"_blank\" rel=\"noopener\">company&#8217;s indicative timetable<\/a> calls for selling all Bitcoin on or around Aug. 3 and issuing one non-tradable B share for each\u00a0ordinary share around Aug. 4.<\/p>\n<div id=\"cs-inline-newsletter-6a5913a489ced\" class=\"cs-inline-newsletter\" data-inline-newsletter=\"\">\n<div class=\"cs-inline-newsletter__inner\">\n<div class=\"cs-inline-newsletter__content\"> <span class=\"cs-inline-newsletter__eyebrow\">CryptoSlate Daily Brief<\/span><\/p>\n<h3 class=\"cs-inline-newsletter__title\">Daily signals, zero noise.<\/h3>\n<p class=\"cs-inline-newsletter__copy\">Market-moving headlines and context delivered every morning in one tight read.<\/p>\n<p> <span><i class=\"fa-regular fa-bolt\" aria-hidden=\"true\"\/> 5-minute digest<\/span> <span><i class=\"fa-regular fa-star\" aria-hidden=\"true\"\/> 100k+ readers<\/span><\/p>\n<\/div>\n<div class=\"cs-inline-newsletter__form-shell\">\n<p class=\"cs-inline-newsletter__privacy\">Free. No spam. Unsubscribe any time.<\/p>\n<p> <i class=\"fa-regular fa-circle-xmark\" aria-hidden=\"true\"\/> <span>Whoops, looks like there was a problem. Please try again.<\/span><\/p>\n<p> <i class=\"fa-regular fa-circle-check\" aria-hidden=\"true\"\/> <span>You\u2019re subscribed. Welcome aboard.<\/span><\/p>\n<\/div>\n<\/div>\n<\/div>\n<p>Cash after the sale would be reduced by \u00a32 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.<\/p>\n<div class=\"cs-article-embed\"> <a rel=\"nofollow\" target=\"_blank\" href=\"https:\/\/cryptoslate.com\/us-bitcoin-treasury-company-just-sold-every-btc-as-debt-and-nasdaq-pressure-closed-in\/\" class=\"cs-article-embed__link\"><\/p>\n<div class=\"cs-article-embed__media\"> <noscript><img width=\"1024\" height=\"576\" src=\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2026\/07\/k-wave-bitcoin-collateral-financial-pressure-1024x576.jpg\" alt=\"A US Bitcoin treasury company sold every BTC because debt and Nasdaq pressure just closed in\" loading=\"lazy\" decoding=\"async\"\/><\/noscript><img class=\"lazyload\" width=\"1024\" height=\"576\" src=\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2026\/07\/k-wave-bitcoin-collateral-financial-pressure-1024x576.jpg\" alt=\"A US Bitcoin treasury company sold every BTC because debt and Nasdaq pressure just closed in\" loading=\"lazy\" decoding=\"async\"\/><\/div>\n<div class=\"cs-article-embed__body\"> <span class=\"cs-article-embed__related-reading\">Related Reading<\/span><\/p>\n<h3 class=\"cs-article-embed__title\">A US Bitcoin treasury company sold every BTC because debt and Nasdaq pressure just closed in<\/h3>\n<p>New SEC filing ties a full BTC liquidation to debt repayment, collateral language, Nasdaq pressure and an AI pivot.<\/p>\n<p> <span class=\"cs-article-embed__meta-item\">Jul 2, 2026<\/span> <span class=\"cs-article-embed__meta-divider\">\u00b7<\/span> <span class=\"cs-article-embed__meta-item\">Liam &#8216;Akiba&#8217; Wright<\/span><\/p>\n<\/div>\n<p> <\/a><\/div>\n<p>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.<\/p>\n<div class=\"cs-article-embed\"> <a rel=\"nofollow\" target=\"_blank\" href=\"https:\/\/cryptoslate.com\/bitcoin-treasury-companies-europe-shareholder-cost\/\" class=\"cs-article-embed__link\"><\/p>\n<div class=\"cs-article-embed__media\"> <noscript><img width=\"1024\" height=\"576\" src=\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2026\/06\/bitcoin-treasury-europe-1024x576.jpg\" alt=\"Bitcoin treasury firms race to buy more BTC, but shareholders may pay the price\" loading=\"lazy\" decoding=\"async\"\/><\/noscript><img class=\"lazyload\" width=\"1024\" height=\"576\" src=\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2026\/06\/bitcoin-treasury-europe-1024x576.jpg\" alt=\"Bitcoin treasury firms race to buy more BTC, but shareholders may pay the price\" loading=\"lazy\" decoding=\"async\"\/><\/div>\n<div class=\"cs-article-embed__body\"> <span class=\"cs-article-embed__related-reading\">Related Reading<\/span><\/p>\n<h3 class=\"cs-article-embed__title\">Bitcoin treasury firms race to buy more BTC, but shareholders may pay the price<\/h3>\n<p>Capital B and BTC AB want more Bitcoin exposure, but their funding plans test how much dilution and financial risk investors will accept.<\/p>\n<p> <span class=\"cs-article-embed__meta-item\">Jun 22, 2026<\/span> <span class=\"cs-article-embed__meta-divider\">\u00b7<\/span> <span class=\"cs-article-embed__meta-item\">Liam &#8216;Akiba&#8217; Wright<\/span><\/p>\n<\/div>\n<p> <\/a><\/div>\n<h2>One price, very different recoveries<\/h2>\n<p>Satsuma&#8217;s <a rel=\"nofollow\" target=\"_blank\" href=\"https:\/\/www.investegate.co.uk\/announcement\/rns\/satsuma-technology-plc--sats\/corporate-update-\/9652258\">July 3 update<\/a> 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 \u00a3100:<\/p>\n<table>\n<thead>\n<tr>\n<th>Scenario<\/th>\n<th>Former CLN1 holders<\/th>\n<th>Former CLN2 holders<\/th>\n<\/tr>\n<\/thead>\n<tbody>\n<tr>\n<td>No CLN1 warrant exercise, no surplus cash<\/td>\n<td>\u00a3113.9<\/td>\n<td>\u00a322.8<\/td>\n<\/tr>\n<tr>\n<td>Full CLN1 warrant exercise, no surplus cash<\/td>\n<td>\u00a3121.9<\/td>\n<td>\u00a322.4<\/td>\n<\/tr>\n<tr>\n<td>No CLN1 warrant exercise, about \u00a33m surplus cash<\/td>\n<td>\u00a3127.3<\/td>\n<td>\u00a325.5<\/td>\n<\/tr>\n<tr>\n<td>Full CLN1 warrant exercise, about \u00a33m surplus cash<\/td>\n<td>\u00a3143.0<\/td>\n<td>\u00a324.8<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p style=\"text-align: center;\"><span style=\"font-size: small;\">The figures are illustrations, not forecasts. They deduct estimated transaction costs and \u00a32 million of working capital, assume the original CLN holders still own their shares, and present the CLN1 warrant cases net of about \u00a33.2 million in exercise proceeds.<\/span><\/p>\n<p>As of June 29, CryptoSlate&#8217;s <a rel=\"nofollow\" target=\"_blank\" href=\"https:\/\/cryptoslate.com\/bitcoin-treasury-investors-are-turning-on-companies-diluting-them-to-keep-buying\/\">treasury-company analysis<\/a> put Metaplanet at about 0.9x mNAV, and it had halted new common issuance below 1.0x. Satsuma&#8217;s vote takes the same discount pressure further: shareholders can decide whether to exchange the wrapper for the assets underneath it.<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>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 [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":434326,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5],"tags":[230,225,221,227,226,228,229,60,223,224,222],"class_list":["post-434320","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-cryptocurrency","tag-brave","tag-coinbase","tag-crypto","tag-decentralised","tag-decentralized","tag-decentralized-exchange","tag-erc-20","tag-featured","tag-meme-coin","tag-robinhood","tag-solana"],"_links":{"self":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/434320","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/comments?post=434320"}],"version-history":[{"count":1,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/434320\/revisions"}],"predecessor-version":[{"id":434329,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/434320\/revisions\/434329"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/media\/434326"}],"wp:attachment":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/media?parent=434320"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/categories?post=434320"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/tags?post=434320"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}