Author: CryptoSlate
Compiled by: Deep Chao TechFlow
Deep Chao Guide: Satsuma Technology becomes the first treasury company in Europe likely to liquidate its Bitcoin holdings. This vote not only decides the fate of 668 BTC but also exposes a fatal flaw in the treasury company model—when a stock trades at a long-term discount, the faith in holding Bitcoin crumbles under the pressure to cash out. For investors, this is an excellent case study to observe how long the "never sell" pledge can hold up during a bear market.
Satsuma Technology missed the final proxy vote deadline today for a proposal to sell all the company's Bitcoin and delist from the London Stock Exchange.
The next decision point will be the general meeting of shareholders on July 20.
If both special resolutions are passed, the company will initiate the process to sell all its Bitcoin, return the net cash, and cancel its listing on the London Stock Exchange. As of June 30, the company held 668.48 BTC.
Both special resolutions require at least 75% of votes in favor and are interdependent—if either fails, the capital return and delisting will be blocked. The deadline applied to paper, online, and CREST proxy voting; eligible shareholders can still vote in person at the July 20 meeting.
The proposal was put forward by shareholders holding over 20% of Satsuma's issued share capital, with the board agreeing to include it on the agenda without a formal application. Of the six-member board, four directors recommend rejecting the proposal, while two support it.
Trading was suspended at 7:30 AM on July 1 because the unresolved vote prevented Satsuma's directors and auditors from timely assessing the company's prospects, making it impossible to publish audited accounts by June 30. The company expects to complete the accounts by the end of the month and stated that trading is likely to resume after obtaining approval from the Financial Conduct Authority.
Satsuma's June 30 fact sheet shows its 668.48 BTC were valued at £29.44 million, with a total net asset value of £33.23 million. The report indicates a price-to-book ratio of 0.80x, no debt or other significant liabilities, an average cost per BTC of £84,026, and a book loss per coin of £39,984 at that time.
Calculating the June 30 holdings at CryptoSlate's July 16 Bitcoin price of £48,372.69 gives a total value of approximately £32.34 million. This is not a distribution estimate but clearly presents the choice: retain a publicly traded company whose shares trade below the value of its Bitcoin holdings, or seek to liquidate after deducting costs.
Bitcoin Treasury Companies Once Said 'Never Sell'—A Bear Market Quickly Changes That Promise
If both votes pass and all other approvals are obtained, the company's indicative timeline calls for the sale of all Bitcoin around August 3 and the issuance of one non-tradable Class B share per ordinary share around August 4.
After deducting a £2 million working capital reserve and transaction and termination costs, the cash proceeds from the sale will be distributed to Class B shareholders. A court confirmation hearing is expected around September 8, delisting on September 14, and payment completed by September 28. All dates are conditional on execution.
A US Bitcoin Treasury Company Sold All Its BTC Because Debt and Nasdaq Pressure Made It Unsustainable
If either vote fails, the proposal will neither trigger a Bitcoin sale nor lead to delisting. Satsuma stated it would continue its treasury strategy, and the trading suspension would depend on the publication of accounts and FCA consent.
The Same Price, Vastly Different Returns
Satsuma's July 3 update separates former CLN1 and CLN2 convertible loan note holders, as the proposed pro-rata distribution would yield vastly different return rates relative to the original investment. In a scenario with a Bitcoin price of $59,923, the return per £100 invested is as follows:
These figures are illustrative, not predictive. They deduct estimated transaction costs and the £2 million working capital, assume original CLN holders still hold their shares, and for CLN1 warrant cases, deduct approximately £3.2 million in exercise proceeds.
