London Bitcoin Treasury Company at the End of Its Rope, Shareholders Vote to Sell All 668 BTC and Delist
London-based bitcoin treasury company Satsuma Technology faces a critical shareholder vote on July 20th. Shareholders holding over 20% of the company have proposed a plan to sell all of the company's 668.48 BTC and delist from the London Stock Exchange.
The proposal requires at least 75% approval for two special resolutions, which are interdependent. If passed, the process would begin in early August, with the aim of returning net cash to shareholders after costs and a £2 million operational reserve. If either resolution fails, the company will continue its treasury strategy.
The board is divided, with four directors recommending rejection and two in support. The company's shares have been suspended since July 1st due to delayed audited accounts. As of June 30th, Satsuma's BTC holdings were valued at £29.44 million, with the stock trading at a discount to its net asset value.
This situation highlights the pressure on listed treasury companies during bear markets, testing their long-term "hold" strategies against shareholder demands for liquidity when shares trade at a persistent discount.
marsbit07/17 05:36
