The UK-listed Bitcoin treasury company plans to sell 668.48 BTC and return cash to shareholders, with an indicative sale date on or around Aug. 3.
Satsuma Technology Plc shareholders approved a capital return and delisting, with 90.63% and 90.59% of votes cast in favor, overriding the majority board's recommendation and setting the UK-listed Bitcoin treasury company on course to sell its Bitcoin and return cash to investors. The approval turns a previously conditional proposal into an active process, and the board said on July 20 that it had authorized immediate preparations to wind down trading activities and sell the Bitcoin, with the official circular pointing to a sale on or around Aug. 3. As of July 30, execution details had not yet been disclosed on the company's London Stock Exchange issuer page, which still showed the July 20 result as its latest RNS (Regulatory News Service filing). That leaves the sale venue, amount sold, execution price and net proceeds unresolved. Satsuma's latest disclosed holding was 668.48 BTC as of June 30. It said no Bitcoin was sold during June and valued the position at £29.44 million using $58,353 per BTC. Under the timetable, 6 p.m. UK time on Aug. 3 sets the record for ordinary shares entitled to receive one B share each, while warrant holders must exercise by that deadline for newly created ordinary shares to qualify. The eventual payment per B share will depend on Bitcoin sale proceeds, existing cash balances and any warrant exercise proceeds, less about £2 million in retained working capital and about £2.7 million in estimated transaction and termination costs. The return also requires High Court confirmation. The company’s June 30 metrics underline the uncertainty around the final cash recovery. Satsuma reported 0.80x mNAV (market capitalization divided by Bitcoin value), no debt or other material liabilities, and an average Bitcoin acquisition cost of £84,026, implying an unrealized loss of £39,984 per BTC at that date. The current timetable points to a directions hearing on Aug. 13, a confirmation hearing on Sept. 8, effectiveness on Sept. 11, delisting at 8 a.m. UK time on Sept. 14, and payments on or before Sept. 28, though those dates remain indicative and final shareholder proceeds still hinge on the Bitcoin sale price and net proceeds.