Satsuma Technology’s owners have voted to sell all of the company’s Bitcoin, give the majority of the money back to its investors, and remove its stock from the London Stock Exchange.
Summary
- Satsuma shareholders backed Bitcoin liquidation and delisting with more than 90% support in both votes.
- The decision reverses a treasury strategy launched after a $218 million fundraising round last year.
- Satsuma plans court approval, capital distributions and a London delisting currently scheduled for September 14.
The vote concludes a financial plan launched less than a year ago, which initially involved raising a significant amount of money from large investors.
In a meeting on July 20th, shareholders overwhelmingly approved both returning funds to investors (90.63%) and removing the company from stock exchange listings (90.59%). Following this, Satsuma announced that its board has authorized the immediate shutdown of trading and the sale of its Bitcoin holdings.
Satsuma Technology, a UK company that holds bitcoin, has received approval from its shareholders to sell its bitcoin holdings. This will allow the company to return money to its investors and remove its listing from the London Stock Exchange. More than 90% of shareholders voted in favor of this plan.
— Michael Tanguma (@MTanguma) July 21, 2026
Shareholders back liquidation despite a divided board
A group of Satsuma investors, owning over 20% of the company’s stock, have proposed that Satsuma give most of its money back to shareholders instead of continuing to operate as a publicly traded Bitcoin investment firm.
The company board was split on the plan. Four out of six directors advised voting against it, with two in favor. Those opposed stated the proposal would eliminate something valuable that had taken time and money to create. The two dissenting directors believed giving money back to investors would provide a more direct way for them to see a return on their investment.
Satsuma’s June announcement detailed 668 Bitcoin holdings and projected that selling them could generate between £27.7 million and £30.9 million for shareholders. This estimate accounts for transaction fees and keeping £2 million as working capital, considering different possibilities with warrants. The actual amount received will vary based on the final sale price of the Bitcoin, associated costs, and how many warrants are used.
As part of our capital distribution plan, we’re utilizing a B Share scheme. To be eligible for these shares, investors need to be registered by 6 p.m. on August 3rd. Following that, we’ll need to obtain approval from the UK High Court before we can finalize the share distribution.
Satsuma reverses its Bitcoin treasury strategy
This vote represents a significant shift from Satsuma’s stance in 2025. Previously, as crypto.news reported, the company secured £163.6 million (approximately $218 million) through a very successful funding round involving investors like Pantera Capital, Digital Currency Group, and Kraken.
Instead of using traditional currency, investors provided 1,097 Bitcoin directly to Satsuma during their fundraising efforts. Satsuma highlighted this as a significant achievement for growing its Bitcoin holdings and solidifying its place as a leading digital asset firm on the UK stock market.
Later in the year, the company’s strategy came under financial strain. In December 2025, Satsuma sold 579 of its 1,199 Bitcoins, raising approximately £40 million. This sale was necessary to repay investors who hadn’t chosen to convert their loans into company shares. After the sale, Satsuma held onto 620 Bitcoins.
Satsuma continued to acquire Bitcoin, eventually holding 668 BTC as of June 2026. Despite this, its stock price dropped significantly faster than Bitcoin’s value, causing the company’s market value to fall below the worth of its assets before investors authorized a return of capital.
Pantera-backed pressure led to shareholder vote
By April, certain investors wanted Satsuma to return all of its capital to them. Specifically, Pantera Capital urged Satsuma to sell its Bitcoin holdings and share the resulting funds with shareholders.
The company asked for help after its stock price dropped by over 99% from its highest point in June 2025. Interestingly, at that time, the Bitcoin the company owned was worth more than its overall value on the stock market, creating a significant difference between its assets and share price.
Satsuma released a statement outlining both viewpoints on a proposed plan. Most board members argued that selling off the company’s assets (liquidation) would eliminate one of the few publicly traded UK companies holding Bitcoin. However, two directors believed returning cash to investors could help them get back more money closer to the true value of Satsuma’s holdings.
Shareholders decided to dissolve the company. This decision follows a trend among companies holding Bitcoin, which are currently struggling with falling Bitcoin prices, lower stock values, and difficulty securing funding. According to Strive’s Chief Investment Officer, Ben Werkman, if Bitcoin prices remain low, other companies in this situation may need to reorganize or merge.
London delisting is scheduled for September
As a Satsuma investor, I’m keeping a close eye on the legal process. We’re waiting for the court’s go-ahead for the next steps, with a preliminary hearing scheduled for August 13th and the main hearing to confirm the capital return planned for September 8th. Hopefully, everything gets approved so we can finally receive the funds.
Satsuma currently plans to stop trading on the London Stock Exchange on September 14th. They aim to issue final payments and transfer shares through CREST by September 28th, but this timeline may be adjusted depending on how the legal proceedings unfold.
Okay, so after everything’s settled – returning capital to shareholders, closing up shop, and paying all the associated fees – Satsuma anticipates having around £2 million left over as working capital. The information we got back in June suggested the company could end up as basically an empty shell with cash, potentially looking for a new business to acquire through a reverse takeover. However, Satsuma hasn’t actually announced any plans for that yet, so it’s still just a possibility as far as I can tell.
Just months after securing $218 million to invest in Bitcoin, Satsuma shareholders have decided to sell their remaining Bitcoin holdings and distribute the majority of the funds back to investors. This decision reverses the company’s previous plans for growth in 2025 and is expected to result in a return of capital to shareholders in September, pending legal approval.
2026-07-22 11:14