Satsuma Technology shareholders vote to dump 668 Bitcoin treasury and delist
Satsuma Technology Plc shareholders voted over 90% to approve liquidating the company's Bitcoin treasury and delisting from the London Stock Exchange, overriding the majority board's recommendations. The UK-listed firm held 668.48 BTC valued at £29.44 million as of June 30. Proceeds from the sale will be returned to shareholders after deducting roughly £4.7 million in operating capital and transaction fees, subject to court approval following an Aug. 3 record date.
Key takeaways
- 1Satsuma shareholders passed resolutions with over 90% approval to sell all holdings and delist the company.
- 2As of June 30, Satsuma held 668.48 BTC valued at £29.44 million.
- 3The firm expects to deduct about £4.7 million for working capital and transaction costs before capital distribution.
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Why it matters
Shareholder revolts at corporate Bitcoin treasury holders highlight growing investor impatience with balance-sheet crypto strategies. Retail investors should monitor corporate liquidation events, as sudden treasury dumps can add localized selling pressure to crypto markets.
Discussion
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