Key Takeaways
Satsuma Technology shareholders will vote July 20 on a proposal to sell the company's entire 668.48 BTC treasury and cancel its London Stock Exchange listing.
"Shareholders holding more than 20% of issued capital proposed the resolutions, which the board agreed to table without a formal requisition," the company said in a regulatory filing. A four-director majority of the six-member board recommends rejection, while two directors support the plan.
The company's June 30 fact pack valued its Bitcoin at £29.44 million against total net asset value of £33.23 million. Satsuma reported an average acquisition cost of £84,026 per BTC and an unrealized loss of £39,984 per coin at that snapshot, with no debt or other material liabilities. Trading was suspended at 7:30 a.m. on July 1 after the unresolved vote prevented directors and auditors from assessing the company's future in time to publish audited accounts by the June 30 deadline.
If both special resolutions pass — each requires at least 75% of votes cast, and failure of either blocks both the sale and delisting — the indicative timetable calls for selling all Bitcoin on or around Aug. 3. Cash after the sale would be reduced by £2 million for retained working capital and transaction costs, then distributed via non-tradable B shares. A court confirmation hearing is expected Sept. 8, with cancellation on Sept. 14 and payments by Sept. 28. If either vote fails, Satsuma said it would continue its treasury strategy, while the trading suspension would remain subject to the publication of accounts and Financial Conduct Authority approval.
One price, very different recoveries
The proposed pro rata distribution would produce sharply different outcomes for former holders of the company's two convertible-loan tranches. Using a $59,923 Bitcoin scenario, Satsuma illustrated that former CLN1 holders could recover between £113.90 and £143 per £100 invested depending on warrant exercise and surplus cash, while former CLN2 holders would receive between £22.40 and £25.50 per £100.
Applying CryptoSlate's Bitcoin price of £48,372.69 on July 16 to the June 30 balance produces a gross value of about £32.34 million — not a distribution estimate, but a measure of the choice facing shareholders: preserve a listed vehicle trading at 0.80x money NAV or unlock the value of the underlying coins after costs.
The vote comes as other Bitcoin treasury companies face similar discount pressure. CryptoSlate's analysis put Metaplanet at about 0.9x mNAV as of June 29, and it had halted new common issuance below 1.0x. Satsuma's vote takes the same dynamic further: shareholders can decide whether to exchange the corporate wrapper for the assets underneath it.
This article is for informational purposes only and does not constitute investment advice.
