Satsuma Technology shareholders will vote July 20 on liquidating the company's entire bitcoin holdings and delisting from the London Stock Exchange, according to filings posted by the company. The vote requires a 75 percent supermajority to pass. If approved, the coins would be sold by early August.
The company holds 668 bitcoin, bought at an average price of roughly $113,000 per coin. Current valuations place the stack about 40 percent below that cost basis. Satsuma's shares have been suspended from trading since July 1 and currently trade at a 20 percent discount to net asset value, according to company fact packs.
Shareholders representing more than 20 percent of capital forced the vote. The board opposes both resolutions, with four directors voting against and two abstaining. The proxy voting window closed ahead of the July 20 meeting, locking in shareholder positions.
Satsuma was incorporated in 2021 as a bitcoin treasury company listed on London's AIM market. The company's structure allows shareholders to gain exposure to bitcoin through a regulated UK-listed vehicle, with holdings periodically audited and disclosed through regulatory filings.
A 75 percent threshold means roughly three-quarters of voting shares must support both the liquidation and delisting for the resolutions to proceed. The company has committed to completing any approved sales by early August.
