Satsuma Approves Bitcoin Liquidation and Delisting from London Exchange

Satsuma shareholders voted to unwind the company's bitcoin treasury and remove its shares from the London Stock Exchange. The vote took place during a general meeting on July 20, with 90.63% supporting a capital return to shareholders and 90.59% approving delisting. The company plans to sell its remaining approximately 668 BTC and return the proceeds to investors. This decision comes after Satsuma's bitcoin holdings, purchased at an average above $113,000, suffered significant unrealized losses as bitcoin traded below $68,000 in July. The company's shares have plummeted over 99% from their peak in June 2025, reflecting the impact of declining bitcoin prices and liquidity pressures. Previously, Satsuma sold part of its bitcoin holdings in December 2025 to retire debt, leaving it with 620 BTC and about £90 million in cash. Growing pressure from investors, including Pantera Capital, and internal disagreements among directors led to the decision to wind down the company. The process involves legal steps for capital return, with the delisting scheduled for September 14 and final payments expected by late September. This move highlights the difficulties faced by smaller bitcoin treasury firms operating in a declining market environment.