Author: CryptoSlate
Compiled by DeepChain TechFlow
Deep潮 Summary: Satsuma Technology has become Europe’s first treasury company potentially liquidating its Bitcoin holdings. This vote not only determines the fate of 668 BTC but also exposes a fatal flaw in the treasury company model—when a stock trades at a persistent discount, the conviction to hold Bitcoin is crushed by selling pressure. For investors, this serves as an excellent case study to observe how long the "never sell" promise can withstand a bear market.
Satsuma Technology missed today's final deadline for proxy voting on the proposal to sell all of the company's Bitcoin holdings and delist from the London Stock Exchange.
The next decision point will be the shareholders' meeting on July 20.
If both special resolutions are approved, the company will initiate the process to sell all its Bitcoin, return net cash to shareholders, and delist from the London Stock Exchange. As of June 30, the company held 668.48 BTC.
Both special resolutions require at least 75% voting support and are mutually dependent—failure to pass either one will prevent the capital return and delisting. The deadline applies to postal, online, and CREST proxy votes; eligible shareholders may still vote in person at the meeting on July 20.
The proposal was put forward by shareholders holding more than 20% of Satsuma’s issued shares, and the board agreed to include it on the agenda without a formal application. Of the six board members, four recommended rejecting the proposal, while two supported it.
Trading was suspended at 7:30 AM on July 1 due to unresolved voting matters that prevented Satsuma’s directors and auditors from timely assessing the company’s prospects, resulting in the inability to publish audited accounts by June 30. The company expects to complete its accounts by the end of the month and indicated that trading may resume following approval from the Financial Conduct Authority.
Satsuma’s June 30 fact sheet shows that its 668.48 BTC were valued at £29.44 million, with a total net asset value of £33.23 million. The report indicates a price-to-book ratio of 0.80x, no debt or other significant liabilities, an average cost per BTC of £84,026, and a book unrealized loss of £39,984 per BTC at that time.
Based on Bitcoin's price of £48,372.69 on CryptoSlate on July 16, the position as of June 30 had a total value of approximately £32.34 million. This is not an allocation estimate, but it clearly illustrates the choice: retain a publicly traded company whose stock price is below the value of the held Bitcoin, or seek to realize gains after deducting costs.
The Bitcoin treasury company once said it would never sell—bear market conditions quickly changed that promise.
If both votes pass and all other approvals are obtained, the company’s indicative timeline requires the sale of all Bitcoin around August 3 and the issuance of one non-tradable Class B share per common share around August 4.
After deducting £2 million in operating capital reserves and transaction and termination costs, the cash proceeds from the sale will be distributed to Class B shareholders. The court confirmation hearing is scheduled for September 8, delisting will occur on September 14, and payments will be completed by September 28. All dates are subject to conditions.
A U.S. Bitcoin treasury company sold all its BTC due to debt and pressure from Nasdaq becoming unsustainable.
If any vote fails, the proposal will neither trigger a Bitcoin sale nor result in delisting. Satsuma stated it will continue its treasury strategy, and the trading halt will depend on the release of the account and approval from the Financial Conduct Authority.
The same price, vastly different returns
Satsuma’s July 3 update separated holders of the prior CLN1 and CLN2 convertible loans, as the proposed pro-rata allocation would result in significantly different returns relative to the original investment. Under the scenario of a Bitcoin price of $59,923, the returns per £100 are as follows:
These figures are for illustrative purposes only and are not predictions. They deduct estimated transaction costs and £2 million in operating capital, assuming original CLN holders retain their shares, and deduct approximately £3.2 million in exercise proceeds in the case of CLN1 warrants.