A 90% shareholder rebellion just forced this public company to dump its entire Bitcoin treasury at a crushing £39,984 per-coin loss
Shareholders of Satsuma Technology Plc approved a capital return and delisting with 90.63% and 90.59% of votes cast, respectively, against the majority board's recommendation. The votes put the UK-listed Bitcoin treasury company on a path toward selling its Bitcoin and returning cash to shareholders.
The result converted the conditional proposal CryptoSlate covered on July 16 into an approved process. Satsuma's July 20 announcement says the board authorized immediate preparations to close trading activities and sell the Bitcoin, while the official circular indicatively targets a sale on or around Aug. 3.
The public record remained at the preparation stage through July 30. Satsuma's official London Stock Exchange issuer page still listed the July 20 result as its latest RNS, leaving the execution date, venue, amount, price and net proceeds undisclosed.
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