London's Bitcoin treasury revolt

A London-listed Bitcoin company faces a shareholder rebellion

@Satsuma_UK (LSE: SATS), one of the few $BTC treasury companies listed on the London Stock Exchange, is heading toward a critical shareholder vote on Monday, July 20. The decision on the table: whether to sell the company's entire Bitcoin holding and cancel its LSE listing entirely.

Satsuma Technology passed its final proxy deadline today for its proposal to sell its entire Bitcoin treasury and cancel its London Stock Exchange listing, leaving the July 20 general meeting as the next decision point. Proxy submissions closed at 2:00 p.m. on July 16, 2026.

The company held 668.48 BTC as of June 30. According to the original copy, those coins were acquired at an average price of roughly $113,000 per coin, placing the current stack more than 40% below the company's cost basis. Shares have traded at a discount to net asset value and trading in Satsuma shares was suspended on 1 July 2026 due to delays in releasing financial statements.

Board divided, 75% threshold required

The shareholder push originated with a sizeable bloc of investors. On 6 May 2026, the company announced it had received representations from a group of shareholders representing in excess of 20% of the issued share capital, requesting that a resolution be put to shareholders to return substantially all of the company's capital to them in cash.

The board is not united on the question. A four-director majority of the six-member board recommends rejection, while two directors support the resolutions. Satsuma Technology has clarified its board's recommendation to shareholders to vote against resolutions for a return of capital and delisting from the London Stock Exchange, correcting previous misinterpretations.

Both special resolutions require at least 75% of the votes cast and are interdependent, meaning that failure of either would block both the capital return and the delisting. If both pass, the Bitcoin is expected to be sold by early August. Approval of both resolutions would start a process to sell all its Bitcoin, return net cash, and cancel its London Stock Exchange listing.

If the vote fails, the suspension of trading is likely to persist. The board expects to publish financial statements by the end of July 2026, following which it expects trading in the company's shares to be restored. Shareholders who did not submit a proxy in time may still attend and vote in person at the July 20 meeting.

Sources:
Satsuma Technology corporate update, Investegate (RNS)
Bitcoin treasury troubles reach London, CryptoSlate
Proposed Return of Capital and Delisting, Investegate (RNS)