Satsuma shareholders approve bitcoin liquidation and delisting from London Stock Exchange

Shareholders of Satsuma Technology have approved plans to liquidate the company's bitcoin treasury, return capital to investors, and delist from the London Stock Exchange. Over 90% of votes supported the capital return and delisting, as stated in a Monday filing. Satsuma currently holds 668 BTC valued at approximately 43500000 dollars, making it the second-largest UK-based public bitcoin treasury company. The proposal was initiated by shareholders, despite opposition from four of the six directors who believed retaining the listing would be more beneficial. Satsuma's brief tenure as a bitcoin treasury company follows a year marked by the appointment of bitcoin commentator Mark Moss as chief bitcoin strategist and a successful fundraising of 218 million dollars through a convertible note round. Investors contributed 1097 BTC instead of cash during this raise. In December, Satsuma sold 579 BTC for 40000000 pounds to repay noteholders who opted not to convert their debt into shares. By April, Satsuma shares had plummeted over 99% from their peak, prompting calls for liquidation. This trend reflects a broader reconsideration among corporate bitcoin holders regarding strategies adopted during last year's bitcoin boom.

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