Satsuma Shareholders Unwind Company's Bitcoin Treasury and Exit London Stock Exchange
On July 20, Satsuma shareholders voted to liquidate the company's bitcoin holdings and delist its shares from the London Stock Exchange. The move follows a run of trouble for the company, which built its identity around holding bitcoin on a public balance sheet.
Satsuma purchased most of its coins at an average price above $113,000, leaving it with significant unrealized losses when the market value dropped below $68,000 in July. The company's shares fell more than 99% from their peak near £14 to around 21 pence, a valuation below the worth of its own bitcoin holdings.
The wind-down process will involve selling the remaining 668 BTC and distributing the proceeds to shareholders. A timetable set out by the board governs the wind-down, with key milestones including a directions hearing on August 13 and a confirmation hearing on September 8.