Satsuma Technology, a Bitcoin treasury company listed on the London Stock Exchange, will hold a shareholder meeting on July 20 to decide whether to sell its entire Bitcoin holdings of 668.48 BTC and delist from the exchange. The deadline for proxy voting has passed, and the final decision will be made by votes cast at the meeting.
Sale and Delisting Proposal
Both resolutions require approval from at least 75% of votes cast. If either proposal is rejected, neither the sale nor the delisting will proceed. The proposals were put forward by a shareholder group holding over 20% of the issued shares. The board of directors is split: four of six members recommend voting against, while two are in favor. The company's shares have been suspended from trading since July 1 due to a delay in publishing audited financial results.
Financial Position and Bitcoin Holdings
As of June 30, the company's Bitcoin holdings were valued at £29.44 million, with total net assets of £33.23 million. The market capitalization-to-net-asset value (mNAV) ratio stood at 0.80, meaning the stock trades below its net asset value. The average acquisition cost per Bitcoin was £84,026, implying an unrealized loss on the position.
Timeline and Implications
If the resolutions pass, Satsuma plans to sell the Bitcoin around August 3, deduct £2 million for costs and working capital, and distribute the remaining cash to shareholders by September 28. The case draws attention to other Bitcoin treasury companies trading below net asset value, such as Japan's Metaplanet, which has an mNAV of about 0.9 times. The outcome could set a precedent for how such firms address persistent NAV discounts.