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BTC Satsuma Technology has been approved by the High Court to cancel more than 11.2 billion Class B shares, completing a capital return of £ 30.7 million.
Satsuma Technology has been approved by the High Court of the United Kingdom to formally cancel more than 11.2 billion Class B shares. The move marks the company's completion of a total of £ 30.7 million in capital return to eligible shareholders after selling all disclosed Bitcoin positions.
Key transaction details and payment arrangements
According to the announcement, Satsuma sold 669.4867 bitcoins from July 24 to July 31 at an average price of £ 47,667 per bitcoin, with a total revenue of £ 31.9 million. The sale eliminated all previously held public Bitcoin positions by the company.
Each eligible Class B shareholder will receive a distribution of £ 0.002734 per share, with a total expected payment of £ 30,718,881. Payments will be made via cheque, bank transfer or the CREST system (the UK's Central Securities Depository and Clearing System) and are expected to be completed by September 28.
Class B shares were specially established for this capital return. Investors who hold common shares at the recorded time will receive one Class B share for every common share they hold. By canceling these newly issued shares, the company is able to return the corresponding capital to shareholders.
Court approval process and shareholder voting background
Satsuma received High Court approval on September 8 to cancel 11,235,874,700 Class B shares, thereby lifting court conditions related to its planned capital reduction. Prior to this, although shareholders had approved the capital return and delisting plan in July, the allocation of funds still depended on the court's final ruling.
On July 20 this year, shareholders voted to approve plans for capital return and cancellation of the London listing, with support ratings both exceeding 90%. Among them, approximately 90.63% voted for capital return and 90.59% supported cancellation of listing. This result paves the way for the board to initiate the closure of trading activities and the liquidation of Bitcoin assets.
From Bitcoin vault to asset liquidation: Strategic reversal
This liquidation marks a complete reversal of Satsuma's Bitcoin vault strategy formulated in early 2025. The company, formerly known as TAO Alpha, announced in July 2025 that it would change its name to Satsuma Technology and plans to establish a Bitcoin vault. At the time, the company appointed Mark Moss as chief Bitcoin strategist and raised £ 163.6 million (US$218 million) through oversubscribed convertible notes. Some investors directly invested in bitcoins, totaling 1,097 bitcoins.
However, as stock prices fell sharply and the market value fell below the value of the Bitcoin assets they held, pressure on shareholders increased. As early as April 2025, major shareholders, including Pantera Capital, required the company to sell Bitcoin and return the proceeds to investors. Satsuma held about 646 bitcoins at the time, but its share price fell more than 99% from its June 2025 high.
Faced with a 4 - 2 opposition from internal directors, shareholders ultimately rejected the proposal to continue operations in a July vote and authorized the company to liquidate assets. The company sold 579 bitcoins in December to repay holders of convertible notes that had not been converted into equity, and the remaining positions subsequently increased again until it was finally fully liquidated.
Delisting schedule and subsequent arrangements
With court conditions met, Satsuma's London listing cancellation process has entered the final stage. According to the company's previously announced schedule, the last trading day for common shares is expected to be September 11, while the formal cancellation of listing status is scheduled to be implemented at 8 a.m. on September 14.
Currently, the cash allocation process and the delisting process are independent of each other. Eligible Class B shareholders will receive corresponding capital refunds before September 28. At this point, Satsuma's Bitcoin investment career as a listed company officially came to an end.
