Satsuma Technology has secured High Court approval to cancel more than 11.2 billion B shares, clearing a £30.7 million capital return after the company sold its entire disclosed Bitcoin posit
Satsuma Technology has secured High Court approval to cancel more than 11.2 billion B shares, clearing a £30.7 million capital return after the company sold its entire disclosed Bitcoin position.
SummarySatsuma said the High Court of Justice approved the cancellation of 11,235,874,700 B shares on Sept. 8, removing the court condition attached to its planned reduction of capital. Eligible shareholders are due £0.002734 for each B share, putting the aggregate payment at £30,718,881.
The B shares were created specifically for the capital return. Investors eligible under the transaction received one B share for every ordinary Satsuma share they held at the record time, allowing the company to cancel the new shares and repay the corresponding capital.
The amount became fixed after Satsuma completed the sale of 669.4867 Bitcoin between July 24 and July 31. The company realized a net volume-weighted average price of £47,667 per BTC, producing £31,912,395 in proceeds from the sale.
Satsuma reported £35,324,953 in cash at the record time, including funds held through its subsidiary. Its final calculation allowed for £2.6 million in estimated transaction and termination expenses while leaving £2 million inside the company as working capital.
When Satsuma announced the figures on Aug. 4, the £30.7 million return and the £0.002734 value assigned to each B share remained conditional on court approval. The Sept. 8 ruling removed that condition, although the company’s announcement did not state that shareholders had already received the money.
Payments are expected to follow later this month. Eligible investors are due to receive checks, bank account payments or CREST credits on or before Sept. 28, according to the company’s settlement timetable.
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The court process followed a shareholder vote that had already set the liquidation plan in motion. On July 20, investors approved both the capital return and cancellation of Satsuma’s London listing, with more than 90% of votes cast supporting each proposal.
As crypto.news previously reported, 90.63% of votes supported the return of capital, while 90.59% backed the listing cancellation. The approval allowed the board to begin closing trading activities and liquidating the company’s Bitcoin holdings, but the capital reduction still required High Court approval.
The July vote ended a dispute over whether Satsuma should continue operating as a listed Bitcoin treasury company or return its assets to investors.
Pressure had surfaced months earlier. In April, Pantera Capital and other shareholders asked Satsuma to sell its Bitcoin and distribute the proceeds after the company’s share price fell heavily.
Pantera held roughly 7% of Satsuma at the time and was among investors pushing for a return of capital. Satsuma then held around 646 BTC worth close to $50 million, while its shares had fallen more than 99% from their June 2025 peak.
The decline left Satsuma’s market value below the value of its Bitcoin holdings. Executive Chairman Ranald McGregor-Smith said at the time that the company had received requests from shareholders and was considering its options.
By June, Satsuma’s circular showed 668 BTC and estimated that a liquidation could leave between roughly £27.7 million and £30.9 million for shareholders depending on warrant exercises, the eventual Bitcoin sale price and transaction costs.
Four of the company’s six directors opposed the shareholder proposal, while two backed it. Investors ultimately approved the return, allowing Satsuma to sell its remaining Bitcoin before seeking the required court order.
The liquidation came roughly a year after Satsuma had been raising substantial capital to build its Bitcoin position.
Previously known as TAO Alpha, the UK-listed company announced plans in July 2025 to rename itself Satsuma Technology and develop a Bitcoin treasury. The company appointed Mark Moss as chief Bitcoin strategist as part of the Bitcoin treasury plan, with the role focused on working with its board on the treasury operation.
Satsuma expanded the strategy a month later through an oversubscribed convertible note raise. The company secured £163.6 million, worth approximately $218 million at the time, after originally targeting a smaller amount.
Investors including Pantera Capital, Digital Currency Group and Kraken participated alongside traditional institutions. A substantial portion of the financing came directly in Bitcoin, with investors contributing 1,097 BTC instead of cash.
The $218 million fundraising round included approximately $125 million settled in Bitcoin. The convertible notes were structured to convert into equity subject to the required approvals.
Satsuma began reducing its holdings later in 2025. In December, the company sold 579 BTC for net proceeds of roughly £40 million to repay convertible noteholders who had not committed to converting their debt into shares. The transaction left it with 620 BTC before the treasury later increased again.
Shareholder pressure intensified as the company’s stock continued trading below the value of its underlying assets, eventually producing the April request for a capital return and the July vote that authorized the liquidation.
With the High Court approving the B-share cancellation, the judicial requirement attached to the capital reduction has been satisfied. Satsuma’s earlier circular said the reduction would become effective once the court order was registered.
The company’s most recently disclosed timetable listed Sept. 11 as the expected final day for dealings in its ordinary shares. Cancellation of its London listing was scheduled for 8 a.m. on Sept. 14, a date retained in Satsuma’s Aug. 4 update.
The cited company updates set out those dates as expected milestones but did not confirm that either the final day of trading or listing cancellation had been completed.
Cash distribution remains scheduled separately from the listing process. Eligible B-share holders are expected to receive the £0.002734-per-share payment through checks, bank transfers or CREST by Sept. 28.
