Shareholders voted to end a listed Bitcoin treasury strategy.
Satsuma Technology sold all of its Bitcoin, and its London listing is expected to be cancelled on September 14 under the company's published timetable.
The company sold 669.4867 BTC between July 24 and July 31.
It received approximately £31.9M, net of disposal costs.
The High Court has now approved a return of approximately £30.7M to shareholders, with payments expected by September 28.
What makes this more interesting is the governance.
Satsuma's board had recommended voting against the capital return and delisting.
Shareholders chose differently.
Roughly 90.6% of votes supported returning the capital, and a similar percentage supported cancelling the listing.
That's an important lesson for investors buying Bitcoin treasury companies.
You are not buying Bitcoin.
You are buying shares in a company whose shareholders and directors can decide when to acquire Bitcoin, when to sell it, how much cash to retain and whether the corporate structure should continue.
Selling and returning capital may have been the better economic choice for Satsuma shareholders.
But it also ended their Bitcoin exposure at the company's chosen sale price.
Any subsequent Bitcoin move belongs to someone else.
A Bitcoin treasury company can provide listed Bitcoin exposure.
It also adds corporate governance between the investor and the Bitcoin.
Satsuma Technology sold all of its Bitcoin, and its London listing is expected to be cancelled on September 14 under the company's published timetable.
The company sold 669.4867 BTC between July 24 and July 31.
It received approximately £31.9M, net of disposal costs.
The High Court has now approved a return of approximately £30.7M to shareholders, with payments expected by September 28.
What makes this more interesting is the governance.
Satsuma's board had recommended voting against the capital return and delisting.
Shareholders chose differently.
Roughly 90.6% of votes supported returning the capital, and a similar percentage supported cancelling the listing.
That's an important lesson for investors buying Bitcoin treasury companies.
You are not buying Bitcoin.
You are buying shares in a company whose shareholders and directors can decide when to acquire Bitcoin, when to sell it, how much cash to retain and whether the corporate structure should continue.
Selling and returning capital may have been the better economic choice for Satsuma shareholders.
But it also ended their Bitcoin exposure at the company's chosen sale price.
Any subsequent Bitcoin move belongs to someone else.
A Bitcoin treasury company can provide listed Bitcoin exposure.
It also adds corporate governance between the investor and the Bitcoin.