A 90% shareholder rebellion just forced this public company to dump its entire Bitcoin treasury at a crushing £39,984 per-coin loss

A 90% shareholder rebellion just forced this public company to dump its entire Bitcoin treasury at a crushing £39,984 per-coin loss

Shareholders of Satsuma Technology Plc approved a capital return and delisting with 90.63% and 90.59% of votes cast, respectively, against the majority board's recommendation. The votes put the UK-listed Bitcoin treasury company on a path toward selling its Bitcoin and returning cash to shareholders. The result converted the conditional proposal CryptoSlate covered on July 16 into an approved process. Satsuma's July 20 announcement says the boar…

Satsuma Technology Shareholders Vote 90% to Liquidate 668 BTC Treasury

A supermajority rebellion overruled the board and forced one of the UK's largest listed Bitcoin treasury companies to wind down at a crushing loss.Key takeawaysSatsuma Technology shareholders passed two special resolutions on July 20 with more than 90% of the vote, directing the company to sell its 668 BTC and cancel its LSE listing, overruling four of six board members who argued the vehicle remained viable.As of the company's own June 30 fact …