Satsuma Technology has received High Court approval to cancel 11,235,874,700 B shares, unlocking a £30.7m return of capital to eligible shareholders.
The High Court of Justice approved the cancellation on 8 September, removing the final court condition attached to the company’s capital reduction. Investors are due £0.002734 for each B share, equivalent to a total payment of £30,718,881.
The B shares were created specifically for the distribution, with eligible investors receiving one for every ordinary Satsuma share held at the relevant record time. The shares can now be cancelled and the corresponding capital returned.
Satsuma sold its entire disclosed Bitcoin holding between 24 and 31 July. The 669.4867 BTC sale generated £31,912,395 at a net volume-weighted average price of £47,667 per Bitcoin.
At the record time, the company reported £35,324,953 in cash, including money held by its subsidiary. Its final calculation allowed for estimated transaction and termination costs of £2.6m, while retaining £2m as working capital.
The distribution and the value assigned to each B share were announced on 4 August but remained subject to court approval. Satsuma’s latest announcement did not say that payments had already been made.
Payments are scheduled to be sent by cheque, bank transfer or CREST on or before 28 September. The timetable for the return is separate from the company’s proposed cancellation from the London market.
Shareholders voted on 20 July to approve both the capital return and the cancellation of Satsuma’s London listing. More than 90% of votes supported each proposal, with 90.63% backing the return of capital and 90.59% supporting the listing cancellation.
The vote followed months of pressure from investors who wanted Satsuma to sell its Bitcoin and distribute the proceeds. In April, Pantera Capital and other shareholders called for such a move. Pantera held about 7% of the company at the time, while Satsuma owned about 646 BTC, worth close to $50m.
The company’s shares had fallen by more than 99% from their June 2025 peak, leaving its market value below the value of its Bitcoin holdings. Executive Chairman Ranald McGregor-Smith said Satsuma was considering requests from shareholders.
A June circular estimated that liquidation could return between about £27.7m and £30.9m, depending on warrant exercises, the eventual Bitcoin sale price and costs. Four of Satsuma’s six directors opposed the proposal and two supported it.
The decision reversed a strategy launched when the company was known as TAO Alpha. In July 2025 it announced plans to become Satsuma Technology and build a Bitcoin treasury, appointing Mark Moss as chief Bitcoin strategist.
A month later, Satsuma raised £163.6m through an oversubscribed convertible note issue, against a smaller original target. The financing included 1,097 BTC from investors and was worth approximately $218m, with about $125m settled in Bitcoin. Pantera Capital, Digital Currency Group and Kraken participated alongside traditional institutions.
In December, Satsuma sold 579 BTC for roughly £40m to repay convertible noteholders who did not commit to converting their debt into shares. That left the company with 620 BTC before its holdings later increased again.
The company’s timetable listed 11 September as the expected final trading day for its ordinary shares, with the London listing scheduled for cancellation at 8am on 14 September. Satsuma had not confirmed whether either milestone had been completed.
