Shareholders of the UK-based Satsuma Technology bitcoin treasury company have approved plans to sell the company's bitcoin, return capital to investors and delist from the London Stock Exchange.
Over 90% of votes cast supported the capital return and listing cancellation, according to a Monday filing.
Satsuma currently holds 668 BTC worth roughly $43.5 million, making it the second-largest UK-based public bitcoin treasury company behind The Smarter Web Company, according to Bitcoin Treasuries data.
The proposal was put forward at the request of Satsuma shareholders. Four of the company's six directors opposed the proposal, arguing that shareholders would be better off by keeping Satsuma as a listed bitcoin treasury vehicle, while the other two supported returning the capital.
Satsuma's bitcoin treasury company journey was short-lived. The vote comes less than a year after it appointed bitcoin commentator Mark Moss as chief bitcoin strategist and raised £163.6 million ($218 million) in an oversubscribed convertible note round led by ParaFi Capital, with backing from Pantera Capital, Digital Currency Group, Kraken and others.
