Satsuma Technology to return £30.7 million to shareholders after Bitcoin sale

Satsuma Technology has received approval from the High Court of Justice to proceed with a £30.7 million capital return to its shareholders. This move follows the company's decision to liquidate its entire Bitcoin treasury and delist from the London stock market.

Between July 24 and July 31, the firm sold 669.4867 BTC, generating approximately £31.9 million at an average realized price of £47,667 per Bitcoin. The court's ruling on September 8 cleared the way for the cancellation of over 11.2 billion B shares, which were created specifically to facilitate the distribution.

Eligible investors are set to receive £0.002734 for each B share. Payments are expected to be processed via bank transfers, checks, or CREST by September 28. After accounting for an estimated £2.6 million in transaction and termination expenses, the company intends to retain approximately £2 million as working capital.