Satsuma wins court approval to return £30.7M to shareholders
- —The High Court approved the cancellation of 11,235,874,700 B shares on September 8
- —669.4867 BTC were sold between July 24 and 31 for £31.9 million at £47,667 per BTC
- —Payout of £0.002734 per B share, totaling £30,718,881, due by September 28
- —Delisting from the London Stock Exchange is scheduled for September 14
Why it matters: The collapse of Satsuma's bitcoin treasury strategy is a warning sign of the risks facing public companies that hold BTC on their balance sheets.
Source: crypto.news