UK firm sells its entire Bitcoin stash and returns 669 BTC — who lands the cash?

What actually happened

In short: a UK-listed company sold its whole Bitcoin reserve and then got the court to let it hand cash back to investors. The firm sold roughly 669.5 BTC in late July at a volume-weighted price of about £47,667 per coin, which translated into roughly £31.9 million of proceeds. At the record time the company had about £35.3 million in cash across the group.

To tidy up the books the company created B shares as the payment vehicle — one B share was issued for each ordinary share held at the record time. The plan was to cancel those B shares, which legally allows the company to make a capital repayment to eligible holders while the ordinary shares move toward being delisted.

The High Court signed off on the capital reduction in early September, fixing the total payout at about £30,718,881 and the per‑B‑share figure at £0.002734. Those headline numbers already account for around £2.6 million in estimated transaction and termination costs plus a retained £2 million buffer for working capital.

Who gets paid, how and when

Eligible shareholders who held ordinary shares at the record time and therefore received the B shares are the ones in line for the cash. Canceling the B shares is the trigger that enables the cash repayment — think of the B shares as the company’s little IOU tickets that were then torn up and exchanged for money.

There are a couple of calendar notes: shareholders had previously voted to approve the capital return and delisting back in July, but that vote started the process rather than finishing it. The court approval removed the last major legal hurdle in September. The company’s timetable said trading would likely stop in mid‑September and that eligible investors should receive payment — by bank transfer, CREST credit or cheque — on or before September 28. In other words, approval and actual cash hitting accounts are two separate moments.

So, bottom line: the company sold its BTC, covered fees and a small working-capital reserve, got the court to cement the repayment amount, and will distribute the roughly £30.7 million among holders of the canceled B shares according to the tiny per‑share rate announced. It’s not a payday for Bitcoin holders per se, but it is the end of this firm’s crypto piggy bank and the beginning of its exit from the public market.