In today’s Bitcoin update, shareholders of Satsuma Technology have overwhelmingly approved a plan to liquidate the company’s remaining 668 BTC—valued at roughly $43.5 million—and reverse its intended delisting from the London Stock Exchange. Backed by more than 90% of votes, the decision overruled most of the board and effectively ends a Bitcoin treasury strategy that lasted under a year.
The outcome marks a steep loss for investors in the UK crypto market. Of the £163.6 million raised in August 2025, shareholders are now expected to recover just £26.8 million to £30 million after expenses—equating to less than 20% of the original capital.
This development comes as Bitcoin edges up slightly by about 0.4% over the past day, yet remains below $66,000. The asset is currently trading near $65,700, with daily volume around $31.8 billion.
From Major Raise to Sharp Decline
Satsuma began as TAO Alpha, a small artificial intelligence firm, before rebranding and pivoting toward a Bitcoin-focused treasury strategy. In August 2025, the company brought on Mark Moss, a prominent Bitcoin commentator, as Chief Bitcoin Strategist.
It then raised £163.6 million via convertible notes, led by ParaFi Capital, with participation from Pantera Capital, Digital Currency Group, and Kraken. Notably, some investors contributed 1,097 BTC instead of cash, equivalent to about $97 million at the time.
The company’s stock reached a high of around £14 per share in June 2025, while Bitcoin surged to a record $126,000 in October. However, the subsequent market downturn dragged both BTC and Satsuma’s valuation sharply lower.
By December 2025, Satsuma began liquidating assets to remain solvent, selling 579 BTC for £40 million to repay noteholders unwilling to convert to equity. Leadership changes followed, with the CFO stepping down in February 2026 and the CEO departing a month later. By April, the share price had collapsed by more than 99% from its peak.
At that stage, Pantera Capital—holding about 6.7% of shares—pushed for full liquidation, noting that the company’s market capitalization had fallen below the value of its Bitcoin reserves. This meant holding shares was less attractive than directly owning BTC. A shareholder group controlling over 20% of equity formally brought the matter to a vote.
The board was divided, with four directors opposing liquidation and two supporting it. Ultimately, the overwhelming shareholder vote rendered the opposition irrelevant.
Pressure on the Treasury Model
Satsuma’s collapse highlights the fragility of the digital asset treasury (DAT) model, which became popular among UK small-cap firms in 2025. Inspired by approaches like MicroStrategy’s, these companies aimed to give investors indirect exposure to Bitcoin while maintaining minimal operating businesses to comply with listing requirements.
The model performs well during bullish markets but becomes unstable when both Bitcoin prices and equity valuations decline together. Convertible debt structures can force companies to sell assets at unfavorable times, amplifying losses.
Regulatory pressures in the UK further complicate the model, adding structural challenges that pure Bitcoin holdings do not face.
Satsuma’s wind-down will proceed through a “B Share Scheme,” a mechanism used to return capital to shareholders. Estimated costs of shutting down total £2.7 million, including legal fees, severance, delisting charges, and insurance. Combined with earlier asset sales, total returns are projected at £66–70 million—far below the original £163.6 million raised.
Importantly, convertible noteholders will be paid before equity holders, meaning ordinary shareholders may receive even less than the headline recovery figures.
At the time of the vote, Satsuma was the UK’s second-largest listed Bitcoin treasury firm. The Smarter Web Company, which holds 2,878 BTC, now leads the sector and has not signaled any similar plans. However, Satsuma’s outcome is likely to intensify scrutiny across comparable companies.
The situation also contrasts with Michael Saylor’s strategy of holding Bitcoin through downturns, rather than liquidating under pressure—an approach that remains a point of debate in corporate crypto circles.
Timeline and Next Steps
The wind-down still requires approval from the UK High Court, with hearings scheduled for August and September 2026. The company is expected to delist from the London Stock Exchange by mid-September, with shareholder payouts anticipated later that month.
For investors, the final recovery will depend heavily on the sale price of the remaining 668 BTC. Even small movements in Bitcoin’s price could significantly impact the final distribution, currently estimated between £26.8 million and £30 million.
As noteholders take priority in repayments, equity investors will only receive what remains after all liabilities and costs are settled, placing them last in the payout structure.
