Shareholders approved by a margin of over 90% to divest the company’s 668 BTC, return capital to investors, and delist from the London Stock Exchange.
This concludes a Bitcoin treasury experiment that lasted less than twelve months.
Satsuma raised £163.6 million in August 2025 but anticipates returning only £26.8 million to £30 million after covering wind‑down expenses.
Satsuma Technology’s shareholders, a U.K.-based Bitcoin treasury firm, voted to liquidate the company’s entire Bitcoin holdings and dissolve the business, despite opposition from four of its six board members.
Over 90% of votes supported dual resolutions to sell 668 BTC—approximately $43.5 million—and terminate the London Stock Exchange listing, according to a Monday filing. This action unwinds the digital‑asset treasury, known as DAT, the most recent firm to cease operations following the 2025 DAT momentum.
Originally founded as TAO Alpha, a modest AI venture, Satsuma rebranded and appointed Mark Moss as Chief Bitcoin Strategist in August 2025. Moss, an American Bitcoin commentator with more than 700,000 YouTube subscribers, is recognized for guiding institutions on acquiring and holding Bitcoin as a corporate treasury reserve—a digital equivalent of a rainy‑day fund.
That month, Satsuma secured £163.6 million ($218 million) via convertible notes—debt securities that can be redeemed for cash or converted into equity—led by ParaFi Capital, with additional participation from Pantera Capital, Digital Currency Group, and Kraken. Investors pledged 1,097 BTC, substituting roughly $97 million of cash.
The share price peaked at approximately £14, valuing the company at around £66 million, in June 2025. Bitcoin later reached an all‑time high of $126,000 in October before entering a prolonged downtrend—the so‑called crypto winter—that depresses the broader market, including Satsuma’s equity.
By December, Satsuma began asset sales to maintain solvency, liquidating 579 BTC for £40 million to fund repayment of noteholders who opted not to convert their debt into equity by year‑end.
The unraveling
The firm’s CFO left in February 2026, followed by the CEO in March. By April, share prices had fallen by over 99% from their June 2025 peak—trading at fractions of a penny—and Pantera Capital, which held roughly 6.7% of Satsuma’s stock, publicly advocated for complete liquidation.
The rationale was straightforward: Satsuma’s market capitalization had dropped below the value of its Bitcoin holdings on the balance sheet, making equity ownership less attractive than direct coin ownership. Shareholders representing more than 20% of issued capital formally proposed the resolution for a vote.
The board divided sharply, with four of six directors opposing liquidation and arguing that Satsuma remained a viable listed Bitcoin vehicle, while two sided with shareholders urging winding down. Shareholders ultimately overruled the board majority by a substantial margin.
The wind‑down will be executed via a “B Share Scheme,” a U.K. legal framework for returning cash assets to shareholders. Satsuma projects returning between £26.8 million and £30 million after deducting estimated termination costs of £2.7 million, which include legal fees, severance, delisting fees, and run‑off insurance.
Combined with the £40 million obtained from the December BTC sale, total recovered capital amounts to roughly £66–£70 million, compared with the £163.6 million originally raised. Moreover, because convertible note holders are prioritized in the payout hierarchy—receiving funds before common equity—ordinary shareholders may receive considerably less than these figures imply.
Satsuma ranks as the second‑largest U.K.-listed Bitcoin treasury company by holdings, surpassed only by The Smarter Web Company, which possesses 2,878 BTC and has not indicated any intention to wind down.
U.K. High Court hearings to sanction the capital return are scheduled for August and September 2026. Delisting is anticipated in mid‑September, with shareholder payments slated for late September.
