In short
- Shareholders voted by more than 90% to sell the company’s 668 BTC, return funds, and delist it from the London Stock Exchange.
- This marks the end of the Bitcoin Treasury experiment within twelve months.
- Satsuma raised $163.6 million in August 2025 but expects to recoup $26.8 to $30 million after spending.
The shareholders of Satsuma Technology, a UK-based Bitcoin Treasury company, have voted to liquidate the entire Bitcoin business and close the business, breaking four of its six members.
More than 90% of the votes cast supported the two decisions to sell 668 BTC—worth about $43.5 million—and delist the company from the London Stock Exchange. in writing on Monday. The move will unleash digital assets, or DAT for short—the latest company to announce the date DAT vaporizes in 2025.
Satsuma started life as TAO Alpha, a small AI company, before rebranding as well writing a job Mark Moss in August 2025 as Chief Bitcoin Strategist. Moss is an American Bitcoin commentator with over 700,000 YouTube subscribers who is known to advise organizations on how to buy and hold Bitcoin as a corporate asset – basically, a corporate rainy day fund, but in crypto.
The same month, Satsuma he was promoted £163.6 million ($218 million) through convertible bonds – debt instruments that investors can redeem as cash or exchange for company shares – led by ParaFi Capital, with Pantera Capital, Digital Currency Group, and Kraken joining. Investors contributed 1,097 BTC directly in exchange for approximately $97 million.
Sales went up all around £14 per shareapproximately £66 million in the market cap, in June 2025. Bitcoin then hit $126,000 all the time in October before entering a multi-month slide that became the crypto winter, dragging other markets—including the Satsuma stock—with it.
By December, Satsuma was already there selling goods to be solvent: 579 BTC went to £ 40 million to ensure that they had enough money to repay the noteholders who chose not to turn the loan into shares by the end of the year.
Opening
The company’s CFO left in February 2026; The CEO followed in March. By April, shares had lost more than 99% of their June 2025 value — trading at 1 penny a share — and Pantera Capital, which owns about 6.7% of Satsuma’s assets, they started arguing openly to be completely eliminated.
The point was straightforward: Satsuma’s market share—the sum of the dollar value of all its shares—fell far below the value of Bitcoin on its own website, while owning shares is worse than owning money directly. A group of shareholders representing more than 20% of the issued capital votes.
The group was deeply divided. Four of the six directors opposed the closure, arguing that Satsuma is still a reliable Bitcoin vehicle. The two on the side are the partners pushing for the fall. The shareholders defeated the majority of the board by a wide margin.
The reduction goes through the “B Share Scheme,” the UK’s official way of distributing wealth to shareholders. Satsuma expects to recover between £26.8 million and £30 million after the settlement of £2.7 million – legal fees, severance, charges, and final insurance.
Combined with the £40 million raised from December’s BTC sale, the total returned around £66-£70 million against the £163.6 million it had originally raised. And because the holders of the convertible notes sit above the ordinary in terms of payouts — meaning they get paid first — stockholders can walk away with much less than the numbers suggest.
Satsuma is currently the second largest UK company listed by Bitcoin Treasury. The first is The Smarter Web Companywhich holds 2,878 BTC and has not said it will expire.
UK High Court cases to approve the recapitalization are set for August and September 2026. The withdrawal is expected in mid-September, and the payment to shareholders is due at the end of September.
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