Summary
- Shareholders overwhelmingly approved a plan to liquidate the company's 668 BTC, return capital, and cancel its listing on the London Stock Exchange.
- This decision concludes a Bitcoin treasury initiative that lasted less than a year.
- Satsuma raised £163.6 million in August 2025 but anticipates returning only £26.8 to £30 million after wind-down expenses.
Satsuma Technology, a Bitcoin treasury firm based in the U.K., has received shareholder approval to liquidate its entire Bitcoin assets and cease operations, despite opposition from four of its six board members.
Over 90% of the votes supported the resolutions to sell 668 BTC, valued at approximately $43.5 million, and to delist from the London Stock Exchange, according to a filing made on Monday. This development marks the end of the digital asset treasury (DAT) venture, a trend that gained traction in 2025.
Initially known as TAO Alpha, Satsuma transformed into a Bitcoin-focused entity and appointed Mark Moss as Chief Bitcoin Strategist in August 2025. Moss, a prominent Bitcoin commentator with over 700,000 YouTube followers, is recognized for advising corporations on integrating Bitcoin into their treasury management.
In August 2025, Satsuma secured £163.6 million ($218 million) through convertible notes—financial instruments that can be converted into shares or redeemed for cash—led by ParaFi Capital and supported by Pantera Capital, Digital Currency Group, and Kraken. Investors directly contributed 1,097 BTC instead of approximately $97 million in cash.
The company's stock reached its peak around £14 per share, equating to a market cap of roughly £66 million, in June 2025. Following this, Bitcoin reached its all-time high of $126,000 in October, but subsequently entered a prolonged downturn, negatively impacting the broader market, including Satsuma's stock.
By December, Satsuma was already selling off assets to maintain liquidity, including a sale of 579 BTC for £40 million to ensure funds were available to repay noteholders who opted not to convert their debt by year-end.
Decline of the Business
The company's CFO left in February 2026, followed by the CEO in March. By April, shares had plummeted more than 99% from their June 2025 peak, trading at mere fractions of a penny. Pantera Capital, which owned about 6.7% of Satsuma's shares, publicly advocated for the company's complete liquidation.
The rationale was clear: Satsuma's market capitalization had dropped well below the value of its Bitcoin holdings, making ownership of the stock less desirable than holding the cryptocurrency directly. A shareholder group representing over 20% of the issued capital formally proposed the liquidation vote.
The board was divided, with four directors opposing the liquidation and two supporting the shareholders' push to wind down operations. Ultimately, shareholders decisively overruled the board's majority opinion.
The liquidation will proceed under a "B Share Scheme," a U.K. legal framework for distributing cash assets to shareholders. Satsuma estimates it will return between £26.8 million and £30 million after accounting for termination costs of £2.7 million, which includes legal fees, severance, delisting expenses, and insurance.
When combined with the £40 million from the December BTC sale, the total capital recovered is expected to be around £66–£70 million against the £163.6 million initially raised. Furthermore, because convertible note holders have priority in the payout hierarchy, ordinary shareholders may receive considerably less than the anticipated amounts.
Currently, Satsuma ranks as the second-largest Bitcoin treasury firm listed in the U.K., following The Smarter Web Company, which holds 2,878 BTC and has not announced any plans to wind down.
Hearings in the U.K. High Court to approve the capital return are scheduled for August and September 2026. The delisting is anticipated to occur in mid-September, with shareholder payments expected by late September.