Satsuma Technology shareholders have voted overwhelmingly to liquidate the company’s remaining Bitcoin holdings and steps to dissolve the business, marking a decisive end to the short-lived experiment of running a listed Bitcoin treasury on the London Stock Exchange.
Shareholder Vote and Liquidation Plan
More than 90% of votes cast at a recent meeting favored two key measures: selling all 668 BTC—currently valued at about $43.5 million—and canceling Satsuma’s listing on the London Stock Exchange. The decision passed despite opposition from a majority of the board, with four directors arguing that Satsuma could still serve as a viable publicly-traded Bitcoin investment vehicle.
Satsuma, based in the U.K., joins a wave of digital asset treasury (DAT) companies that have opted to wind down operations after a surge in the DAT trend earlier in 2025. The move comes as Satsuma’s stock performance and Bitcoin holdings diverged throughout the second half of the year, sharply reducing shareholder value.
Satsuma’s market capitalization fell far below the value of its Bitcoin assets on hand, creating a scenario where holding company shares appeared less attractive than owning BTC directly.
Origins and Funding
The company originally operated as TAO Alpha, a small artificial intelligence firm, before rebranding and recruiting Mark Moss as Chief Bitcoin Strategist in August 2025. Moss, an American Bitcoin advocate with over 700,000 YouTube followers, is recognized for guiding institutions interested in acquiring and managing Bitcoin as corporate treasury assets.
That same month, Satsuma secured £163.6 million ($218 million) through a convertible note offering led by ParaFi Capital and joined by Pantera Capital, Digital Currency Group, and Kraken. Notably, investors contributed 1,097 BTC in lieu of approximately $97 million in cash, reflecting strong enthusiasm for the Bitcoin treasury model at the time.
The stock climbed to a high of around £14 per share in June 2025, giving Satsuma a market capitalization near £66 million. However, as Bitcoin reached a record price of $126,000 in October 2025 before declining, Satsuma’s shares and broader crypto markets entered a prolonged downturn.
Mini dictionary: Convertible note – A form of short-term debt that can convert into equity, typically in connection with a future financing round. Investors can reclaim their money as cash or choose to become shareholders.
By December 2025, Satsuma was forced to sell 579 BTC for £40 million to meet its obligations to noteholders opting for repayment rather than equity conversion.
| Event | BTC Sold | Cash Raised (£) | Shares Value |
|---|---|---|---|
| Convertible Notes Raised | 1,097 BTC | Part of £163.6 million | Peak at £66 million |
| Asset Sale (Dec 2025) | 579 BTC | £40 million | N/A |
| Final Liquidation | 668 BTC | Estimated £26.8–£30 million after costs | Near zero (shares plummeted) |
Market Rout and Leadership Departures
Throughout early 2026, Satsuma’s financial and leadership stability deteriorated. The company’s CFO left in February, and the CEO resigned the following month. By April, Satsuma shares had lost over 99% of their June 2025 value and were trading at fractions of a penny. Pantera Capital, a U.S.-based investment firm that owns about 6.7% of the company, called publicly for a total wind-down, citing the discrepancy between the company’s Bitcoin assets and its market capitalization.
A shareholder group representing over 20% of issued capital initiated a formal vote for liquidation. The board split 4-2, with most directors pushing to continue operations, but the shareholder majority prevailed decisively.
Settlement and Remaining UK Bitcoin Treasuries
Satsuma will conduct the payout using a “B Share Scheme,” a UK legal framework used to distribute cash assets to shareholders. The company expects to return between £26.8 million and £30 million after deducting around £2.7 million in wind-down fees, including legal services, severance pay, delisting expenses, and insurance.
In total, Satsuma’s combined capital returns—including the December Bitcoin sale—amount to an estimated £66–£70 million, a significant shortfall compared to the £163.6 million originally raised. Since convertible note holders receive priority in the payout process, ordinary shareholders are likely to recover less than the final post-liquidation cash figure.
Satsuma ranks as the second-largest listed Bitcoin treasury company in the United Kingdom by holdings. The top position is held by The Smarter Web Company, which retains 2,878 BTC and has not publicly considered a wind-down.
Approval for Satsuma’s capital return plan now goes to U.K. High Court hearings scheduled for August and September 2026. The company is expected to delist from the LSE in mid-September, with shareholder payments following later that month.
