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Key Takeaways
- More than 90% of shareholders voted to sell Satsuma’s 668 BTC, worth roughly $43.5 million, and cancel the company’s LSE listing.
- Bitcoin’s decline from its October high dragged Satsuma’s stock down more than 99% from its June 2025 peak, prompting Pantera Capital to push for liquidation.
- Satsuma expects to return £26.8 million to £30 million to shareholders through a “B Share Scheme,” against £163.6 million originally raised.
Shareholders of Satsuma Technology, a U.K.-based Bitcoin treasury company, voted to liquidate the company’s entire Bitcoin position and shut down the business, overruling four of the company’s six board members. More than 90% of votes cast backed the move, according to a Monday filing.
Shareholders Approve Sale And Delisting
The vote covered two resolutions: selling 668 BTC, worth roughly $43.5 million, and canceling the company’s London Stock Exchange listing. Satsuma becomes the latest digital asset treasury company to unwind after several firms adopted Bitcoin treasury strategies in 2025.
The board split on the decision. Four of six directors opposed liquidation, arguing Satsuma remained a viable listed Bitcoin vehicle. The other two-sided with shareholders pushing to wind down.
From AI Startup To Bitcoin Treasury
Satsuma began as TAO Alpha, a small artificial intelligence firm, before rebranding and hiring Mark Moss as chief Bitcoin strategist in August 2025. Moss, an American Bitcoin commentator with more than 700,000 YouTube subscribers, has advised institutions on holding Bitcoin as a corporate treasury asset.
The same month, Satsuma raised £163.6 million (about $218 million) through convertible notes led by ParaFi Capital, with Pantera Capital, Digital Currency Group, and Kraken participating. Investors contributed 1,097 BTC directly in place of roughly $97 million in cash. Satsuma’s stock peaked near £14 per share, valuing the company at roughly £66 million, in June 2025.
Bitcoin’s Slide Triggered A Cash Crunch
Bitcoin hit an all-time high of $126,000 in October before entering a months-long decline. The drop dragged Satsuma’s stock down with it. By December, the company was already selling assets to stay solvent, offloading 579 BTC for £40 million to repay note holders who chose not to convert their debt into shares by year-end.
The company’s chief financial officer departed in February 2026, and its chief executive left in March. By April, shares had lost more than 99% of their June 2025 value, trading at fractions of a penny. Pantera Capital, which holds about 6.7% of Satsuma’s stock, began pushing publicly for full liquidation once the company’s market capitalization fell well below the value of the Bitcoin on its balance sheet.
Wind-Down Terms And Shareholder Recovery
A group of shareholders representing more than 20% of issued capital formally called the liquidation vote. The wind-down will proceed through a “B Share Scheme,” a U.K. legal mechanism for returning cash assets to shareholders.
Satsuma expects to return between £26.8 million and £30 million after estimated termination costs of £2.7 million, covering legal fees, severance, delisting charges, and run-off insurance. Combined with the £40 million recovered from the December Bitcoin sale, total capital recovered comes to roughly £66 million to £70 million against the £163.6 million originally raised. Convertible note holders rank above common equity in the payout structure, so the amount available to ordinary shareholders may differ from those totals.
Satsuma’s Position Among UK Bitcoin Treasury Firms
Satsuma is currently the second-largest U.K.-listed Bitcoin treasury company by holdings. The Smarter Web Company holds the largest position, at 2,878 BTC, and has not indicated plans to wind down.
U.K. High Court hearings to approve the capital return are scheduled for August and September 2026. The delisting is expected in mid-September, with shareholder payments due by late September.
