DAT mistake: Satsuma will liquidate Bitcoin treasury and sell $43 million in BTC

Shareholders of British Bitcoin treasury company Satsuma Technology voted to liquidate all Bitcoin positions and close the company.

Shareholders of UK-based Bitcoin treasury company Satsuma Technology have voted to liquidate all Bitcoin held by the company and terminate operations, a decision that overruled the objections of four of the company's six board members.

According to a filing filed Monday, more than 90% of the votes supported two resolutions: sell 668 bitcoins (worth approximately US$43.5 million) and cancel the company's listing on the London Stock Exchange. This move means the end of the digital asset treasury-Satsuma has become another company to announce its dissolution after the trend of digital asset treasury heats up in 2025.

Satsuma was originally a small artificial intelligence company called TAO Alpha, but later changed its name in August 2025 and hired Mark Moss as chief Bitcoin strategist. Moss is a U.S. Bitcoin commentator with more than 700,000 YouTube subscribers and is known for advising institutions on how to buy and hold Bitcoin as a company treasury asset, which essentially amounts to a company's emergency reserve, only in the form of cryptocurrency.

In the same month, Satsuma raised 163.6 million pounds (approximately US$218 million) through convertible bonds. The bond is led by ParaFi Capital and participated by Pantera Capital, Digital Currency Group and Kraken. Investors can choose to recover the principal and interest in cash or convert it into company shares. Investors directly injected 1097 bitcoins, replacing approximately $97 million in cash.

The company's share price peaked in June 2025 at approximately £ 14 per share and a market value of approximately £ 66 million. Bitcoin then hit a record high of $126,000 in October of that year, and then entered a months-long decline, forming the current cryptocurrency winter, dragging down the entire market-including Satsuma's share price.

By December 2025, Satsuma had begun selling assets to maintain solvency: it sold 579 bitcoins for £ 40 million, ensuring enough cash to repay bondholders who chose not to convert debt into shares before the end of the year.

The company's chief financial officer resigned in February 2026, and the CEO followed up in March. By April, shares had fallen more than 99% from their June 2025 peak, trading at just a fraction of a penny. Pantera Capital, which holds approximately 6.7% of Satsuma, has publicly pushed for a full liquidation.

The logic is straightforward: Satsuma's market value-the total dollar value of all its stocks-is already well below the value of Bitcoin held on its balance sheet, which means it is better to hold shares than directly hold Bitcoin. A group of shareholders representing more than 20% of the issued share capital formally put the resolution to a vote.

Serious differences emerged within the board of directors. Four of the six directors opposed the liquidation and believed Satsuma remained a viable carrier for listing bitcoin. The other two supported shareholders in pushing for liquidation. In the end, shareholders overwhelmingly overruled the majority of the board.

Liquidation will take place through a "B-share plan", a legal mechanism in the UK that returns cash assets to shareholders. Satsuma expects to return £ 26.8 million to £ 30 million to shareholders after deducting approximately £ 2.7 million in termination costs, including legal fees, severance payments, delisting costs and follow-up insurance.

Add in the £ 40 million from the sale of Bitcoin in December 2025, the total recovered funds are approximately £ 66 million to £ 70 million, compared with £ 163.6 million originally raised. Because holders of convertible bonds have higher priority than ordinary shareholders in any payment structure (i.e., they receive priority in payment), ordinary shareholders may end up receiving much less than these numbers suggest.

Satsuma is currently the second largest holding company among UK-listed bitcoin treasury companies. Ranked first is The Smarter Web Company, which holds 2878 bitcoins and has not said it will liquidate it.

The British High Court will hold hearings in August and September 2026 to approve the capital return plan. The delisting is expected to be completed in mid-September 2026, and shareholder payments are scheduled to be completed before the end of September.