Samoan shareholders vote to liquidate $43.5 million bitcoin and withdraw from London Stock Exchange

Satsuma Technology shareholders voted to liquidate US$43.5 million in Bitcoin and terminate the London listing.

Satsuma Technology shareholders voted overwhelmingly to liquidate the company's remaining Bitcoin positions and proceed to dissolve the company's business. This marks the end of a brief experiment in operating a listed bitcoin vault on the London Stock Exchange.

Shareholder Voting and Liquidation Plan

At a recent meeting, more than 90% of the votes supported two key moves: the sale of all 668 BTC units (currently worth approximately US$43.5 million) and the cancellation of Satsuma's listing on the London Stock Exchange. The decision was passed despite opposition from a majority of board members. Four directors argued that Satsuma could still serve as a viable publicly traded Bitcoin investment vehicle.

UK-based Satsuma has joined the wave of digital asset vault (DAT) companies that have opted to end operations after a surge in DAT trends in early 2025. The move comes as Satsuma's share price performance deviates from its Bitcoin position in the second half of 2025, seriously eroding shareholder value. Satsuma's market value is much lower than the value of the Bitcoin assets it holds, making holding company shares significantly less attractive than directly holding Bitcoin.

Origin and Financing

Originally called TAO Alpha, the company is a small artificial intelligence company. In August 2025, the company changed its name and recruited Mark Moss as its chief Bitcoin strategist. Moss is an American Bitcoin advocate with more than 700,000 followers on YouTube and is known for guiding institutions to acquire and manage Bitcoin as a company treasury asset.

In the same month, Satsuma raised £ 163.6 million (US$218 million) through a convertible note issuance led by ParaFi Capital and participated by Pantera Capital, Digital Currency Group and Kraken. It is worth noting that investors replaced approximately $97 million in cash with 1097 BTC, reflecting the market's enthusiasm for the Bitcoin vault model at the time.

The stock climbed to a high of about £ 14 per share in June 2025, bringing Satsuma's market value to nearly £ 66 million. However, when Bitcoin began to fall after reaching a record high of $126,000 in October 2025, Satsuma's share price and the broader cryptocurrency market entered a long downturn.

Mini Dictionary: Convertible note-A form of short-term debt that can be converted into equity, usually associated with future financing rounds. Investors can choose to withdraw cash or choose to become shareholders.

By December 2025, Satsuma was forced to sell 579 BTC units in exchange for £ 40 million to meet its obligations to note holders who opted for repayment rather than equity conversion.

Event Table

Event: Convertible notes raised-Volume: 1097 BTC -Cash raised: Part of £ 163.6 million-Share price value: Peak of £ 66 million

Event: Asset sale (December 2025)--Volume: 579 BTC --Cash raised: £ 40 million--Share price value: N/A

Event: Final liquidation--Volume: 668 BTC --Cash raised: Estimated £ 26.8 - 30 million after deducting costs--Share price value: Near zero (stock price collapse)

Market collapse and leadership resignation

In early 2026, Satsuma's financial and leadership stability continued to deteriorate. The company's chief financial officer resigned in February and its chief executive officer resigned the following month. By April, Satsuma's share price had fallen more than 99% from its June 2025 peak, trading at less than a penny. Pantera Capital, a U.S. investment firm that holds about 6.7% of the company, publicly called for a full liquidation, citing the gap between the company's Bitcoin assets and its market value.

A group of shareholders representing more than 20% of the issued share capital initiated a formal vote to call for liquidation. The board of directors was divided by a 4 - 2 vote. Most directors advocated continuing operations, but the majority opinion of shareholders ultimately dominated.

Liquidation with the remaining British Bitcoin vault company

Satsuma will use the "B Share Scheme" for distribution, a legal framework in the UK used to distribute cash assets to shareholders. The company expects to return between £ 26.8 million and £ 30 million after deducting approximately £ 2.7 million in liquidation costs, including legal services, severance payments, delisting costs and insurance. Taken together, Satsuma's capital return (including the December Bitcoin sale) is estimated to be between £ 66 million and £ 70 million, a huge gap compared to the £ 163.6 million originally raised. Because holders of convertible notes have priority in the payment process, ordinary shareholders may ultimately receive a lower amount of cash after liquidation.

Satsuma is the second largest listed Bitcoin vault company in the UK by position. Ranked first is The Smarter Web Company, which holds 2878 BTC and has not publicly considered liquidation.

Satsuma's capital return plan has now been submitted to the British High Court, pending approval at hearings scheduled for August and September 2026. The company is expected to delist from the London Stock Exchange in mid-September, with shareholder payments due later that month.