Satsuma to Sell All BTC and Wind Down One Year After Launching Bitcoin Strategy
Shareholders of Satsuma Technology, a UK company operating under a corporate Bitcoin treasury model, voted to sell all of the Bitcoin it holds, return most of its capital to investors and delist from the London Stock Exchange (LSE). The company’s BTC accumulation strategy will therefore come to an end less than a year after it was launched.
According to the company, more than 90% of votes cast at the general meeting supported two key resolutions. The sale of all remaining Bitcoin reserves and the return of capital to shareholders received 90.63% approval, while 90.59% voted in favour of delisting Satsuma shares from the London Stock Exchange.
Satsuma currently holds 668 BTC worth approximately $43.5 million. It is the second-largest corporate Bitcoin treasury holder in the UK, behind The Smarter Web Company, which owns 2,878 BTC.
After deducting around £2.7 million in liquidation costs, including legal expenses, delisting fees, severance payments and insurance, Satsuma expects to return between £26.8 million and £30 million to shareholders. Including the £40 million raised from the sale of 579 BTC in late 2025, the total capital recovered could reach £66 million to £70 million.
The liquidation must still be approved by the High Court of England and Wales. According to the published schedule, the shareholder register will close on August 3, while court hearings are scheduled for August 13 and September 8. If approved, the company will delist on September 14 and complete payments to shareholders by September 28, 2026.
From a $218 Million Fundraising Round to Liquidation
As the FORECK.INFO editorial team notes, less than a year ago Satsuma was regarded as one of the most prominent companies in the new wave of corporate crypto treasury firms.
The company originally operated as TAO Alpha and focused on artificial intelligence technologies. In August 2025, it was renamed Satsuma Technology and shifted to a Bitcoin accumulation strategy.
During the same period, the company appointed well-known Bitcoin commentator Mark Moss as Director of Bitcoin Strategy and raised £163.6 million, or approximately $218 million, through a convertible bond offering. The round was led by ParaFi Capital, with participation from Pantera Capital, Digital Currency Group, Kraken and other investors.
Notably, investors contributed 1,097 BTC instead of nearly $97 million in cash, demonstrating strong confidence in the company’s corporate Bitcoin treasury strategy. However, after Bitcoin reached an all-time high of around $126,000 in October 2025, the market entered a prolonged correction. Satsuma’s share price and operating performance subsequently began to decline.
In December 2025, the company was forced to sell 579 BTC, almost half of its reserve, raising approximately £40 million. The funds were used to repay bondholders who chose not to convert their bonds into shares at maturity.
The company then experienced a series of management changes. Its chief financial officer departed in February 2026, followed by the resignation of the chief executive officer one month later.
By April 2026, SATS shares had lost more than 97% of their value compared with the all-time high recorded in June 2025.
Following the sharp decline in the share price, Pantera Capital, which held approximately 6.7% of the company, and other investors publicly called for Satsuma to be liquidated. They argued that the company’s market capitalization had fallen below the value of its Bitcoin reserves.
This meant shareholders could potentially receive more from the sale of all BTC and the return of capital than from keeping the company in operation. A group of investors representing more than 20% of the share capital subsequently submitted a formal proposal to put the liquidation plan to a vote, leading to its approval.
First Sign That the Corporate Bitcoin Treasury Boom Is Cooling?
Satsuma’s liquidation reflects the difficulties facing companies operating under the Digital Asset Treasury model following the rapid market expansion of 2025.
Empery Digital previously sold 1,400 BTC for more than $87 million to redirect capital toward artificial intelligence data centres and repay obligations to investors.
Strategy, the world’s largest corporate Bitcoin holder, also sold 3,588 BTC in July 2026, raising $216 million to meet preferred share obligations for the month and the most recent quarter. This marked the first use of its previously announced Digital Credit Capital Framework, which allows Strategy to sell part of its Bitcoin reserve when necessary to support liquidity and optimize its capital structure.
Conclusion: Satsuma’s decision shows that the corporate Bitcoin treasury model becomes vulnerable when a company’s market capitalization falls below the value of its BTC holdings. In the next phase, investors are likely to assess such companies not only by the size of their crypto reserves, but also by their liquidity, debt burden and ability to create sustainable shareholder value.
