Satsuma’s Bitcoin Treasury Experiment Ends After Shareholder Vote to Liquidate $43 Million Holdings
The UK-based Bitcoin treasury company is shutting down less than a year after raising over $200 million, as shareholders overwhelmingly voted to sell its Bitcoin holdings and delist from the London Stock Exchange.
Shareholder Revolt Ends Bitcoin Treasury Experiment
Shareholders of Satsuma Technology, a London-based Bitcoin treasury company, have voted to unwind the business entirely, marking the abrupt end of what was meant to be a long-term institutional approach to holding Bitcoin as a corporate asset. With over 90% support, investors approved resolutions to liquidate the company’s 668 Bitcoin holdings—valued at approximately $43.5 million—and remove the company from the London Stock Exchange.
The move represents a dramatic reversal for Satsuma, which had positioned itself as a legitimate vehicle for institutional Bitcoin accumulation when it launched its Bitcoin treasury strategy less than twelve months prior. The company’s six-member board split sharply on the decision, with four directors opposing the liquidation while two sided with the shareholder majority pushing for shutdown.
The Rapid Rise and Fall of a Bitcoin Treasury
Satsuma’s journey from $218 million fundraise to liquidation unfolded with remarkable speed. In August 2025, the company raised £163.6 million through convertible notes, attracting major crypto investors including ParaFi Capital, Pantera Capital, Digital Currency Group, and Kraken. Notably, investors contributed over 1,000 Bitcoin directly to the treasury in place of nearly $97 million in cash, betting on Bitcoin’s continued appreciation.
The timing appeared fortuitous. Bitcoin’s price surged to an all-time high of $126,000 in October 2025, and Satsuma’s stock peaked at around £14 per share that June—representing roughly £66 million in market capitalization. The company had recruited Mark Moss, an influential American Bitcoin commentator with over 700,000 YouTube subscribers, as Chief Bitcoin Strategist to guide the initiative.
However, the crypto winter that followed proved devastating. As Bitcoin prices declined significantly from their October peak, Satsuma’s stock collapsed in tandem. By April 2026, shares had shed over 99% of their June value, trading for fractions of a penny. The company’s leadership deteriorated in parallel—the CFO departed in February 2026, followed by the CEO in March.
Capital Returned, But With Significant Losses
The liquidation reveals the harsh mathematics of Satsuma’s predicament. After raising £163.6 million, the company expects to return only £26.8 to £30 million to investors following wind-down costs—representing losses of roughly 80-84% of the initial capital. By December 2025, Satsuma had already sold 579 Bitcoin for £40 million simply to maintain sufficient cash reserves for investors who had chosen not to convert their debt into equity.
Pantera Capital, holding approximately 6.7% of Satsuma’s stock, led the public push for liquidation, arguing that the company’s market value had fallen below the value of its Bitcoin holdings—a position where keeping the company listed made no financial sense.
Satsuma’s failure to survive the crypto winter underscores the challenges corporate Bitcoin strategies face during prolonged market downturns, raising questions about the viability of publicly-listed crypto treasury vehicles.
Source: Satsuma Technology, via Decrypt. Not financial advice.