Satsuma Technology to Liquidate Bitcoin Treasury, Return $43.5M to Shareholders
In brief
- Satsuma shareholders approved liquidation with 90%+ voting support, overruling four board members opposed to the decision
- Company will sell 668 BTC (~$43.5M) and delist from London Stock Exchange by mid-September 2026
- Investors expect to recover $66–$70 million against $218 million raised in August 2025
The Vote and Timeline
More than 90% of votes cast backed resolutions to sell 668 BTC worth roughly $43.5 million and cancel the company's London Stock Exchange listing. A group of shareholders representing more than 20% of issued capital formally put the liquidation resolution to a vote.
UK High Court hearings to approve the capital return are set for August and September 2026. The delisting is expected mid-September, with shareholder payments due by late September.
From $218 Million to Collapse
Satsuma raised £163.6 million ($218 million) through convertible notes in August 2025, led by ParaFi Capital with Pantera Capital, Digital Currency Group, and Kraken joining in. Investors contributed 1,097 BTC directly in place of roughly $97 million in cash during the fundraise.
The timing proved disastrous. Bitcoin hit its $126,000 all-time high in October 2025 before entering a months-long slide. Satsuma's stock peaked around £14 per share in June 2025, roughly £66 million in market cap. By April 2026, shares had lost more than 99% of that value—trading at fractions of a penny.
The math worked against the treasury model itself. The company's market cap fell well below the value of the Bitcoin sitting on its own balance sheet, making the stock strictly worse than owning the coin directly.
Pressure Mounts
Pantera Capital, holding about 6.7% of Satsuma's stock, began pushing publicly for full liquidation. The company's CFO departed in February 2026; the CEO followed in March.
By December, Satsuma was already selling assets to stay solvent: 579 BTC went for £40 million to ensure it had enough cash to repay noteholders.
Capital Recovery
Satsuma expects to return between £26.8 million and £30 million after estimated termination costs of £2.7 million. Combined with the £40 million from the December BTC sale, total capital recovered lands around £66–£70 million against the £163.6 million originally raised.
Investors face a loss of roughly 60% on their initial capital. Satsuma is currently the second-largest UK-listed Bitcoin treasury company by holdings, behind The Smarter Web Company, which holds 2,878 BTC and has not suggested it's winding down.
