Shareholders of Satsuma Technology, a UK-based Bitcoin treasury company, have voted overwhelmingly to liquidate its entire Bitcoin position and shut down the business, marking a rapid end to a hyped digital asset treasury experiment. More than 90% of votes cast backed the dual resolutions to sell 668 BTC—worth roughly $43.5 million—and cancel the company’s London Stock Exchange listing.
Satsuma started life as TAO Alpha, an AI firm, before rebranding and hiring Bitcoin commentator Mark Moss as Chief Bitcoin Strategist in August 2025. That same month, it raised £163.6 million ($218 million) via convertible notes from investors including ParaFi Capital, Pantera Capital, Digital Currency Group, and Kraken, who contributed 1,097 BTC directly. The stock peaked at £14 per share in June 2025, but Bitcoin’s decline from its $126,000 all-time high in October dragged Satsuma into crisis. By December 2025, the company sold 579 BTC for £40 million to repay noteholders, and by early 2026 both its CFO and CEO had departed. Shares lost over 99% of their value.
Pantera Capital, holding 6.7% of the stock, publicly pushed for liquidation after Satsuma’s market cap fell well below its Bitcoin holdings. A shareholder group with over 20% of issued capital forced the vote, overruling four of six board members who opposed the wind-down. The wind-down will use a “B Share Scheme” to return cash to shareholders, with estimated returns of £26.8–£30 million after £2.7 million in costs. Together with the December Bitcoin sale, total recovered capital is around £66–£70 million against the £163.6 million originally raised, and ordinary shareholders could get even less due to convertible noteholders’ priority.
The UK High Court will review the capital return in August and September 2026, with delisting and payments expected by late September. Satsuma is the second-largest UK-listed Bitcoin treasury; The Smarter Web Company, with 2,878 BTC, has not indicated it will follow suit.
