Shareholders of Satsuma Technology have voted to liquidate the company's 668 BTC treasury (worth $43.5M) and delist from the London Stock Exchange, overruling a board majority. The move follows a >99% stock price collapse after Bitcoin's market decline. The company, part of a 2025 trend of corporate Bitcoin accumulation, now expects to return only £26.8M-£30M of the £163.6M it raised, signaling a broader reversal for digital asset treasuries.
Shareholder liquidation vote
- ▪Shareholders of Satsuma Technology voted to liquidate the company's Bitcoin treasury, return capital, and delist from the London Stock Exchange
- ▪The vote was formally requested by shareholders representing more than 20% of Satsuma Technology's issued capital
- ▪The resolution for capital return passed with 90.63% support, while the delisting resolution passed with 90.59% support
Satsuma founding history
- ▪At the time of the vote, Satsuma Technology held 668 BTC, worth approximately $43.5 million
- ▪Satsuma Technology was the UK's second-largest public Bitcoin treasury, behind The Smarter Web Company
- ▪In August 2025, Satsuma Technology hired American Bitcoin commentator Mark Moss as its Chief Bitcoin Strategist
- ▪Satsuma Technology was formerly a small AI firm named TAO Alpha before rebranding in 2025
Initial fundraising round
- ▪As part of the raise, investors contributed 1,097 BTC directly in place of approximately $97 million in cash
- ▪In August 2025, Satsuma Technology raised £163.6 million ($218 million) through an oversubscribed convertible note round
- ▪The funding round was led by ParaFi Capital and included Pantera Capital, Digital Currency Group, and Kraken
Bitcoin market decline impact
- ▪Satsuma Technology's stock price fell more than 99% from its peak of around £14 per share in June 2025
- ▪The stock's decline followed a market downturn after Bitcoin reached an all-time high of $126,000 in October 2025
- ▪Satsuma Technology had purchased most of its Bitcoin at an average price above $113,000
Company unraveling timeline
- ▪The company's CFO departed in February 2026, followed by the CEO in March 2026
- ▪In April 2026, shareholder Pantera Capital began publicly pushing for the company's full liquidation
- ▪In December 2025, Satsuma Technology sold 579 BTC for £40 million to repay noteholders who did not convert their debt to shares
Wind-down mechanics
- ▪Satsuma Technology expects to cancel its London Stock Exchange listing on September 14, 2026
- ▪The capital return will be processed through a UK legal mechanism known as a "B Share Scheme."
- ▪Shareholders are expected to receive payments by September 28, 2026
- ▪The company anticipates returning between £26.8 million and £30 million to investors after accounting for £2.7 million in wind-down costs
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