Satsuma Technology sells entire 669 BTC treasury, crashes 99% as UK Bitcoin strategy fails

Satsuma Technology PLC, a UK-based Bitcoin treasury pioneer, has liquidated its entire holding of 669.4867 BTC for £31.912 million after its share price crashed 99% from its 2025 peak. Despite board opposition, over 90% of shareholders voted on July 20, 2026, to delist the company and return capital. Following High Court approval, Satsuma will distribute £30.7 million to shareholders by September 28, 2026, marking a swift end to its corporate Bitcoin experiment.

Satsuma Technology liquidation process

• ▪Satsuma Technology PLC attempted on September 14, 2026 to postpone its own delisting from the London Stock Exchange while searching for a new trading venue.
• ▪The High Court of Justice approved Satsuma Technology PLC's capital reduction on September 8, 2026, enabling a distribution of approximately £30.7 million to shareholders.
• ▪Satsuma Technology PLC sold its entire holding of 669.4867 Bitcoin between July 24 and July 31, 2026, generating £31.912 million from the sales.
• ▪Satsuma Technology PLC scheduled payments of £0.002734 per Class B share to clear by September 28, 2026, following court approval of its capital reduction.
• ▪Satsuma Technology PLC achieved an average price of £47,667 per Bitcoin during its liquidation sales between July 24 and July 31, 2026.

Bitcoin treasury model failure

• ▪Satsuma Technology PLC sold 579 Bitcoin for approximately £40 million in December 2025 to repay £78 million of notes maturing at the end of December.
• ▪Satsuma Technology PLC raised £163.6 million in August 2025 through a convertible note round led by ParaFi Capital, with participation from Pantera Capital, Digital Currency Group, and Kraken.
• ▪Satsuma Technology PLC's share price crashed 99% from its 2025 peak, having previously reached a market valuation of over £120 million on June 24, 2025.
• ▪By April 2026, investors including Pantera Capital's DAT Opportunity Fund, which held 6.7% equity, urged Satsuma Technology PLC to liquidate its remaining Bitcoin holdings.
• ▪Satsuma Technology PLC admitted to an average Bitcoin purchase price of £84,026, meaning its July 2026 liquidation sales were executed 43% below cost.

Shareholder vote for delisting

• ▪The July 20, 2026 shareholder vote occurred despite opposition from the Satsuma Technology PLC board, where four of the six directors recommended voting against the resolutions.
• ▪On July 20, 2026, more than 90% of Satsuma Technology PLC shareholders voted in favor of a capital return and full delisting of the company.

Executive departures at Satsuma

• ▪Henry Elder resigned as Chief Executive Officer of Satsuma Technology PLC on March 6, 2026, after serving seven months in the role.
• ▪Andrew Smith resigned as Chief Financial Officer of Satsuma Technology PLC on February 18, 2026, after shareholders requisitioned a general meeting regarding his performance.

UK crypto regulatory constraints

• ▪Satsuma Technology PLC was originally incorporated in March 2021 as Streaks Gaming, before pivoting to StreaksAI, Tao Alpha, and finally its Bitcoin-focused identity.
• ▪Satsuma Technology PLC Chief Bitcoin Strategist Mark Moss stated that UK regulations prevented the company from returning actual Bitcoin to investors, requiring cash distribution instead.