Key facts
- Satsuma Technology shareholders voted to liquidate the company's Bitcoin holdings and shut down the business.
- Over 90% of votes supported selling 668 BTC, valued at approximately $43.5 million.
- The company will also cancel its listing on the London Stock Exchange.
- Satsuma raised £163.6 million in August 2025.
- The company anticipates returning between £26.8 million and £30 million after estimated termination costs.
Satsuma Technology, a U.K.-based company that held Bitcoin as a treasury asset, is set to liquidate its entire Bitcoin position and delist from the London Stock Exchange following a shareholder vote. Shareholders overwhelmingly backed resolutions to sell approximately $43.5 million worth of Bitcoin and cease operations, overriding the objections of four of the company's six board members.
The company, which began as TAO Alpha, rebranded and hired Bitcoin commentator Mark Moss as Chief Bitcoin Strategist in August 2025. In the same month, Satsuma raised £163.6 million through convertible notes, with investors contributing 1,097 BTC directly. The company's stock peaked around £14 per share in June 2025, but a subsequent slide in Bitcoin prices and the broader crypto market led to a significant decline in Satsuma's market capitalization.
By December 2025, Satsuma had already sold 579 BTC to meet financial obligations. The departure of its CFO and CEO in early 2026 preceded a further stock value collapse, with shares trading at fractions of a penny by April 2026. Pantera Capital, a significant shareholder, advocated for liquidation, arguing that the company's market cap had fallen below the value of its Bitcoin holdings.
The liquidation will proceed via a 'B Share Scheme,' with Satsuma expecting to return between £26.8 million and £30 million after accounting for an estimated £2.7 million in termination costs. This comes after a previous sale of £40 million in Bitcoin in December. Convertible noteholders will be paid before common equity holders, potentially reducing the amount ordinary shareholders receive. Satsuma is currently the second-largest U.K.-listed Bitcoin treasury company, behind The Smarter Web Company.