Satsuma Technology, a UK-listed company that embraced the bitcoin treasury trade during the 2025 boom, has sold all of its remaining 669.49 BTC, suspended trading, and fallen 99% from its 2025 peak, according to Protos.
On Monday, the company tried to delay its own delisting while it looks for a new trading venue. It is also under High Court of Justice procedures to distribute £30.7 million ($41.4 million) to shareholders by the end of September.
In an interview, Chief Bitcoin Strategist Mark Moss said UK rules do not allow the company to return bitcoin itself to investors. "We can’t give the investors back their BTC. We have to give them the dollar amount of the bitcoin when they accepted it," he said.
As recently as June 24, 2025, the company was valued at more than £120 million ($162 million).
From gaming to AI to a bitcoin treasury vehicle
Satsuma was incorporated in March 2021 as Streaks Gaming. It later pivoted to AI under the name StreaksAI, then rebranded as Tao Alpha before becoming Satsuma Technology, a name tied to sats, the smallest unit of BTC.
Protos noted that Strategy founder Michael Saylor had previously encouraged the spread of similar corporate BTC buyers, saying, "There’s room for 400 million companies to buy BTC."
That trade lost momentum in early summer 2025, when the BTC treasury bubble burst. Protos said the performance of most of those stocks has been heavily negative since their initial purchases.
Convertible notes brought in fresh money during the hype
Moss had been brought in to raise non-dilutive capital and generate yield from what the company described as its treasury. That treasury has now been fully liquidated.
When he was appointed, Moss said, "Satsuma $SATS.L is entering the UK markets with a better model: Balance sheets backed by pristine collateral (BTC), not empty promises." He also promoted the stock to his followers.
The early enthusiasm attracted capital. In July 2025, Satsuma closed a £163.6 million ($220 million) convertible note round led by ParaFi Capital. Pantera Capital, Digital Currency Group, and Kraken also contributed capital and subscribed.
Some investors paid in bitcoin rather than cash. The company accepted 1,097 BTC in place of £96.9 million ($130.6 million) in cash.
The strategy began to break in December
The first visible break came in December 2025, when Satsuma sold 579 of its 1,199 BTC for about £40 million ($54 million). The proceeds were earmarked to repay £78 million ($105 million) of notes due at the end of December.
Management turnover followed. CFO Andrew Smith resigned on February 18 after shareholders requisitioned a general meeting over his performance. CEO Henry Elder stepped down on March 6 after seven months in the role.
Backers also changed course. By April, Bloomberg reported that Pantera was among the investors pushing Satsuma to sell its remaining BTC. At the time, Pantera’s DAT Opportunity Fund held 6.7% of the company’s equity, and Satsuma’s market value had dropped below the value of its coins.
Satsuma also disclosed an average purchase price of £84,026 ($113,000) per BTC.
Shareholders backed a wind-down despite board opposition
Directors were not fully aligned. Four of the six board members wanted the strategy to continue. In July, the company said, "For the avoidance of doubt, the board’s recommendation is that shareholders VOTE AGAINST the resolutions to return capital and to delist."
Shareholders rejected that advice. On July 20, 2026, they voted by more than 90% in favor of a wind-down.
Between July 24 and 31, Satsuma sold its final 669.49 BTC for net proceeds of £31.9 million ($43 million). Its average sale price was £47,667 ($64,272) per coin, 43% below what it paid.
The result is a full exit from the bitcoin position that once sat at the center of Satsuma’s pitch to the market, followed by a court-supervised distribution process for shareholders.