Satsuma Technology said on Monday that shareholders had approved a plan to liquidate all 668 BTC held by the company, cancel its London Stock Exchange listing and end operations. The move makes Satsuma another company to exit after enthusiasm around the digital asset treasury, or DAT, trade faded.
From AI startup to Bitcoin treasury bet
Satsuma was previously a small AI startup called TAO Alpha. In August 2025, the company undertook a major pivot, changed its name and hired U.S. Bitcoin commentator Mark Moss as chief Bitcoin strategist. Moss is known in the crypto market for advising institutions on the use of Bitcoin as a corporate reserve asset, and has more than 700,000 YouTube subscribers.
That same month, Satsuma raised £163.6 million, or about $218 million, through a convertible bond sale. The financing was led by ParaFi Capital, with participation from Pantera Capital, Digital Currency Group, or DCG, and exchange operator Kraken. Some investors contributed 1,097 BTC directly in place of roughly $97 million in cash.
Share price surge gave way to a collapse
In June 2025, Satsuma shares climbed to a peak of £14, giving the company a market value close to £66 million. Bitcoin then rose to an all-time high of $126,000 in October that year. The rally did not last. A months-long slide followed, and the broader downturn in crypto dragged Satsuma shares sharply lower.
By December 2025, the company was under enough financial pressure that it had to sell assets to raise cash. Satsuma sold 579 BTC for £40 million to repay bond investors who did not want to convert their claims into equity at year-end.
Executive departures and shareholder pressure
Senior management turnover accelerated in early 2026. The chief financial officer left in February, and the chief executive stepped down in March. By April, the stock had fallen more than 99% from its June 2025 high to less than one penny.
At that point, Pantera Capital, which held about 6.7% of the company, began publicly calling for a full liquidation. The rationale behind the push was straightforward: Satsuma’s market value had dropped below the value of the Bitcoin on its balance sheet, meaning investors were better off holding Bitcoin directly than owning the company’s stock.
A shareholder group representing more than 20% of issued share capital then formally put forward the liquidation proposal. The board split over the plan. Four of the six directors opposed it, arguing that Satsuma remained a viable listed Bitcoin investment vehicle, while two directors backed the shareholders. In the end, shareholders overruled the majority view of the board by a wide margin.
Projected returns fall far short of funds raised
Satsuma said it will use a B Share Scheme, a common mechanism in the UK, to return proceeds from asset sales to shareholders. After deducting about £2.7 million in legal fees, severance, delisting costs, insurance and other wind-down expenses, the company expects to return between £26.8 million and £30 million.
Including the £40 million raised from the December 2025 Bitcoin sale, total recoveries are projected at about £66 million to £70 million. That is less than half of the £163.6 million originally raised.
The company also said ordinary shareholders may receive less than those figures imply because holders of convertible bonds rank ahead of common shareholders in a liquidation.
Still the UK’s second-largest listed Bitcoin holder
As of now, Satsuma remains the second-largest Bitcoin treasury company among UK-listed firms, holding 668 BTC. The largest is The Smarter Web Company, which holds 2,878 BTC and has not disclosed any plan to liquidate or stop operating.
Court review and delisting timetable
Under the current plan, the UK High Court will hear the capital return proposal in August and September 2026. Satsuma expects to complete its delisting in mid-September, with shareholder distributions expected by the end of September.