Satsuma Unwinds Bitcoin Treasury After Shareholders Vote for Liquidation

Satsuma Technology, a U.K.-based Bitcoin treasury company, is unwinding its entire Bitcoin position after shareholders voted to liquidate the business. The vote, which saw more than 90% of votes cast in favor, will result in the sale of 668 BTC worth approximately $43.5 million and cancellation of the company's London Stock Exchange listing.

The move marks the end of a Bitcoin treasury experiment that began just over a year ago when Satsuma raised £163.6 million in August 2025 through convertible notes, with investors contributing 1,097 BTC directly in place of roughly $97 million in cash.

However, the company's fortunes took a turn for the worse as the crypto market entered a prolonged slump, dragging Satsuma's stock down with it. By December 2026, the company was already selling assets to stay solvent, offloading 579 BTC for £40 million to ensure it had enough cash to repay noteholders who chose not to convert their debt into shares.

Despite efforts by some board members to keep the business afloat, shareholders ultimately prevailed in their bid to wind down the company. The move is set to see Satsuma return between £26.8 million and £30 million to its investors after estimated termination costs of £2.7 million, bringing the total capital recovered to around £66-£70 million against the original £163.6 million raised.