Satsuma Sells Off $43 Million in BTC, Abandons Crypto Treasury Experiment

U.K.-based Bitcoin treasury company Satsuma Technology has voted to liquidate its entire BTC position and shut down operations. Shareholders approved the move by more than 90%, backing dual resolutions to sell 668 BTC worth around $43.5 million and cancel the company's London Stock Exchange listing.

The decision marks the end of a Bitcoin treasury experiment that began in August 2025, when Satsuma raised £163.6 million through convertible notes led by ParaFi Capital. Investors contributed 1,097 BTC directly in place of roughly $97 million in cash at the time.

Satsuma's stock peaked around £14 per share, but plummeted to fractions of a penny as Bitcoin entered a months-long slide following its all-time high of $126,000 in October 2025. The company sold 579 BTC for £40 million in December 2025 to stay solvent and repay noteholders who chose not to convert their debt into shares.

Despite the board majority opposing liquidation, shareholders overruled them by a wide margin. Satsuma expects to return between £26.8 million and £30 million after estimated termination costs of £2.7 million, leaving ordinary shareholders with potentially considerably less due to convertible note holders ranking above common equity in payouts.

The delisting is expected mid-September 2026, with shareholder payments due by late September. U.K. High Court hearings to approve the capital return are set for August and September 2026.