Satsuma Becomes Latest Bitcoin Treasury Casualty Amid Wider Industry Stress

Satsuma Technology's shareholders voted to return all of the company's capital and cancel its London Stock Exchange listing. This move comes as part of mounting pressure on digital asset treasury (DAT) companies, which boomed in 2025 when firms raised capital to stockpile Bitcoin.

Pressure had been building for months, with investors pushing Satsuma to liquidate its Bitcoin holdings and shut down operations. By April, the stock had fallen 99% from its June 2025 high, prompting Pantera Capital Management, a prominent crypto venture fund, to join in the push for liquidation.

The campaign turned formal in May when shareholders holding more than 20% of the issued capital requested the vote. Two directors dissented, while four urged rejection. The resolutions were approved by 90.63% and 90.59%, respectively.

Satsuma holds approximately $43.5 million worth of BTC, ranking it as the UK's second-largest public Bitcoin treasury behind The Smarter Web Company. Other treasuries are also feeling the strain, with smaller firms beginning to show signs of distress after the October crash.