Satsuma Technology Liquidates Remaining Bitcoin Holdings Amid Shareholder Pressure

Satsuma Technology, a British company backed by Mark Moss, has voted to liquidate its remaining Bitcoin holdings and return capital to shareholders. The decision was made after 90% of shareholders voted in favor of selling the company's 668 BTC, worth around $43.5M at current prices.

This move comes as a result of Satsuma's failed experiment with a Bitcoin treasury strategy, which raised £163.6M through convertible notes led by ParaFi Capital in August 2025. The company's share price peaked at £14 per share in June 2025, but has since plummeted to fractions of a penny due to the collapse of the crypto market.

Despite opposition from four of six board members, who argued that Satsuma remained a viable corporate vehicle for Bitcoin, the majority of shareholders voted to wind down the company. This decision will see the distribution of around £26.8-30M in cash to shareholders, although noteholders will have priority claim on these funds.

The collapse of Satsuma highlights the risks associated with digital asset treasuries and the impact of market volatility on investor capital. It also raises questions about the suitability of such structures for companies looking to invest in cryptocurrencies.