Satsuma to liquidate $43.5m Bitcoin fund, delist from LSE
Shareholders have voted to shut down the UK's second-largest listed Bitcoin treasury company, a move that will return only a fraction of the capital raised less than a year ago and leaves common equity holders facing severe losses.
Shareholders of Satsuma Technology have voted by more than 90% to sell the company’s 668 Bitcoin holdings—worth roughly $43.5 million—cancel its London Stock Exchange listing, and return remaining capital to investors. The decisive vote overruled four of the company's six board members, who had argued that Satsuma remained a viable listed Bitcoin vehicle.
The decision marks the rapid collapse of a digital asset treasury, or DAT, strategy that lasted less than twelve months. Satsuma, formerly a small AI firm called TAO Alpha, pivoted to the Bitcoin treasury model in August 2025. At the time, the company hired American commentator Mark Moss as its Chief Bitcoin Strategist to capitalize on a corporate treasury trend that had picked up considerable steam.
The financial damage to investors is severe. The company raised £163.6 million in August 2025 through convertible notes led by ParaFi Capital, with Pantera Capital, Digital Currency Group, and Kraken also joining the round. Investors contributed 1,097 BTC directly in place of roughly $97 million in cash. When combined with a prior £40 million emergency sale of 579 BTC in December to ensure solvency, total recovered capital will land between £66 million and £70 million.
Because convertible noteholders rank above common equity in any payout structure, ordinary shareholders are poised to receive considerably less than that reduced total. Satsuma expects to distribute just £26.8 million to £30 million from this final liquidation tranche. An estimated £2.7 million will be consumed by termination costs, including legal fees, severance, delisting charges, and run-off insurance.
The unraveling tracked the broader crypto market downturn. After Bitcoin hit a $126,000 all-time high in October 2025, a prolonged slide initiated a crypto winter. This dragged Satsuma’s stock down more than 99% from its June 2025 peak of roughly £14 per share. By April 2026, Pantera Capital—holding about 6.7% of the stock—publicly pushed for liquidation after the company’s market capitalization fell well below the value of the Bitcoin sitting on its own balance sheet.
UK High Court hearings to approve the capital return are scheduled for August and September 2026, with delisting expected by mid-September and payments due by late September. The closure leaves The Smarter Web Company, which holds 2,878 BTC and has not signaled a wind-down, as the largest remaining UK-listed Bitcoin treasury vehicle.
