Satsuma forced to liquidate bitcoin treasury, delist from LSE
Satsuma shareholders have voted to liquidate the company’s underwater bitcoin treasury and delist, marking a high-profile failure for the UK’s listed crypto treasury model.
Holders of Satsuma Technology PLC voted overwhelmingly on July 20 to sell the company’s roughly 668 bitcoin and cancel its London Stock Exchange listing. The capital return resolution secured 90.63% support, while the delisting measure passed with 90.59% approval.
The wind-down ends a turbulent run for the UK’s second-largest listed bitcoin treasury vehicle, behind only The Smarter Web Company. Satsuma acquired the bulk of its cryptocurrency at an average price above $113,000. With bitcoin trading below $68,000 in July, the company’s shares collapsed more than 99% from a June 2025 peak near £14 to roughly 21 pence, pushing its market valuation below the worth of its own digital assets.
Activist investors forced the extraordinary general meeting. In April, Pantera Capital, holding a 6% to 7% stake, publicly demanded Satsuma sell its bitcoin and return the cash rather than continue operating. That pressure escalated when shareholders representing more than 20% of the issued capital formally requisitioned the vote.
The board was deeply divided on the outcome. Four of six directors had recommended rejecting the liquidation, arguing it would dismantle a rare listed bitcoin vehicle. The remaining two directors supported the wind-down, pointing to overwhelming shareholder demand and the execution risks of maintaining the current strategy.
Satsuma had already begun trimming its holdings under financial strain. In December 2025, the company sold 579 of its 1,199 coins for roughly £40 million to retire £78 million in convertible loan notes that matured at year-end.
A strict timetable now governs the dissolution. The record date for entitlement to B Shares is August 3, followed by a UK High Court directions hearing on August 13 and a confirmation hearing on September 8. Trading on the FCA’s Official List will cease on September 14, with final cash payments and CREST transfers scheduled for September 28.
Satsuma’s demise highlights growing distress among smaller public companies that adopted the bitcoin treasury model. As cryptocurrency prices sit well below the levels at which many of these firms accumulated their positions, their boards are increasingly forced to choose between raising dilutive capital or liquidating entirely.
