More than 90% of Satsuma Technology shareholders have taken control and forced the company to liquidate 668 BTC worth $43.5 million. The decisive vote overcame resistance from four of the six directors who initially opposed plans to wind down the UK-based Bitcoin treasury firm.
Collapse After Hitting the Peak
Satsuma is now preparing to delist its shares from the London Stock Exchange, concluding a journey that began in August 2025. The company was previously named TAO Alpha, a small artificial intelligence firm, before rebranding to Satsuma and appointing Mark Moss - a Bitcoin figure with 700,000 YouTube subscribers - as chief strategy officer.
That maneuver initially attracted significant capital. In the same month, Satsuma raised 163.6 million pounds (around $218 million) through convertible notes from ParaFi Capital, Pantera Capital, Digital Currency Group, and Kraken. These investors also contributed 1,097 BTC directly to the company’s treasury. Satsuma’s stock reached 14 pounds per share with a market capitalization of 66 million pounds in June 2025. Bitcoin subsequently hit an all-time high of $126,000 in October, right before the broader market entered a crypto winter.
Things quickly unraveled. In December 2025, the company was forced to sell 579 BTC for 40 million pounds to settle obligations to noteholders. Pressure mounted when the chief financial officer stepped down in February 2026, followed by the chief executive officer’s departure a month later. By April, Satsuma’s share price had plunged more than 99% from its peak.
Who Gets the Remaining Funds
The push for liquidation was spearheaded by Pantera Capital, which holds roughly 6.7% of Satsuma shares, following a public campaign demanding a full liquidation. The distribution of capital will be executed via a B share scheme, a standard UK legal mechanism. Satsuma estimates it can return between 26.8 million and 30 million pounds after deducting 2.7 million pounds in termination expenses.
Based on final estimates, total recovered capital is expected to reach 66 million to 70 million pounds out of the initial 163.6 million pounds raised. Under this distribution, convertible noteholders have priority repayment before any remaining proceeds are distributed to common shareholders.
Only One Remains on the UK Market
A UK High Court hearing to approve the capital distribution is scheduled for August and September 2026. If all proceeds as planned, Satsuma will officially delist by mid-September.
The firm’s collapse reshapes the UK Bitcoin treasury landscape. Satsuma previously ranked as the second-largest publicly traded Bitcoin treasury company in the UK. That position is now held entirely by The Smarter Web Company, which holds 2,878 BTC and has shown no intention to liquidate its holdings. For investors, winding down positions today represents the most practical move to salvage their remaining capital.
Via Decrypt.
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Disclaimer: This article is for informational and educational purposes only, not financial advice. Cryptocurrency assets are highly volatile and carry significant risk. Always do your own research (DYOR) and never invest more than you can afford to lose.
