More than 90% of Satsuma Technology shareholders voted to wind down the company and sell off its 668 Bitcoin, drawing a line under one of the more painful corporate treasury experiments in recent memory. The firm had raised £163.6 million, and investors are now set to recover less than 20 pence for every pound put in.
The scale of the loss puts it in a different category from the typical crypto write-down. Raising over £163 million and returning pennies on the pound is not a rounding error; it is a near-total wipeout. The supermajority vote, crossing 90%, signals there was little appetite among shareholders to wait out any recovery or explore alternatives.
A treasury bet that did not pay off
Satsuma followed a playbook that gained traction after MicroStrategy's high-profile pivot to Bitcoin as a primary reserve asset. The idea: hold BTC on the balance sheet, let appreciation do the heavy lifting, and outperform cash or bonds over time. For some companies the timing worked. For Satsuma, it did not. The 668 BTC now heading to liquidation represents what remains after the strategy ran its course, and the shareholders who stuck around long enough to vote have chosen an orderly exit over any further exposure.
The case will likely be cited in boardroom discussions about Bitcoin treasury adoption for some time. It does not invalidate the strategy outright, but it adds a concrete data point: entry price, capital structure, and company fundamentals all matter as much as the underlying asset's long-term trajectory.
This article is for informational purposes only and does not constitute financial advice or an investment recommendation.
