Satsuma Technology’s shareholders decisively voted to sell the company’s 668 bitcoins, valued at approximately $43.5 million, and delist from the London Stock Exchange, with over 90% backing the move. This marks a rapid retreat from the corporate bitcoin treasury model barely a year after its inception, signaling strategic shifts in how companies approach crypto asset management.
The company raised £163.6 million (roughly $218 million) in August 2025 through a convertible note round led by ParaFi Capital and supported by heavyweights such as Pantera Capital, Digital Currency Group, and Kraken. investors contributed 1,097 BTC directly, worth about $97 million at the time. However, the capital returned now will range between £26.8 million and £30 million, reflecting substantial losses tied to bitcoin’s price decline from its peak.
A deep split appeared within Satsuma’s board. Four out of six directors opposed the liquidation and delisting, advocating for the long-term benefits of maintaining a listed bitcoin vehicle. Yet shareholders sided overwhelmingly with the minority, perhaps prioritizing immediate capital return over speculative holding during a period where bitcoin struggles well below last year’s highs. This tension shows the challenges companies face balancing investor expectations and market volatility.
Satsuma is the UK’s second largest public bitcoin treasury holder after Smarter Web Company, which holds 2,878 BTC worth over $191 million. Initially an AI firm named TAO Alpha, Satsuma pivoted aggressively towards a bitcoin strategy upon hiring prominent commentator Mark Moss as chief bitcoin strategist. Moss’s influence reflects the growing intersection of crypto expertise and corporate treasury management, though the recent vote indicates such strategies can face tough reconsiderations when bitcoin underperforms.
This event fits into a broader pattern of corporates unwinding bitcoin treasuries amid uncertain macroeconomic conditions and the fluctuating crypto landscape. Investors who once embraced these digital asset treasuries now confront the reality of volatile returns and question the viability of this model going forward. The move also illustrates the risks associated with convertible note rounds heavily exposed to crypto price movements.
This material is informational and not financial advice.
