Satsuma Technology Votes to Liquidate and Sell All Bitcoin

Satsuma Technology is closing its doors. Shareholders voted by over 90 percent on Monday to sell the company remaining 668 BTC and proceed with a full wind down of the business. This decision marks the end of a short and difficult period for the firm, which originally pivoted from an AI startup to a Bitcoin treasury company in 2025.

Investors are facing heavy losses as they expect to recover less than 20 pence on every pound invested. The company raised 163.6 million pounds in August 2025, but the total return is now projected to be between 26.8 million and 30 million pounds. Major investors, including Pantera Capital, pushed for the liquidation because the company market value had fallen far below the actual value of its Bitcoin holdings.

This collapse highlights the risks of the digital asset treasury model, which saw several UK firms mimic strategies similar to those used by larger companies. The structure proved fragile when Bitcoin prices dropped, forcing the firm to sell assets just to stay solvent. Convertible noteholders will be paid out first, leaving ordinary shareholders with even smaller returns.

The firm expects to complete the process through a B share scheme, with court hearings scheduled for August and September. The company will delist from the London Stock Exchange in mid September, and investors should receive their final payouts by the end of that month. Traders are now watching other UK listed treasury companies to see if they face similar pressure from shareholders.