Shareholders of Satsuma Technology voted by more than 90% to sell its remaining 668 BTC — worth roughly $43.5 million at current prices — and wind down the company. The decision, announced this week, ends a high-profile Bitcoin treasury experiment that raised £163.6 million less than a year ago. The vote overruled the board, where four of six directors had opposed liquidation.
The vote and the numbers
The wind-down will use a so-called B Share Scheme. After estimated termination costs of £2.7 million — covering legal fees, severance, delisting and run-off insurance — shareholders expect to recover between £26.8 million and £30 million. That's less than 20 pence on the pound of the £163.6 million raised. Total capital returned to shareholders is estimated at £66–70 million, but convertible noteholders rank above common equity, so common shareholders will get far less.
A rapid fall from grace
Satsuma started as TAO Alpha, rebranded, and hired Mark Moss as Chief Bitcoin Strategist in August 2025 — the same month it raised the £163.6 million via convertible notes led by ParaFi Capital, with Pantera Capital, Digital Currency Group and Kraken participating. Bitcoin hit an all-time high of $126,000 in October 2025, then entered a crypto winter. By December 2025, Satsuma sold 579 BTC for £40 million to repay noteholders who declined to convert debt to equity. The CFO left in February 2026, the CEO followed in March 2026. Shares lost more than 99% of their June 2025 peak value by April 2026, trading at fractions of a penny.
Why Pantera pushed for liquidation
Pantera Capital, which held about 6.7% of Satsuma's stock, publicly called for full liquidation. The reason: the company's market cap had fallen below the value of the Bitcoin on its balance sheet. That made holding the stock irrational — the market was effectively valuing the Bitcoin at a discount. The board resisted, but the shareholder vote was decisive.
What happens next
The wind-down process will take several months. Satsuma was the second-largest UK-listed Bitcoin treasury company by holdings at the time of the vote. The largest, The Smarter Web Company, holds 2,878 BTC and has not indicated any plans to wind down. For Satsuma's shareholders, the payout will be a fraction of what they put in — a stark reminder of how quickly a crypto treasury strategy can unravel.
