Satsuma Technology shareholders voted to sell the company's 668 Bitcoin — worth about $44.5 million — and shut down the UK-based Bitcoin treasury firm. The move comes after the company's shares collapsed 99% from a previous peak, leaving little room for a turnaround.
The vote and the sale
Shareholders approved the liquidation of Satsuma's entire BTC stash and the dissolution of the firm. The sale will convert the company's primary asset into cash, which will then be distributed to shareholders. The exact timeline for the sale hasn't been disclosed, but the vote effectively ends Satsuma's experiment as a public Bitcoin treasury company.
A 99% collapse
Satsuma's share price had already fallen 99% from its all-time high before the vote. That kind of decline reflects a market that had lost faith in the company's strategy. The firm, which held Bitcoin as its core treasury asset, saw its valuation track the volatile crypto market — but with even steeper losses, likely due to operational costs and investor skepticism.
What happens next
With the shareholder vote passed, Satsuma will proceed to sell the 668 BTC and wind down operations. The company is based in the UK, so the liquidation will follow local corporate and securities laws. Once the Bitcoin is sold and proceeds distributed, Satsuma Technology will cease to exist as a going concern.
