Satsuma Technology, a London-listed Bitcoin treasury firm, will liquidate after shareholders voted 90.6% in favor of the move on July 21. The company plans to sell its remaining 668 bitcoin and return the proceeds to investors. The decision caps a period of declining asset values and mounting pressure from backers.
The shareholder vote
The extraordinary general meeting on July 21 saw overwhelming support for liquidation. The board had recommended the move after reviewing the company's options. With 90.6% of votes cast in favor, there was little doubt about investor sentiment. The result was announced shortly after the meeting.
Why the company is winding down
The liquidation was driven by falling asset values, a collapsed share price, and mounting pressure from backers. Satsuma's bitcoin holdings, once a source of optimism, became a liability as the crypto market turned. The share price had fallen sharply, making it difficult to raise capital or continue operations. The company's strategy of holding bitcoin on its balance sheet didn't shield it from the broader downturn.
What happens next
Satsuma will sell its 668 bitcoin in an orderly manner. After that, it will return capital to shareholders. The exact timeline and distribution method haven't been announced yet, but the board is expected to provide details in the coming weeks. The company's delisting from the London Stock Exchange is also expected.
A cautionary tale for bitcoin treasury plays
Satsuma was one of several publicly traded companies that adopted a bitcoin treasury strategy, following the playbook of MicroStrategy. But the strategy didn't pan out for Satsuma. The liquidation is a reminder that such strategies carry risks, especially when the underlying asset is volatile and the company's own stock price is under pressure. For Satsuma's investors, the outcome is a loss of faith in the model.
The next concrete step is the sale of the bitcoin holdings. Shareholders will be watching for the timing and price of those sales, as well as the final distribution amount. The company's delisting from the London Stock Exchange is also expected.
