Satsuma, a UK Bitcoin treasury company, is unwinding its entire Bitcoin position. The firm is selling off $43 million worth of BTC, less than a year after raising $218 million. After the sale, Satsuma will return whatever is left to investors.
A short-lived Bitcoin bet
Satsuma raised $218 million in a funding round less than a year ago, with the stated goal of building a corporate Bitcoin treasury. Now it's reversing course. The company is liquidating the BTC it had accumulated, selling $43 million worth on the open market. The timing is a sharp pivot for a firm that was built around holding Bitcoin as a core asset.
The return process
Once the sale wraps up, Satsuma plans to return the remaining proceeds to its investors. The exact amount they'll get back depends on the final sale price of the Bitcoin and any costs incurred during the unwind. The company hasn't disclosed a timeline for the distribution, but the sale is already underway. Investors who put money into the fund less than a year ago are now waiting for their capital back.
For now, the sale continues. Investors are left waiting for the final tally.
