Satsuma to wind down UK bitcoin treasury, delist from LSE
Shareholders have voted to liquidate Satsuma's bitcoin holdings and delist the firm, marking a swift collapse of a high-profile UK crypto treasury strategy and signaling a broader retreat from corporate hoarding.
Shareholders of Satsuma Technology have voted to liquidate the firm’s bitcoin holdings, return capital to investors, and delist from the London Stock Exchange. The move ends a brief stint as a public crypto treasury company just months after a high-profile capital raise. Over 90% of votes cast backed the wind-down plan, according to a Monday filing.
The proposal originated from shareholders rather than the board. Four of Satsuma’s six directors opposed the liquidation, arguing investors would benefit more from maintaining the listed vehicle, while two supported the return of capital. The company currently holds 668 BTC, valued at approximately $43.5 million. This makes it the second-largest UK public bitcoin treasury behind The Smarter Web Company.
The decision marks a sharp reversal for a strategy launched less than a year ago. Satsuma raised £163.6 million ($218 million) in an oversubscribed convertible note round led by ParaFi Capital, with participation from Pantera Capital, Digital Currency Group, and Kraken. Investors contributed 1,097 BTC in lieu of nearly $97 million in cash during that raise. The firm also appointed bitcoin commentator Mark Moss as its chief strategist to guide the approach.
The treasury model quickly unraveled as the share price decoupled from the underlying asset. Satsuma had already sold nearly half of its bitcoin to repay noteholders who declined to convert their holdings into equity. By April, the company’s shares had lost more than 99% of their value from a June 2025 peak. That collapse prompted ParaFi and other backers to formally push for a full liquidation of the remaining assets.
Treasury trend cools
Satsuma’s demise reflects a broader reassessment among corporate bitcoin holders that chased last year's market boom. Empery Digital recently sold 1,400 BTC for over $87 million to fund a pivot into artificial intelligence data centers and repay debt.
Analysts are also adjusting their outlooks for the sector's survivors. On Monday, TD Cowen cut its price target for The Smarter Web Company by 36% due to revised bitcoin price forecasts, though it maintained a Buy rating. The UK’s top public bitcoin treasury currently holds 2,878 BTC worth more than $191 million.
