Satsuma Technology shareholders voted to sell 668 bitcoins and delist from the London Stock Exchange, with over 90% in favor of the move. The decision concludes a corporate venture into bitcoin that lasted less than a year.
The company joins a trend among digital asset treasury firms abandoning this model as bitcoin prices remain significantly lower than last year’s highs. The sale of the bitcoins, valued at approximately $43.5 million, will result in capital being returned to investors.
The vote revealed divisions within Satsuma’s board, as four of the six directors opposed the decision to wind down operations. They argued that maintaining a listed bitcoin vehicle would be more beneficial long-term. However, shareholders sided with the two directors supporting the return of capital.
Satsuma is the second-largest bitcoin treasury business on the UK public market, behind The Smarter Web Company, which holds 2,878 BTC valued at over $191 million, according to Bitcoin Treasuries data.
Initially, Satsuma operated under the name TAO Alpha as a small AI firm. It rebranded and appointed Mark Moss as chief bitcoin strategist in August 2025. Moss is recognized for advising companies to hold bitcoin as a reserve asset and has a following of over 700,000 on YouTube.
In August 2025, Satsuma raised £163.6 million, or about $218 million, through an oversubscribed convertible note round, led by ParaFi Capital. Notably, investors contributed 1,097 BTC directly, equating to about $97 million of the total raise.
Current investor returns are significantly lower than the initial contributions. Satsuma expects to return between £26.8 million and £30 million after settling wind-down costs.
Satsuma’s decision to sell began months prior to the vote. Bitcoin reached a peak of $126,000 in October before entering a downturn, impacting Satsuma’s stock value. The company sold 579 BTC for £40 million in December to pay noteholders who opted not to convert their debt into shares.
The company faced leadership changes as its finance chief departed in February 2026, followed by the chief executive in March. By April, Satsuma’s stock had dropped more than 99% from its June 2025 peak, trading at just tenths of a penny. Investors like Pantera Capital urged the company to liquidate its remaining bitcoin assets.
Satsuma’s exit from the bitcoin treasury model reflects a broader pattern among firms that invested heavily in bitcoin during last year’s market boom. Empery Digital, a previous electric vehicle maker, also sold hundreds of BTC amid shareholder pressure and redirected $65 million into an AI data center project.
Even companies maintaining their bitcoin strategies are facing valuation reductions. TD Cowen reduced its price target for The Smarter Web Company by 36% on Monday, citing lower bitcoin forecasts while still maintaining a Buy rating.
