Satsuma Technology shareholders have approved the liquidation of the London-listed company, authorizing the sale of its remaining 668 bitcoin and the return of proceeds to investors. The decision follows a sharp deterioration in the firm’s bitcoin treasury strategy, which was hit by falling asset values, a near-total collapse in the share price and pressure from backers.
Vote sets wind-down in motion
Shareholders voted 90.6% in favor of winding down the company on July 21. Under the plan, Satsuma will sell its bitcoin holdings, settle liabilities and distribute the remaining capital after costs. The company’s London Stock Exchange listing is expected to be canceled around Sept. 14, while shareholder payments are targeted by Sept. 28.
The move marks a rare full liquidation among publicly traded bitcoin treasury companies. Rather than continue operating through a prolonged downturn, investors opted to dismantle the structure and recover what capital remains.
Bitcoin position turned deeply underwater
By mid-July, Satsuma held 668 BTC valued at roughly $44.29 million. The company’s estimated acquisition cost for those coins was about $75.66 million, or roughly $113,186 per bitcoin, leaving an unrealized loss of around $31.37 million, equivalent to about 41.5%.
The company had raised roughly $218 million to $221 million from investors in 2025, including Pantera Capital. One of its largest purchases came in August 2025, when it bought 1,097 BTC at an average price of about $115,101 per coin. In December 2025, Satsuma sold 579 BTC from what had been 1,199 BTC in holdings, leaving the 668 BTC now slated for disposal.
Share price collapse and investor pressure
Satsuma’s stock fell more than 99% from its 2025 peak before trading was suspended on July 1. According to the source report, Pantera had been pushing for liquidation as early as April, and that pressure eventually developed into a formal exit process.
The company’s trajectory reflects how quickly sentiment around bitcoin treasury vehicles can reverse. These firms expanded in more favorable markets by issuing stock at premiums to net asset value and using the proceeds to accumulate more bitcoin. That model became harder to sustain when shares began trading below underlying asset value, making further issuance more dilutive and raising financing costs.
A stress test for the treasury model
The broader market backdrop added to the pressure. Bitcoin fell about 22.6% in the first quarter of 2026 and more than 14% in the second quarter, according to the source material, while treasury stocks suffered even steeper losses as leverage and financing expectations amplified the decline. With bitcoin trading below $68,000 in July 2026, companies that had accumulated large positions at much higher prices were left with substantial paper losses.
For firms carrying loans, collateral requirements or recurring cash obligations, the strain could force difficult choices, including asset sales, discounted equity issuance or the diversion of capital away from the original treasury strategy. Satsuma’s case also underscored a governance issue common to public treasury vehicles: shareholders have limited direct control over day-to-day treasury decisions, leaving major strategic choices in the hands of directors and influential investors.
Satsuma’s liquidation does not resolve the long-term debate around bitcoin exposure, but it does highlight the risks of packaging that exposure inside a listed corporate structure. The company’s wind-down shows how a strategy built around stock-market premiums can break down when those premiums disappear, leaving investors exposed not only to bitcoin’s price swings but also to dilution, financing stress and corporate execution risk.
Source: news.bitcoin.com