Satsuma Technologies has secured shareholder approval to exit Bitcoin entirely, sell its remaining holdings, and delist from the London Stock Exchange, marking one of the clearest reversals yet among listed companies built around corporate BTC accumulation.
Satsuma winds down treasury model
The UK-listed company had proposed selling its remaining 668 BTC, returning most of the proceeds to shareholders, and dismantling its Bitcoin treasury vehicle. Shareholders have now approved that plan, effectively clearing the way for a full withdrawal from the strategy.
The decision follows an earlier sale in December, when Satsuma disposed of 579 BTC for about $50 million. According to the source article, those proceeds were used to address convertible loan obligations. With the latest approval, the company is set to complete its exit from Bitcoin rather than continue operating as a listed treasury vehicle.
Broader change in corporate Bitcoin behavior
Satsuma’s move comes amid signs that a model once centered almost entirely on buying more Bitcoin is becoming less uniform. For much of the past two years, public companies raised capital to accumulate BTC and marketed themselves as a leveraged way to gain exposure to the asset. During that period, some stocks traded well above the value of the Bitcoin held on their balance sheets, and several companies expanded rapidly.
The source article argues that this phase is now giving way to a more uncertain environment. Strategy, still the largest corporate Bitcoin holder and the company most associated with the playbook, reportedly shifted course after years of aggressive accumulation. After increasing purchases following the late-2024 US presidential election, it made a small sale in the second quarter and then a larger disposal of more than 3,500 BTC in early July. It has also gone weeks without new purchases while focusing on rebuilding its US dollar reserve. Analysts cited by the source say the first sale was a turning point, although Strategy has not abandoned Bitcoin.
Pressure from liabilities and restructuring
Other parts of the crypto-linked corporate sector are also showing strain or reassessment. The source article says Bitcoin miners sold a record 32,000 BTC in the first quarter, adding to selling pressure. Separately, Jack Mallers stepped down as chief executive of Twenty One Capital to concentrate on Strike. The report says that change does not necessarily imply Bitcoin sales, but may point to broader restructuring and a search for ways to create value beyond simple BTC exposure.
Companies viewed as most exposed are those trading below net asset value, carrying costly debt, generating limited operating revenue, or facing investor pressure to unlock the value of crypto holdings. Nakamoto Inc. is highlighted in the source as one example, having sold about 5% of its Bitcoin position in March and another 600 BTC in June.
Who could be next
The article also points to Metaplanet as a company under scrutiny, though not one that has signaled an imminent sale. Often described as Asia’s Strategy, it transformed its business through major Bitcoin acquisitions. After the late-2025 market crash and bear cycle, however, its stock reportedly fell by nearly 90% at one point. It paused Bitcoin buying for months before purchasing 2,823 BTC in early July, and has remained silent since.
Taken together, these developments suggest the corporate Bitcoin treasury trade is entering a different phase. The source article does not argue that the model is over, but it says the period when treasury announcements almost always meant another purchase appears to be ending. In its place is a more selective landscape in which balance-sheet strength, operating revenue, and liability management may matter more than simply holding more BTC.
Source: cryptopotato.com