Satsuma Shareholders Approve Bitcoin Sale, London Delisting
Satsuma Technology, a UK-listed bitcoin treasury company, announced on Aug. 6, 2025, that it had raised £163.6 million ($217.6 million) through convertible notes to expand its bitcoin holdings and decentralized-AI ambitions. Its reversal less than a year later highlights the risks facing digital-asset treasury companies when share prices and valuations fall under pressure, prompting investors to favor cash distributions over continued exposure to bitcoin.
At a general meeting on July 20, 2026, shareholders backed the return of substantially all capital with 90.63% of votes cast and approved the listing cancellation with 90.59%. The board then began preparations to sell Satsuma’s 668 bitcoin, valued at about $43.5 million. A court hearing to confirm the capital return is scheduled for Sept. 8, with the London delisting expected on Sept. 14 and payments or CREST transfers due by Sept. 28.
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The history behind this eventPantera Capital Urges Satsuma to Liquidate Bitcoin Holdings and Return Cash
Satsuma Technology is a London-listed digital asset treasury company that raises funds to buy Bitcoin, allowing its share price to reflect gains in the value of those assets. But with the company’s market capitalization falling below the value of its BTC holdings, whether it should continue operating or liquidate outright has become a central dispute over shareholder returns.
A report on April 23, 2026 said Pantera Capital’s DAT Opportunity Fund, which owns about 6.7% of Satsuma, was urging the company to sell its remaining 646 BTC, then valued at about $50 million, and return the cash to shareholders. SATS shares had plunged 99% from their June 2025 peak of £14.
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