Satsuma Shareholders Approve Bitcoin Liquidation, London Delisting
Satsuma Technology emerged as one of Britain’s most prominent listed bitcoin treasury companies, raising £163.6 million ($218 million) through an oversubscribed convertible-note round announced on Aug. 6, 2025. ParaFi Capital led the financing, with backing from Pantera Capital, Digital Currency Group, Kraken and others. Its rapid reversal underscores the funding and repayment risks confronting digital-asset treasury, or DAT, companies when cryptocurrency prices and their shares decline.
Shareholders on July 20, 2026, backed a return of substantially all capital with 90.63% of votes cast and approved the listing cancellation with 90.59%. The board then authorized preparations to close trading operations and sell Satsuma’s remaining 668.48 bitcoin, valued at about $43.5 million. A UK High Court hearing to confirm the capital return is scheduled for Sept. 8, with London Stock Exchange delisting expected Sept. 14 and payments targeted 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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