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Satsuma Technology, once a poster child for the corporate Bitcoin treasury movement in the UK, is calling it quits. Shareholders voted to sell the company’s remaining 668 BTC, valued at roughly $44.5 million, return the capital, and shut the whole thing down.
It’s a remarkably clean ending for a company that raised $217.6 million less than a year ago.
From $218 million to zero: what happened
Satsuma Technology PLC was a London-listed company that built its identity around two things: holding Bitcoin as a treasury asset and developing decentralized AI. At its peak, Satsuma held 1,199 BTC. The company raised £163.6 million ($217.6 million) in an August 2025 convertible note round led by ParaFi, with participation from Pantera Capital and Kraken.
SATS shares hit 14 pounds ($18.90) in June 2025. By December 2025, the company had already started trimming. Satsuma sold 579 BTC for approximately £40 million ($53.2 million), chopping its holdings nearly in half. By the time shareholders gathered to vote on liquidation, SATS had lost 99% of its value from that June 2025 peak.
Pantera forced the issue
The final push came from Pantera Capital, which holds around 6.7% of Satsuma’s shares. In April 2026, Pantera publicly urged the company to liquidate its remaining Bitcoin and return capital to shareholders.
If SATS shares trade at a massive discount to the net asset value of the Bitcoin on the company’s balance sheet, shareholders are better off getting the Bitcoin’s value directly than holding a stock that the market clearly doesn’t want to price correctly.
With the shareholder vote now concluded, Satsuma will sell the remaining 668 BTC and distribute proceeds.
The Bitcoin treasury model gets a stress test
Satsuma raised $217.6 million and ended up returning a fraction of that. The 668 BTC being sold now, at roughly $44.5 million, represents about 20 cents on the dollar compared to what investors put in. That’s before accounting for the 579 BTC already sold in December 2025 for $53.2 million. Even combining both sales, total recovery sits well below the capital raised.
The convertible note structure deserves attention. Satsuma’s £163.6 million raise was done through convertible notes, which sit above equity in the capital structure. In a liquidation, note holders get paid before common shareholders, meaning equity holders could be looking at recovery rates well below the already grim headline numbers.
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