Satsuma Shareholders Approve Bitcoin Treasury Liquidation and London Delisting

Shareholders of Satsuma Technology, a UK-based bitcoin treasury company, have approved the sale of the company’s bitcoin holdings, the return of capital to investors, and its delisting from the London Stock Exchange. Over 90% of votes supported these actions, according to a recent filing.

Satsuma currently holds 668 BTC, valued at approximately $43.5 million, positioning it as the second-largest UK-based public bitcoin treasury company after The Smarter Web Company. The proposal for liquidation originated from Satsuma shareholders. Four of the company’s six directors opposed the plan, advocating for Satsuma to remain a listed bitcoin treasury vehicle, while the remaining two directors supported the capital return.

The decision to liquidate follows a relatively brief period for Satsuma as a bitcoin treasury company. Less than a year prior, the company appointed Mark Moss as chief bitcoin strategist and secured £163.6 million ($218 million) in an oversubscribed convertible note round. Investors had contributed 1,097 BTC, equivalent to nearly $97 million, during this fundraising. In December, Satsuma sold 579 BTC for £40 million to repay noteholders who opted against converting their debt into shares. By April, Satsuma shares had experienced a significant decline from their June 2025 peak, leading Patnera and other investors to push for the liquidation of remaining bitcoin and capital return. For more information on cryptocurrency exchanges, see our blofin review.

Satsuma’s wind-down aligns with a broader trend of corporate bitcoin holders re-evaluating their strategies. Empery Digital recently sold 1,400 BTC for over $87 million to fund an AI data center investment and reduce debt. Concurrently, TD Cowen adjusted its price target for The Smarter Web Company by 36%, citing revised bitcoin forecasts, though maintaining a Buy rating. The Smarter Web Company currently holds 2,878 BTC, valued at more than $191 million.