Satsuma shareholders vote to liquidate, sell 668 bitcoin

Satsuma Technology shareholders voted 90.6% on July 21 to liquidate the London-listed company, sell its remaining 668 bitcoin and return capital to investors. The company expects its listing to be canceled around Sept. 14 and aims to distribute proceeds to shareholders by Sept. 28.

The company held 668 bitcoin that were valued at roughly $44.29 million in mid-July. The estimated acquisition cost for those coins was about $75.66 million, creating an unrealized loss of approximately $31.37 million, or 41.5%.

Satsuma raised about $218 million to $221 million in 2025 from investors that included Parafi and Pantera Capital. The firm combined a bitcoin treasury strategy with plans related to artificial intelligence and a TAO subnet. In August 2025 Satsuma bought 1,097 bitcoin at an average price near $115,101 per coin. The company sold 579 bitcoin in December 2025, leaving the current aggregate of 668 bitcoin.

Trading in Satsuma shares was suspended at the company’s request on July 1 after the stock had fallen more than 99% from its 2025 peak. Pantera began pressing for liquidation as early as April following the share-price collapse and mounting losses.

After the shareholder vote, Satsuma outlined steps to sell its bitcoin holdings, pay creditors and distribute remaining cash to shareholders after costs. The company has targeted a mid-September delisting and payments to shareholders by late September.

Market movements in 2026 contributed to losses across bitcoin treasury firms. Bitcoin fell about 22.6% in the first quarter of 2026 and declined more than 14% in the second quarter. Several listed treasury companies accumulated bitcoin in 2025 at high average prices: reported average purchase prices included roughly $107,000 for Metaplanet, about $104,000 for Strive, and above $113,000 for Satsuma. With bitcoin trading below $68,000 in July 2026, those firms reported substantial paper losses.

During 2025 some treasury companies issued shares above net asset value to finance bitcoin purchases. When shares later traded below net asset value, new issuance became dilutive and financing costs rose. Companies with loans, collateral requirements or recurring cash obligations faced pressure to sell assets, issue discounted stock or raise new capital. Smaller firms with limited trading volume had reduced financing flexibility as share prices fell.

Shareholders in listed treasury companies own the assets indirectly. Decisions on the timing and execution of buys, sells, borrowing and distributions are made by directors and major investors. In Satsuma’s case, shareholders approved liquidation after the share collapse, the trading halt and the accumulation of significant paper losses.

Publicly traded entities reportedly held about 1.16 million bitcoin earlier in 2026, so Satsuma’s sale of 668 bitcoin is small relative to total institutional holdings. The company’s planned disposals will return its previously held bitcoin to the market once executed.