Satsuma shareholders overrule board to liquidate Bitcoin treasury and quit London
Investors in UK-listed Satsuma voted over 90% to sell 668 BTC and delist, unwinding a treasury built on a $218m raise in under a year.
Shareholders in Satsuma Technology have voted overwhelmingly to override their own board, forcing the sale of the company’s 668 Bitcoin holdings, the return of remaining capital to investors, and a full delisting from the London Stock Exchange. The result, disclosed in a regulatory filing following a general meeting on 20 July, marks one of the most decisive shareholder revolts yet against a UK-listed corporate Bitcoin treasury.
More than 90% of votes cast backed both resolutions — 90.63% for the return of capital and 90.59% for the listing cancellation, according to crypto.news. The proposal originated not from management but from shareholders holding over 20% of Satsuma’s issued share capital, who pushed the board to abandon the treasury strategy rather than persist as a listed digital-asset vehicle.
A divided board loses to its own investors
The governance dispute was unusually public. Four of Satsuma’s six directors recommended voting against the wind-down, arguing in board communications that the plan “destroys an asset that took time and cost to build.” The remaining two directors supported the return of capital, siding with the view that liquidation offered shareholders a clearer, faster route to realising value than continuing to hold a Bitcoin-backed listing trading below its underlying asset value.
Shareholders sided with the minority. Cryptopolitan reported that investors who committed £163.6 million to Satsuma’s fundraising are now expected to recover between £26.8 million and £30 million once wind-down costs are settled — a fraction of the original outlay. Satsuma’s own June circular put the range slightly higher, at £27.7 million to £30.9 million, depending on warrant exercises and the final sale price achieved for the 668 BTC, which Cryptopolitan valued at approximately $43.5 million. The company has said it will retain £2 million of working capital regardless of the outcome.
Court approval and a September delisting
Satsuma intends to distribute proceeds via a B Share scheme, with the record time for shareholders entitled to receive B Shares set at 6pm on 3 August. The company must still obtain approval from the UK High Court before completing the capital return, with delisting from London currently scheduled for 14 September. The board has authorised immediate steps to unwind trading activity and dispose of the Bitcoin holding.
The vote closes a treasury experiment that began less than a year ago. Satsuma, previously an AI firm known as TAO Alpha, rebranded and appointed bitcoin commentator Mark Moss as chief bitcoin strategist in August 2025, the same month it raised £163.6 million (around $218 million) in an oversubscribed convertible note round led by ParaFi Capital, with Pantera Capital, Digital Currency Group and Kraken among the backers. Investors contributed 1,097 BTC directly into the raise in place of roughly $97 million in cash.
From record highs to a stock in tenths of a penny
The strategy came under strain as Bitcoin retreated from its October 2025 record of $126,000. By December, Satsuma sold 579 of its then-1,199 BTC for net proceeds of about £40 million to repay convertible noteholders unwilling to convert debt into shares, leaving 620 BTC on the balance sheet before holdings were later rebuilt to 668 BTC by June 2026. Its chief financial officer departed in February and its chief executive in March, while the share price had lost more than 99% of its June 2025 peak by April, trading in tenths of a penny.
Satsuma is the second-largest Bitcoin treasury company on the UK public market behind The Smarter Web Company, which holds 2,878 BTC worth over $191 million according to Bitcoin Treasuries data. That firm is not immune to the sentiment shift: TD Cowen cut its price target by 36% on Monday citing lower Bitcoin forecasts, though it retained a Buy rating. The retreat extends beyond the UK, with Empery Digital, a former electric-vehicle maker, selling 1,400 BTC for more than $87 million to redirect capital, including $65 million into a Midwest AI data centre project.
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