Satsuma shareholders vote to sell Bitcoin and delist in wind-down

Satsuma Technology is closing out its Bitcoin treasury bet less than a year after raising £163.6 million to build it. For investors, the vote is a clear reminder that owning shares in a crypto-holding company can behave very differently from owning the token itself.

Shareholders in the U.K.-based company approved resolutions to sell Satsuma’s remaining 668 BTC, worth about $43.5 million, return capital and cancel its London Stock Exchange listing, according to a Monday filing. More than 90% of votes cast supported the plan, despite opposition from four of the company’s six board members, the filing said.

A digital asset treasury, often shortened to DAT, is a company that holds crypto as a central balance-sheet asset. In plain terms, it uses corporate cash, debt or other financing to buy tokens, then gives public-market investors exposure through the company’s shares.

Satsuma’s plan had been part of a broader 2025 wave of listed companies adopting Bitcoin treasury strategies. The shareholder vote now unwinds that strategy and puts the company on a path toward liquidation.

From AI firm to Bitcoin vehicle

Satsuma was previously known as TAO Alpha, a small artificial intelligence company, before shifting its identity around Bitcoin. In August 2025, the company appointed Mark Moss as chief Bitcoin strategist, according to a London Stock Exchange announcement. Moss is an American Bitcoin commentator with more than 700,000 YouTube subscribers and has advised institutions on holding Bitcoin as a corporate treasury asset.

That same month, Satsuma raised £163.6 million, or about $218 million, through convertible notes, according to a company announcement. Convertible notes are debt that investors can later either redeem for cash or convert into shares.

The financing was led by ParaFi Capital, with Pantera Capital, Digital Currency Group and Kraken also participating, according to the company announcement. Investors contributed 1,097 BTC directly instead of about $97 million in cash.

Satsuma’s shares later came under heavy pressure. The stock reached about £14 per share in June 2025, with a market capitalization of roughly £66 million, according to market data cited by Decrypt. By April 2026, the shares had fallen more than 99% from that level and were trading at fractions of a penny, according to Decrypt.

Why shareholders pushed to unwind

The company had already sold Bitcoin before the final wind-down vote. In December, Satsuma sold 579 BTC for £40 million to make sure it had enough cash to repay noteholders who did not convert their debt into shares by year-end, according to a London Stock Exchange notice.

Management turnover followed. Satsuma’s chief financial officer departed in February 2026, and its chief executive left in March, according to Decrypt.

By April, Pantera Capital, which held about 6.7% of Satsuma’s stock, began publicly pressing for a full liquidation, according to Bloomberg. The argument was that Satsuma’s market value had dropped below the value of the Bitcoin it held. Market capitalization means the total value of all a company’s shares at the current stock price.

A shareholder group representing more than 20% of issued capital put the wind-down resolution to a vote, according to Decrypt. Two directors supported the shareholder-backed plan, while four opposed it and argued Satsuma could still operate as a listed Bitcoin vehicle.

Shareholders sided with liquidation. Satsuma expects to return only £26.8 million to £30 million after wind-down costs, despite having raised £163.6 million in August 2025, according to Decrypt.

This story draws on original reporting from Decrypt.