Satsuma shareholders vote to sell 668 BTC and delist from London

Satsuma Technology shareholders voted to sell the company’s 668 bitcoins, return proceeds to investors and delist from the London Stock Exchange. Over 90% voted in favor of the move.

The corporate bitcoin bet that lasted less than a year is done. Satsuma joins other digital asset treasury companies in abandoning the model, and bitcoin trades well below last year’s highs.

Four directors lose the vote to shareholders

The resolutions were passed on the proposal of shareholders. That exposed a split in Satsuma’s own boardroom. Four of the six directors were against winding down. They told shareholders that a listed bitcoin vehicle would be better in the long run.

Only two backed the return of capital and shareholders sided with the minority. Over 90% of votes cast approved the sale of the 668 BTC, worth about $43.5 million, and pulling the London listing. That’s according to a regulatory filing on Monday, cited by Cryptopolitan.

Satsuma is the second largest bitcoin treasury business on the UK public market. The Smarter Web Company has the most at 2,878 BTC, worth over $191 million, according to data from Bitcoin Treasuries.

Satsuma wasn’t a bitcoin company when it launched. Began as TAO Alpha, a small AI firm. Then it rebranded and hired American bitcoin commentator Mark Moss as chief bitcoin strategist in August 2025. Moss, who built a following advising companies to hold bitcoin as a corporate reserve asset, is followed by more than 700,000 on YouTube.

The same month, the firm raised £163.6 million, or some $218 million, in an oversubscribed convertible note round. ParaFi Capital led the way. The company was backed by Pantera Capital, Digital Currency Group and Kraken. Instead of wiring money, investors sent 1,097 BTC directly, worth about $97 million of the raise.

What investors receive today is a fraction of what went in. Satsuma is expected to return only between £26.8 million and £30 million once wind down costs have been settled.

Selling began in December, executives followed

The reversal was already in progress months before this vote. Bitcoin reached a record high of $126,000 in October before falling into what the market has called crypto winter, dragging Satsuma’s stock down with it. The company was raising cash just to stay afloat by December, but it sold 579 BTC for £40 million to meet noteholders refusing to convert their debt into shares.

Satsuma’s finance chief left in February 2026 and the chief executive left in March. The stock had given up more than 99% of the June 2025 peak by April. Trading in tenths of a penny. Pantera and some other investors began to push the company to liquidate the remaining bitcoin and return the capital.

Satsuma’s exit is part of a trend. Firms that loaded up on bitcoin treasuries last year during the boom are now having second thoughts. Empery Digital, a former electric vehicle maker, sold hundreds of BTC amid pressure from shareholders. In June, Cryptopolitan reported that it is redirecting $65 million into a Midwest AI data center project. Empery sold 1,400 BTC for more than $87 million to help fund that pivot and pay down debt.

Even those companies sticking to the course are getting marked down. TD Cowen slashed its price target for The Smarter Web Company by 36% on Monday, citing lower bitcoin forecasts, but maintained its Buy rating.

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