Satsuma Technology Shareholders Vote to Sell 668 BTC, Wind Down Bitcoin Treasury Firm After 12 Months

Shareholders of Satsuma Technology voted Monday to sell the company's remaining 668 BTC, worth roughly $43.5M at current prices, and wind down operations, ending a Bitcoin treasury experiment launched less than 12 months ago. The vote, which passed with more than 90% support, overruled four of six board members opposed to liquidation.

The decision marks a sharp capital loss for investors: against £163.6M ($205M) raised in August 2025, shareholders now expect to recover between £26.8M and £30M ($34M–$38M) after wind-down costs, less than 20 pence on the pound. The firm had peaked at £14 per share in June 2025 before Bitcoin's pullback dragged its equity value below the underlying BTC holdings. By April 2026, shares had lost over 99% of their peak value, prompting Pantera Capital—holding roughly 6.7% of the stock—to publicly call for liquidation. The wind-down will proceed through a UK legal mechanism; convertible noteholders will rank above common equity in the payout distribution.