Bitcoin treasury Satsuma is preparing to shut down and liquidate its holdings after shareholders backed a capital return.
Satsuma Technology shareholders approved plans to sell the company’s remaining Bitcoin, return nearly all its capital and delist from the London Stock Exchange, per the company’s Monday filing.
The vote ends Satsuma’s brief attempt to build one of Britain’s largest publicly traded Bitcoin treasuries after a collapse in its share price prompted investors to demand their money back.
Satsuma Technology, a London-listed technology company, said that over 90% of votes cast supported returning all its capital and backed canceling the company’s listing.
Still, the capital return requires approval from the UK High Court, a British civil court. Satsuma expects a final hearing on Sept. 8, followed by the cancellation of its listing on Sept. 14, while payments to shareholders are currently expected by Sept. 28.
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Less Than a Year From Raise to Liquidation
The wind-down comes after the company’s stock lost more than 99% of its value from its June 2025 peak, leaving the company trading well below the value of the Bitcoin on its balance sheet.
Pantera Capital, a crypto venture capital firm, was among the investors pushing Satsuma to sell its reserves and return the proceeds, Bitcoin Foundation reported in late April.
But at the time, the company’s board was split over the proposal. Four of its six directors reportedly argued that shareholders would be better served by keeping Satsuma listed as a Bitcoin treasury vehicle, while two supported liquidation.
Satsuma’s Bitcoin strategy lasted less than a year. In August 2025, the company raised about £163.6 million (or roughly $218 million) through convertible notes backed by investors including Pantera Capital, Digital Currency Group, Kraken, and others.
Investors contributed more than 1,000 Bitcoin as part of that raise. But after Bitcoin fell sharply from its October 2025 record, Satsuma sold 579 BTC▲$62,630.00 in December to repay noteholders who chose not to convert their debt into shares.
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