Board said keep stacking. Shareholders said sell the whole bag. 📉

Satsuma Technology, a U.K.-listed Bitcoin treasury company, will liquidate its entire 668 BTC position—worth roughly $43.5 million—and cancel its London Stock Exchange listing after shareholders voted overwhelmingly in favor of winding down the business. More than 90% of votes cast backed the dual resolutions, overriding four of six board members who had opposed the move, according to a Monday filing.

The company launched the Bitcoin treasury, or DAT, strategy after rebranding from AI firm TAO Alpha and hiring American Bitcoin commentator Mark Moss as Chief Bitcoin Strategist in August 2025. That same month, Satsuma raised £163.6 million ($218 million) via convertible notes led by ParaFi Capital, with Pantera Capital, Digital Currency Group, and Kraken participating. Investors contributed 1,097 BTC directly, valued at roughly $97 million, in lieu of cash. Shares peaked near £14 in June 2025, giving Satsuma a market cap of about £66 million, before Bitcoin's drop from its $126,000 October all-time high triggered a months-long slide that pulled the stock down with it.

By December, Satsuma had sold 579 BTC for £40 million to cover noteholders who opted for cash repayment rather than converting their debt into shares. The CFO left in February 2026, the CEO departed in March, and by April shares had shed more than 99% of their June 2025 value, trading at fractions of a penny. Pantera Capital, which held roughly 6.7% of the company, began publicly pushing for full liquidation once Satsuma's market cap fell well below the value of the $BTC on its balance sheet, making the stock less attractive than the underlying asset. Shareholders representing more than 20% of issued capital formally tabled the resolution, and the broader shareholder base backed it by a wide margin despite the board majority's objections.

The wind-down will be executed through a U.K. "B Share Scheme" designed to distribute cash assets back to shareholders. Satsuma expects to return between £26.8 million and £30 million after estimated termination costs of £2.7 million covering legal fees, severance, delisting charges, and run-off insurance. Combined with the £40 million already realized from the December $BTC sale, total capital recovered for distribution is expected to reach roughly £66.8 million to £70 million, a figure that has not yet been finalized pending completion of the wind-down process.