Satsuma's 668 BTC Exit: One Year, £163M Raised, Roughly 17p Back 🪙

Shareholders of Satsuma Technology voted by more than 90% on Monday to sell the company's remaining 668 BTC and return capital to holders, formally ending a Bitcoin treasury experiment that lasted less than 12 months. The resolution, which also cancels the company's planned LSE delisting, overruled four of six board members and passed despite opposition from Chief Bitcoin Strategist Mark Moss. The decision crystallizes one of the sharper destructions of investor capital in the UK crypto space: against the £163.6M raised in August 2025, shareholders now expect to recover between £26.8M and £30M after wind-down costs, less than 20 pence on the pound.

Satsuma began life as TAO Alpha, a small AI firm, before rebranding and pivoting to a Bitcoin treasury accumulation strategy. In August 2025, the company hired Mark Moss, an American Bitcoin commentator with over 700,000 YouTube subscribers, as Chief Bitcoin Strategist and subsequently raised £163.6M through a convertible note structure aimed at funding BTC purchases. The treasury approach drew comparisons to MicroStrategy-style balance sheet plays and briefly made Satsuma one of the most-watched UK-listed vehicles for indirect Bitcoin exposure.

The wind-down vote comes as $BTC trades at $65,700, down from above $66,000 the previous day after a modest +0.4% overnight move, with daily trading volume of $31.8Bn. At that price level, the 668 BTC earmarked for sale are worth roughly $43.5M. The vote followed months of public dispute between Moss and other directors over the pace of accumulation, the sizing of further raises, and the strategic rationale for maintaining a single-asset corporate treasury at a time when Bitcoin-linked investment products have proliferated in the UK and EU.

Satsuma is one of several UK-listed entities that pursued dedicated Bitcoin treasury strategies during the 2025 rally, and its collapse is likely to draw scrutiny from the FCA and from retail investor advocates who have warned about the opacity of convertible-note financings tied to crypto holdings. The wind-down process will now proceed through creditor notification, a structured sale of the remaining BTC, and a final distribution to shareholders under the timelines set by the resolution passed on Monday.