Satsuma shareholders approve bitcoin treasury liquidation and London delisting

Shareholders of the UK-based Satsuma Technology bitcoin treasury company have approved plans to sell the company's bitcoin, return capital to investors and delist from the London Stock Exchange.

Over 90% of votes cast supported the capital return and listing cancellation, according to a Monday filing.

Satsuma currently holds 668 BTC worth roughly $43.5 million, making it the second-largest UK-based public bitcoin treasury company behind The Smarter Web Company, according to Bitcoin Treasuries data.

The proposal was put forward at the request of Satsuma shareholders. Four of the company's six directors opposed the proposal, arguing that shareholders would be better off by keeping Satsuma as a listed bitcoin treasury vehicle, while the other two supported returning the capital.

Satsuma's bitcoin treasury company journey was short-lived. The vote comes less than a year after it appointed bitcoin commentator Mark Moss as chief bitcoin strategist and raised £163.6 million ($218 million) in an oversubscribed convertible note round led by ParaFi Capital, with backing from Pantera Capital, Digital Currency Group, Kraken and others.

Ironically, investors contributed 1,097 BTC in place of nearly $97 million in cash during the raise. Months later in December, as bitcoin (BTC) tumbled further off its $126,000 all-time high, Satsuma sold 579 BTC, roughly half its holdings, for £40 million to repay noteholders who chose not to convert their debt into shares.

By April, Satsuma shares (LSE: SATS) had lost more than 99% from their June 2025 peak. At that point, Patnera and other investors started to push Satsuma to liquidate its remaining bitcoin and return capital.

Bitcoin treasury trend reversal

Satsuma's wind-down comes as other corporate bitcoin holders are reconsidering their strategies adopted during last year's bitcoin boom.

Empery Digital recently sold 1,400 BTC for more than $87 million to help finance an AI data center investment pivot and repay debt.

Meanwhile, TD Cowen on Monday cut its price target for The Smarter Web Company, the UK's top bitcoin treasury company, by 36%, citing revised bitcoin forecasts, though it maintained a Buy rating. 

TSWC currently owns 2,878 BTC worth more than $191 million.