Satsuma Becomes the Crypto Downturn’s Latest Bitcoin Treasury Casualty

Bitcoin (BTC) treasury firm Satsuma Technology’s shareholders voted to return all of the company’s capital and to cancel its London Stock Exchange listing.

The liquidation adds to mounting pressure on digital asset treasury (DAT) companies. The model boomed in 2025, when firms raised capital to stockpile Bitcoin. In 2026, falling prices have pushed several to sell instead.

Satsuma Shareholders Vote to Liquidate The Bitcoin Treasury

Pressure had been building for months. In April, Bloomberg reported that investors were pushing Satsuma to liquidate its Bitcoin and shut down operations.

Pantera Capital Management, a prominent crypto venture fund, sat among those investors. By then, the stock had fallen 99% from its June 2025 high.

The campaign turned formal in May. Shareholders holding more than 20% of the issued capital requested the vote, according to the company’s filing.

Four directors urged rejection, while two dissenting directors backed the resolutions. This week, the company confirmed 90.63% voted to return capital and 90.59% to cancel the listing.

Satsuma holds 668 BTC worth roughly $43.5 million. That ranks it as the UK’s second-largest public Bitcoin treasury, behind The Smarter Web Company, per Bitcoin Treasuries data.

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A Sector Selling to Survive

Satsuma is not alone. Strain on smaller firms began to show after the October crash. In November, Sequans sold 970 Bitcoin, about 30% of its holdings, to reduce convertible debt.

Empery Digital has also sold roughly 1,400 BTC, cutting its stack by about 48%. The selling reached the largest holder, too. In June, Strategy released its Digital Credit Capital Framework.

The plan allows it to periodically sell BTC to raise up to $1.25 billion for its US dollar reserve, meet dividend and interest obligations when more favorable than issuing new shares, and fund share or debt repurchases. In early July, BeInCrypto reported that Strategy sold 3,588 BTC for about $216 million.

For Satsuma, the timeline is set. It expects to cancel its listing on September 14 and return proceeds to shareholders by late September.

Whether other treasuries follow Satsuma out of public markets may shape the sector’s next phase.

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