Satsuma Crashes 99%, Liquidates Entire BTC Treasury After Shareholders Vote to Wind Down

Satsuma Technology, a British company that raised £168.9 million ($227.6 million) in 2025 from noteholders to back its Bitcoin strategy, has crashed 99% from its peak and liquidated its entire treasury of 669 BTC.

The company's Chief Bitcoin Strategist, Mark Moss, explained that due to UK regulations, Satsuma cannot return the Bitcoin to investors but instead must pay them the dollar amount they accepted in lieu of cash when buying the notes.

Satsuma attempted to postpone its delisting while searching for a new trading venue, but shareholders voted overwhelmingly to wind down the company. The board members who supported continuing the strategy were outvoted by those seeking to return capital and delist the company.