Satsuma Technology Crashes 99%, Sells All Remaining Bitcoin After Regulatory Headaches
Satsuma Technology, a British company that raised £168.9 million ($227.6 million) from noteholders in 2025, has crashed 99% from its peak and sold all of its Bitcoin (BTC). The company suspended trading on Monday after attempting to postpone its delisting while searching for a new venue.
According to Satsuma's Chief Bitcoin Strategist Mark Moss, the company must return the dollar amount of the Bitcoin to investors when they accepted it, not the actual coins. This is due to UK regulations.
Satsuma's woes began with its pivot from AI to crypto, where it raised £163.6 million ($220 million) in a convertible note round with ParaFi Capital as lead investor in July 2025. Pantera Capital, Digital Currency Group, and Kraken also contributed capital and subscribed. However, the company struggled to maintain its value, selling 579 of its 1,199 coins for £40 million ($54 million) in December.
The boardroom soon emptied with CFO Andrew Smith quitting on February 18 after shareholders requisitioned a general meeting about his performance. CEO Henry Elder resigned on March 6 after seven months on the job. Backers also turned their backs, with Pantera pushing Satsuma to dump its remaining BTC in April.