DAT went wrong: Satsuma dumps Bitcoin treasury and sells $43 million worth of Bitcoin

Shareholders of Satsuma Technology, a UK-based bitcoin treasury company, have voted to liquidate the company’s entire bitcoin position and wind down the business, eliminating four of its six board members.

More than 90% of votes supported the dual decisions to sell 668 bitcoins – worth approximately $43.5 million – and delist the company on the London Stock Exchange. For every deposit on Monday. The move unpacks a digital asset treasury, or DAT for short, and is the latest company to call it a DAT a day after the DAT trend is ramping up in 2025.

Satsuma started life as TAO Alpha, a small AI company, before rebranding and Employment Mark Moss in August 2025 as chief Bitcoin strategist. Moss is an American Bitcoin commentator with over 700,000 YouTube subscribers known for advising institutions on how to buy Bitcoin and hold it as a corporate treasury asset – essentially a company’s rainy day fund, but in crypto.

Same month, Satsuma He grew up £163.6 million ($218 million) through convertible notes — debt investors can either redeem for cash or convert them into company shares — led by ParaFi Capital, with Pantera Capital, Digitalcurrency Group and Kraken joining. Investors contributed 1,097 bitcoins directly instead of approximately $97 million in cash.

The stock peaked around £14 per sharealmost 66 million pounds sterling in market capitalization, in June 2025. Bitcoin then reached an all-time high of $126,000 in October before entering a months-long decline in what has become the current crypto winter, dragging the rest of the market — including Satsuma shares — with it.

By December, Satsuma had already arrived Selling assets To stay solvent: 579 bitcoins went for £40 million to ensure it had enough cash to pay off bondholders who chose not to convert their debt into equity by the end of the year.

Disintegration

The company’s CFO left in February 2026; The CEO followed in March. By April, shares had lost more than 99% of their June 2025 value — trading for fractions of a penny — and Pantera Capital owned about 6.7% of Satsuma shares. The push began publicly For complete liquidation.

The logic was straightforward: Satsuma’s market capitalization—the total combined dollar value of all its shares—had fallen far below the value of the bitcoin on its balance sheet, the point at which owning the stock is entirely worse than owning the currency outright. A group of shareholders representing more than 20% of the issued share capital formally put the resolution to a vote.

The council was bitterly divided. Four of the six directors opposed the liquidation, arguing that Satsuma remains a viable listed Bitcoin instrument. Two sides with shareholders pressing for liquidation. Shareholders overruled the board’s majority by a wide margin.

The liquidation process is carried out through a “B-share plan”, which is a legal mechanism in the United Kingdom for distributing cash assets to shareholders. Satsuma expects to return between £26.8m and £30m after severance costs estimated at £2.7m – legal fees, severance pay, write-off fees and reinstatement insurance.

In addition to the £40 million from the December Bitcoin sale, the total capital recovered lands around £66-70 million against the £163.6 million originally raised. Because holders of convertible notes rank higher than common stock in any payout structure — meaning they get paid first — common shareholders can walk away with a lot less even than these numbers suggest.

Satsuma is currently the second largest UK listed Bitcoin treasury company in terms of holdings. The first is The smartest web companywhich owns 2,878 bitcoins and has not proposed ending its activity.

Hearings are scheduled to take place in the UK High Court to approve the capital return in August and September 2026. The delisting is expected to take place in mid-September, with shareholder payments due by late September.