Satsuma Technology Shareholders Vote To Liquidate All 668 Bitcoin And Delist From London

Shareholders of Satsuma Technology, one of the UK's largest listed Bitcoin treasury companies, have voted to sell the firm's entire Bitcoin position, return the proceeds to investors, and delist from the London Stock Exchange. It is the clearest capitulation yet in a Bitcoin treasury sector that spent 2025 raising money to buy Bitcoin and is now spending 2026 unwinding those bets.

THE VOTE

At a general meeting on July 20, Satsuma shareholders passed two special resolutions with overwhelming support. The company said holders passed two special resolutions: one to return substantially all of Satsuma's capital to shareholders, the other to cancel the company's listing on the FCA's Official List, with the capital return resolution carrying 90.63% support. The board will now close out Satsuma's trading operations and sell the company's remaining bitcoin, roughly 668 BTC, worth close to $43.5 million at current prices.

The wind-down has a fixed timeline. UK High Court hearings to approve the capital return are set for August and September 2026, with the delisting expected mid-September and shareholder payments due by late September.

A SHORT AND EXPENSIVE RUN

Satsuma's turn as a Bitcoin treasury company barely lasted a year. The firm raised £163.6 million through convertible notes led by ParaFi Capital, with Pantera Capital, Digital Currency Group, and Kraken participating, after appointing Bitcoin commentator Mark Moss as Chief Bitcoin Strategist. Some of that raise came directly in Bitcoin: some investors contributed 1,097 BTC directly in place of roughly $97 million in cash.

The stock did not hold up. Bitcoin hit its $126,000 all-time high in October before entering a months-long slide, dragging Satsuma's stock down with it. By December the company was already selling assets to survive: 579 BTC went for £40 million to ensure it had enough cash to repay noteholders who chose not to convert their debt into shares by year-end. By the time of this month's vote, shares had fallen so far that trading in Satsuma shares was suspended at the company's request on July 1 after the stock had fallen more than 99% from its 2025 peak.

Pantera Capital led the push to unwind the company entirely. By April, Pantera Capital, which held a 6% to 7% stake, was publicly pushing Satsuma's board to sell its remaining bitcoin and hand the cash back to shareholders rather than persist as a listed treasury company. The board itself was split on the decision: 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. Shareholders overruled them anyway.

NOT AN ISOLATED CASE

Satsuma's wind-down lands the same week two other prominent Bitcoin treasury stories broke. Jack Mallers stepped down as CEO of Twenty One Capital, the Tether-backed treasury company he founded and the second-largest public Bitcoin holder in the world. Mallers wrote on X that he had decided to step down as CEO of Twenty One to focus on his payments firm Strike, saying his life's work remains Bitcoin and that Strike is where the work continues. Alongside the leadership change, the company laid out refreshed strategic priorities centered on cash-flow generation and disciplined capital allocation, chief among them building and acquiring profitable operating businesses under a long-term ownership model likened to Berkshire Hathaway.

Separately, Adam Back's Bitcoin Standard Treasury Company has struggled to get to market at all. What was originally a June 26 shareholder vote to take BSTR public through a SPAC merger with Cantor Equity Partners has been pushed back repeatedly. BSTR has canceled the original SPAC merger terms with Cantor Equity Partners I and will renegotiate, with the shareholder vote postponed indefinitely.

A DIFFERENT MODEL IS EMERGING

On the show, the hosts argued that the common thread across Satsuma, Twenty One, and BSTR is that a Bitcoin treasury company built purely on raising money to buy Bitcoin no longer has an obvious pitch to investors when the stock trades below the value of the coins it holds. The alternative gaining traction is a treasury company with a real, cash-generating business underneath it.

Lyn Alden's newly launched Orange Juice is one example of that model. The company plans to acquire cash-flowing businesses, support their operations, hold them indefinitely, and back the structure with a Bitcoin treasury, targeting businesses generating $1 million to $10 million in annual free cash flow. It raised $40 million in a seed round announced July 15, 2026. As one of its founding partners put it, "Building a business takes decades. Founders deserve more than one path when it's time to transition ownership."

The distinction the hosts drew on the show is simple: a treasury company that can generate its own cash does not have to sell Bitcoin at the bottom of a bear market to survive. One that can't, doesn't have that choice. Satsuma's shareholders just found that out the hard way, and the wind-down is now a matter of court dates rather than debate.