The shareholders of Satsuma Technology, a U.K.-based Bitcoin treasury company, have voted to liquidate the company's entire Bitcoin position and shut down the business, overruling four of its six board members.
The logic was direct: Satsuma's market cap—the total combined dollar value of all its shares—had fallen well below the value of the Bitcoin sitting on its own balance sheet, the point where owning the stock is strictly worse than owning the coin directly. A group of shareholders representing more than 20% of issued capital formally put the resolution to a vote.
The board split hard. Four of six directors opposed the liquidation, arguing Satsuma was still a viable listed Bitcoin vehicle. Two sided with shareholders pushing to wind down. Shareholders overruled the board majority by a wide margin.
The wind-down runs through a "B Share Scheme," a U.K. legal mechanism for distributing cash assets back to shareholders. Satsuma expects to return between £26.8 million and £30 million after estimated termination costs of £2.7 million—legal fees, severance, delisting charges, and run-off insurance.
Combined with the £40 million from the December BTC sale, total capital recovered lands around £66–£70 million against the £163.6 million originally raised. And because convertible note holders rank above common equity in any payout structure—meaning they get paid first—ordinary shareholders could walk away with considerably less than even those numbers suggest.
U.K. High Court hearings to approve the capital return are set for August and September 2026. The delisting is expected mid-September, with shareholder payments due by late September.
