Satsuma Technology shareholders have voted to sell the company’s Bitcoin holdings, return most of the money to investors, and remove the company from the London Stock Exchange, bringing an end to its Bitcoin treasury strategy less than a year after it began.
At a shareholder meeting on July 20, more than 90% of investors supported both proposals. Around 90.6% voted in favor of returning capital to shareholders, while a similar percentage backed the plan to cancel the company’s London listing.
The decision follows pressure from shareholders who argued that investors would be better off receiving cash directly rather than continuing to hold shares in the company. Shareholders representing more than 20% of the company’s stock had requested the vote.
The board itself was divided. Four directors opposed the proposal, arguing that it would dismantle a business that took significant time and resources to build. However, two directors supported the move, saying it offered shareholders a more straightforward way to realize the value of the company’s assets.
Satsuma currently holds 668 Bitcoin, and company estimates suggest that after selling those holdings, covering costs, and retaining about £2 million for working capital, shareholders could receive between £27.7 million and £30.9 million. The final amount will depend on Bitcoin’s market price and other transaction-related factors.
The vote represents a dramatic turnaround for the company. In 2025, Satsuma raised approximately £163.6 million ($218 million) from major investors, including crypto-focused firms, to build a large Bitcoin treasury. At the time, the company promoted itself as one of the UK’s leading publicly listed Bitcoin-focused businesses.
However, despite Bitcoin remaining a valuable asset, Satsuma’s share price struggled and eventually traded well below the value of the Bitcoin held on its balance sheet. This gap between the company’s market value and its underlying assets led investors to push for liquidation and a return of capital.
The company had already sold a large portion of its Bitcoin holdings in late 2025 to meet financial obligations, reducing its reserves before later rebuilding them to the current level.
Looking ahead, Satsuma plans to seek court approval for the capital return process. Key hearings are expected in August and September, with the company currently aiming to cancel its London listing on September 14. Payments to shareholders are expected later in September, assuming the legal process proceeds as planned.
The outcome highlights the challenges facing some Bitcoin treasury companies. While many firms adopted Bitcoin-focused strategies during the crypto boom, declining share premiums, volatile market conditions, and investor pressure have forced some companies to reconsider their long-term plans.
For Satsuma, shareholders have now chosen a different path: sell the Bitcoin, return the money, and close the chapter on its public Bitcoin treasury strategy.
