Satsuma Technology, which in 2025 managed to raise £168.9 million ($227.6 million) from bondholders amid the rise of its Bitcoin treasury, has collapsed by 99% from its peak and sold all 669 of its bitcoins. Just on June 24, 2025, the company was valued at over £120 million ($162 million). Currently, Satsuma has suspended trading and is trying to delay delisting to find a new trading platform.
On Monday, the company is undergoing High Court proceedings to distribute £30.7 million ($41.4 million) among shareholders by the end of September. In an interview, Satsuma's Chief Bitcoin Strategist Mark Moss noted that under UK law, they cannot return bitcoins to investors but must return the equivalent in dollars at the time of receipt. In July, Satsuma insisted on continuing its strategy, but shareholders voted more than 90% in favor of liquidating the company on July 20, 2026. From July 24 to July 31, Satsuma raised £31.9 million ($43 million) from the last 669.49 BTC. The average selling price was £47,667 ($64,272) per coin – 43% lower than the average purchase price of £84,026 ($113,000).
The company also faced management departures: CFO Andrew Smith left on February 18 after shareholder demands for a general meeting regarding his performance, and CEO Henry Elder departed on March 6 after seven months in the role. In April, Bloomberg reported that Pantera was among the investors urging the sale of the company's remaining bitcoins: at that time, its DAT Opportunity Fund owned 6.7% of the shares, and Satsuma's market value had fallen below the value of its coins. In July, four out of six board members favored continuing the strategy, but shareholders rejected this decision.
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