Current outcome
British Bitcoin treasury company Satsuma Technology, which raised £168.9 million ($227.6 million) from noteholders at the height of the 2025 BTC treasury boom, has fallen 99% from its 2025 peak, sold its entire remaining holding of 669.49 BTC, and suspended trading. On Monday the company moved to postpone its own delisting while searching for a new trading venue, and it is under High Court of Justice procedures to disburse £30.7 million ($41.4 million) to shareholders by the end of September. This is a high-signal cautionary case for the 2025 wave of corporate Bitcoin treasuries, showing how the convertible-note-funded "buy BTC with other people's money" model inverts into forced selling once the share price falls below the value of the coins. It matters for every listed company that copied Strategy's playbook, for the credit investors who funded them, and for how UK and European regulators view crypto-linked balance sheets. Satsuma sold its last coins for an average of £47,667 ($64,272) each, 43% below its admitted average purchase price of £84,026 ($113,000), and its Chief Bitcoin Strategist Mark Moss noted that UK rules mean investors receive the sterling value of the BTC at the time they accepted it, not the coins themselves. The wind-down was forced by shareholders, who voted more than 90% in favour on July 20 despite a board recommendation to vote against returning capital and delisting, after the CFO and CEO had already resigned in February and March.
Progress timeline
1 material updates- #01
Satsuma Technology Crashes 99%, Sells All 669 BTC, Suspends Trading
British Bitcoin treasury company Satsuma Technology, which raised £168.9 million ($227.6 million) from noteholders at the height of the 2025 BTC treasury boom, has fallen 99% from its 2025 peak, sold its entire remaining holding of 669.49 BTC, and suspended trading. On Monday the company moved to postpone its own delisting while searching for a new trading venue, and it is under High Court of Justice procedures to disburse £30.7 million ($41.4 million) to shareholders by the end of September. This is a high-signal cautionary case for the 2025 wave of corporate Bitcoin treasuries, showing how the convertible-note-funded "buy BTC with other people's money" model inverts into forced selling once the share price falls below the value of the coins. It matters for every listed company that copied Strategy's playbook, for the credit investors who funded them, and for how UK and European regulators view crypto-linked balance sheets. Satsuma sold its last coins for an average of £47,667 ($64,272) each, 43% below its admitted average purchase price of £84,026 ($113,000), and its Chief Bitcoin Strategist Mark Moss noted that UK rules mean investors receive the sterling value of the BTC at the time they accepted it, not the coins themselves. The wind-down was forced by shareholders, who voted more than 90% in favour on July 20 despite a board recommendation to vote against returning capital and delisting, after the CFO and CEO had already resigned in February and March.
Source evidence: Protos