Satsuma Technology shareholders vote to sell remaining 668 BTC and wind down company

Satsuma Technology shareholders have approved the return of capital to investors and the cancellation of the company’s London Stock Exchange listing, formalizing the wind-down of its Bitcoin treasury strategy. More than 90% of votes cast backed both resolutions, capping months of pressure from investors including Pantera Capital after the stock fell 99% from its June 2025 high. Satsuma holds 668 BTC worth roughly $43.5 million, making it the UK’s second-largest public Bitcoin treasury behind The Smarter Web Company, according to Bitcoin Treasuries data. Shareholders representing more than 20% of issued capital had formally requested the vote in May. Four directors urged investors to reject the proposals, while two backed them. The decision adds to broader strain on digital asset treasury companies, a model that expanded in 2025 as firms raised money to accumulate Bitcoin but has come under pressure in 2026 as lower prices pushed some companies to sell holdings instead. Sequans sold 970 Bitcoin in November, about 30% of its holdings, to reduce convertible debt, while Empery Digital has sold roughly 1,400 BTC, or about 48% of its stack. Strategy also introduced a Digital Credit Capital Framework in June that allows periodic Bitcoin sales to raise up to $1.25 billion for its U.S. dollar reserve, meet dividend and interest obligations when more favorable than issuing new shares, and fund share or debt repurchases; BeInCrypto reported in early July that it sold 3,588 BTC for about $216 million. For Satsuma, the company expects its listing to be canceled on Sept. 14 and proceeds to be returned to shareholders by late September. The outcome is likely to sharpen focus on whether other listed Bitcoin treasury companies remain in public markets or follow Satsuma’s path out of the sector.