Satsuma Technology Collapses 99% After Bitcoin Treasury Strategy Fails
British bitcoin treasury company Satsuma Technology has crashed 99% from its 2025 peak, liquidated its entire bitcoin holdings, and suspended trading as it faces delisting proceedings. The firm, which raised £168.9 million ($227.6 million) from noteholders during the height of the 2025 bitcoin treasury boom, sold all 669 of its remaining BTC and is now under High Court of Justice procedures to distribute £30.7 million ($41.4 million) to shareholders by the end of September.
On Monday, the company attempted to postpone its own delisting while searching for a new trading venue. As recently as June 24, 2025, Satsuma was valued at over £120 million ($162 million).
Regulatory Constraints Prevent Bitcoin Returns to Investors
Chief Bitcoin Strategist Mark Moss explained in an interview that UK regulations prevent returning bitcoin directly to investors. According to Moss:
“We can’t give the investors back their $BTC. We have to give them the dollar amount of the bitcoin when they accepted it.”
From Gaming to AI to Bitcoin: A Series of Pivots
Incorporated in March 2021 as Streaks Gaming, the company pivoted to artificial intelligence as StreaksAI before embracing cryptocurrency as Tao Alpha. Its final rebrand to Satsuma Technology channeled the “sats” denomination of bitcoin.
The bitcoin treasury model was seemingly encouraged by Strategy (formerly MicroStrategy) founder Michael Saylor, who reportedly said:
“There’s room for 400 million companies to buy $BTC.”
Unfortunately, the bitcoin treasury bubble burst in early summer 2025, and the performance of most copycat stocks has been overwhelmingly negative since their initial purchases.
Sequans Also Dumps Bitcoin Treasury After Less Than a Year
Satsuma isn’t alone. Fellow bitcoin treasury company Sequans has also liquidated its bitcoin holdings after less than a year, underscoring the broader collapse of the corporate bitcoin treasury trend.
“The Next MSTR” That Wasn’t
Moss, appointed as chief Bitcoin strategist, was tasked with raising non-dilutive capital and generating yield from the company’s self-described “treasury” — now fully liquidated. Upon his appointment, Moss proclaimed:
“Satsuma $SATS.L is entering the UK markets with a better model: Balance sheets backed by pristine collateral ($BTC), not empty promises.”
He also promoted the stock to his followers. Money initially followed the hype. In July 2025, Satsuma closed a £163.6 million ($220 million) convertible note round led by ParaFi Capital. Pantera Capital, Digital Currency Group, and Kraken also contributed capital and subscribed. Some investors paid in bitcoin; the company accepted 1,097 BTC in lieu of £96.9 million ($130.6 million) in cash.
The first rupture came in December when Satsuma sold 579 of its 1,199 coins for about £40 million ($54 million). The proceeds were earmarked to repay £78 million ($105 million) of notes maturing at year-end.
Who could have imagined Broke companies CAN’T afford to HODL https://t.co/MBErUIyUNt
— DarkClownSuitCoinicarus (@Coinicarus) September 14, 2026
Fleeing Executives and the End of the Strategy
The boardroom soon began to empty. CFO Andrew Smith quit on February 18 after shareholders requisitioned a general meeting about his performance, while CEO Henry Elder resigned on March 6 after seven months on the job.
Backers also turned away. By April, Bloomberg reported that Pantera was among investors pushing Satsuma to dump its remaining bitcoin. Pantera’s DAT Opportunity Fund held 6.7% equity at the time, and the company’s market value had fallen below the value of its coins.
Satsuma admitted an embarrassingly high average purchase price of £84,026 ($113,000) per BTC.
Directors initially dug in. Four of the six board members wanted the strategy to continue. As recently as July, the company insisted:
“For the avoidance of doubt, the board’s recommendation is that shareholders VOTE AGAINST the resolutions to return capital and to delist.”
Shareholders ignored that advice, voting more than 90% in favor of a wind-down on July 20, 2026.
Between July 24 and 31, Satsuma netted £31.9 million ($43 million) for its last 669.49 BTC. The average sale price was £47,667 ($64,272) per coin — 43% below what it paid.
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