Daily News 19

Tag: Corporate Bitcoin treasury

  • Strategy Copycat Satsuma Crashes 99%, Liquidates Treasury

    Strategy Copycat Satsuma Crashes 99%, Liquidates Treasury

    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.

    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.

  • Strive Adds $143 Million in Bitcoin, Becoming the Fifth-Largest Public Holder

    Strive Adds $143 Million in Bitcoin, Becoming the Fifth-Largest Public Holder

    Strive has strengthened its position among corporate Bitcoin holders after purchasing 1,800 $BTC for approximately $143 million. The acquisition increased the company’s Bitcoin treasury to 23,156 $BTC, moving Strive ahead of Bullish and into fifth place.

    Strive bought the Bitcoin between August 24 and August 28 at an average price of $79,431 per coin. The latest purchase extends the company’s aggressive Bitcoin accumulation strategy.

    Strive accelerates its Bitcoin strategy

    The purchase follows Strive’s acquisition of 1,110 $BTC during the previous week. As a result, the company added 2,910 $BTC over two weeks for approximately $224.5 million.

    The buying spree highlights Strive’s growing commitment to Bitcoin as a central treasury asset. The company now ranks behind Strategy, Twenty One Capital, Metaplanet, and MARA Holdings.

    Equity issuance supports Bitcoin purchases

    Strive continues to fund its Bitcoin expansion through ASST common stock and SATA preferred stock programs. Its Class A share count increased by 3.58 million during the most recent reporting quarter.

    The number of SATA shares also rose by 803,099 to approximately 9.07 million. However, issuing additional equity can reduce the value held by existing shareholders.

    Strive has created up to $4.2 billion in potential fundraising capacity. The company could use that capital to purchase more Bitcoin if market prices are favorable, giving it substantial room to expand its treasury further.

    Related: Ripple Emerges as Top Holding in New York-Traded C1 Fund

    Source: cryptonews.net

  • Strive Adds $143 Million in Bitcoin as Treasury Firms Return to the Market

    Strive Adds $143 Million in Bitcoin as Treasury Firms Return to the Market

    Strive has purchased another 1,800 Bitcoin worth approximately $143 million, continuing its aggressive cryptocurrency accumulation strategy and expanding one of the largest corporate Bitcoin treasuries.

    CEO Matt Cole said Monday that Strive paid an average of $79,431 per Bitcoin for the latest purchase. The transaction brings the company’s total holdings to 23,156 BTC, valued at approximately $1.76 billion at the reference price cited in the disclosure.

    Strive expands Bitcoin treasury strategy

    The purchase follows Strive’s recent $81 million Bitcoin acquisition alongside a share sale. The company trades on the Nasdaq under the ticker ASST after merging with Asset Entities earlier this year.

    Strive was initially co-founded by entrepreneur-turned-politician Vivek Ramaswamy. It is among a growing group of public companies that have adopted Bitcoin treasury strategies, raising capital to accumulate the asset and link their financial performance to its price.

    The approach was pioneered by Michael Saylor’s Strategy and has attracted numerous imitators over the past year. However, corporate Bitcoin treasury strategies carry significant risk because of the cryptocurrency’s volatility.

    Corporate crypto buying resumes

    Strive’s latest purchase comes amid renewed buying across the sector as Bitcoin has rallied. Strategy ended an approximately two-month pause with a $370 million Bitcoin purchase this week, its first since June, after a market recovery pushed its position back into profit.

    Tom Lee’s Bitmine also made its largest Ethereum purchase since June, highlighting how crypto treasury companies have resumed accumulation as prices recovered.

    Bitcoin traded at around $78,600 on Monday, slightly lower on the day but on track to finish August with a gain of more than 24%, which would make it the cryptocurrency’s strongest month since 2017.

    Strive’s average purchase price for the latest tranche is slightly above current market levels, leaving the new Bitcoin investment roughly at break-even for now.

  • Why Bitcoin’s $2B in Corporate Treasury Holdings Could Trigger a Ticking Time Bomb of Hidden Conditional Supply

    Why Bitcoin’s $2B in Corporate Treasury Holdings Could Trigger a Ticking Time Bomb of Hidden Conditional Supply

    Corporate Bitcoin treasury figures can obscure how much Bitcoin is actually available to a company. Recent filings from CleanSpark, PowerCompute and USBC show that options contracts, collars and secured loans can place different types of claims on corporate Bitcoin without creating a single, comparable measure of exposure.

    The companies’ disclosures cover different dates, units and legal structures. Combining them into one total would therefore produce a misleading estimate of economically unencumbered corporate Bitcoin.

    CleanSpark separates trading activity from Bitcoin holdings

    During the three months ended June 30, CleanSpark traded 9,400 Bitcoin-equivalent call contracts through Spot+, its strategy for selling options alongside ongoing sales from its corporate Bitcoin treasury. Because the figure measures quarterly trading activity in Bitcoin equivalents, it may appear similar to a balance-sheet position even though it does not represent Bitcoin held at period-end.

    In its Aug. 6 quarterly filing for the period ended June 30, CleanSpark reported $8.017 million in premium proceeds from the call contracts. Bitcoin averaged $68,766 when the contracts were entered, compared with an average strike price of $76,383.

    CleanSpark reported 12,205 Bitcoin held as of June 30, along with a separate receivable for 1,719 Bitcoin posted to derivative-trading counterparties. Its July 7 operational update reported 13,924 Bitcoin in total, including the posted collateral or receivable. That difference reflects the boundary between the company’s operational total and its accounting disclosure.

    The settlement data shows how potential supply translated into actual delivery. During June, CleanSpark reported selling 250 Bitcoin through call exercises, acquiring 25 Bitcoin through put exercises and acquiring another 244 Bitcoin through a delta-neutral basis trade.

    Its quarterly digital asset management reconciliation reported $8.595 million in proceeds from premiums and incremental Spot+ trading. The activity table also listed 7,850 Bitcoin-equivalent close-out transactions and negative $3.523 million in the premium-proceeds column. The reconciliation included $2.982 million in fair value above the strike price on settled derivatives.

    These figures represent separate categories: 9,400 Bitcoin-equivalent calls were quarterly activity; 1,719 Bitcoin was posted at the reporting date; 250 Bitcoin was sold through June call exercises; and the dollar amounts reflect premiums, close-outs and settlement accounting.

    PowerCompute’s collar depends on a reset date

    PowerCompute illustrates why the terms of a Bitcoin-backed contract can matter more than its headline strike price. On Aug. 25, the company entered a $21,892,131.88 collar loan secured by 307 Bitcoin and carrying 6.5% annual interest.

    The new principal included a $3.765 million cost to unwind the previous collar. PowerCompute elected to add that cost to the loan balance.

    The contract annex established a $71,112 floor, a $75,000 ceiling and a $93,500 knock-in barrier for the rolling period scheduled to end Sept. 24. Bitcoin traded near $78,767 on Aug. 31, above the ceiling but below the barrier. At that level, PowerCompute had not forfeited appreciation above $75,000.

    The barrier is tested at the reset time on Sept. 24, and price movements before that point do not determine the result. If PowerCompute exits early, the applicable test moves forward to the exit date.

    If the reference price is below $93,500 at the relevant test, the ceiling does not apply. PowerCompute retains the appreciation even if Bitcoin is trading above $75,000. If the price reaches or exceeds the barrier, the cap becomes effective, and appreciation above $75,000 becomes payable to the lender.

    PowerCompute may settle that amount with pledged Bitcoin or cash. During a rollover, it may add the amount to the principal or incorporate it into the next pricing terms.

    If Bitcoin falls below the $71,112 floor, PowerCompute may surrender the pledged Bitcoin in full satisfaction of the non-recourse debt, repay the loan and recover the collateral, or roll the arrangement after curing the shortfall. Without an election, the loan matures automatically and the annex’s collateral-retention or sale provisions apply.

    The 307 Bitcoin is therefore conditional supply governed by a reset structure, rather than an indication of continuous intraday liquidation. The coins are tied to a defined decision point and several possible settlement outcomes.

    USBC reports separate options and lending constraints

    USBC’s Aug. 27 filing disclosed two distinct constraints on its Bitcoin as of Aug. 24.

    First, 34.1% of its treasury was pledged for options trading. The Bitcoin was held in cold-storage wallets with custodial partners designated by the trading counterparties, which controlled the private keys.

    The options program can create a right to receive, or an obligation to deliver, a fixed amount of Bitcoin. Exposure is capped by the size of USBC’s treasury. The 34.1% figure therefore represents collateral under counterparty control, not a forecast of imminent sales. The eventual outcome depends on the options positions and their settlement.

    Second, USBC reported a separate $18 million Bitcoin-backed borrowing from Payward Interactive. Approximately 478 Bitcoin was pledged under an account-control agreement and held by Payward Financial.

    The loan required 150% initial margin. If coverage falls to 130%, the lender may issue a collateral call. A decline to 120% can give the lender liquidation rights if the deficiency is not cured.

    This structure resembles conventional secured lending: a decline in Bitcoin’s price weakens collateral coverage and may require the borrower to provide additional coins or repay part of the loan before liquidation becomes available. It differs from CleanSpark’s rolling options activity and PowerCompute’s reset-tested, non-recourse collar.

    Why corporate Bitcoin exposure is difficult to measure

    The filings do not support a defensible combined total for economically unencumbered corporate Bitcoin. CleanSpark distinguishes between 12,205 Bitcoin held and 1,719 Bitcoin posted to derivative counterparties. PowerCompute identifies 307 Bitcoin tied to an active collar. USBC reports both an options-collateral percentage and a separate collateral balance for its credit facility.

    The companies also use different reporting dates, units and legal arrangements. Some disclosures measure trading activity, while others describe inventory or collateral. The contracts may result in Bitcoin delivery, cash payments, additional debt, collateral liquidation or capped upside.

    CleanSpark’s earlier liquidity analysis showed why a corporate treasury’s funding requirements matter. The newer filings make the measurement issue clearer: every corporate Bitcoin figure needs labels identifying whether it represents activity or inventory, who controls the coins, which price and time activate the contract, and whether settlement involves delivery, cash, more debt or lost upside.

    A corporate Bitcoin treasury can appear permanent on a balance sheet even when part of its economic value is already committed to a contract.

    Source: cryptonews.net

  • Strive Buys Another 1,800 Bitcoin, Pushing Holdings Above 23,000 BTC

    Strive Buys Another 1,800 Bitcoin, Pushing Holdings Above 23,000 BTC

    Strive has added another 1,800 Bitcoin to its corporate treasury in a purchase worth $143 million, according to CEO Matt Cole. The company paid an average of $79,431 per Bitcoin, increasing its total holdings to 23,156 BTC.

    At Bitcoin’s price of approximately $78,000 at press time, Strive’s cryptocurrency holdings are valued at about $1.76 billion.

    Strive acquired an additional 1,800 $BTC for $143M at an average cost of $79,431 per bitcoin, bringing total holdings to ₿23,156.$ASST $SATA pic.twitter.com/6ztKhC4PFF
    — Matt Cole (@ColeMacro) August 31, 2026

    Strive accelerates Bitcoin accumulation

    Strive has increased the pace of its Bitcoin purchases in recent months. The company added another 1,110 BTC last week, as previously reported.

    Cole also published a chart on X showing Strive’s acquisitions over roughly the past year. The chart indicates that the company has completed an increasing number of Bitcoin purchases since March.

    Strategy and Bitmine also expand crypto holdings

    Strive’s latest purchase is the third major cryptocurrency acquisition announced by a prominent company today.

    Strategy resumed its Bitcoin buying after a two-month pause, spending $370 million to acquire 4,603 BTC.

    Bitmine also expanded its cryptocurrency portfolio by purchasing 53,501 ETH. The former Bitcoin miner’s total Ethereum holdings have now surpassed 5.9 million ETH, representing 4.8% of the asset’s circulating supply.

    If you want to learn more about Strategy’s latest moves or the broader cryptocurrency market, watch our video below.

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