DAT Went Wrong: Satsuma to Unwind Bitcoin Treasury, Sell Off $43 Million in BTC
Satsuma Technology shareholders voted by more than 90% to liquidate the company’s 668 BTC treasury, shut down the business, and cancel its London listing, overruling a majority of the board. The company, formerly TAO Alpha, had rebranded into a Bitcoin treasury firm in 2025, raised £163.6 million via convertible notes, and briefly benefited from a rising Bitcoin market. As crypto prices fell, Satsuma sold 579 BTC in December to preserve liquidity, then lost its CFO and CEO and saw its share price collapse by more than 99%. Pantera Capital and other holders pushed for liquidation after Satsuma’s market value fell below the value of its Bitcoin holdings. The wind-down will use a U.K. B Share Scheme, with expected net returns of £26.8 million to £30 million after costs, plus the earlier £40 million BTC sale. Because noteholders are paid before shareholders, common equity may recover less. Court hearings are scheduled for August and September 2026, with delisting and payouts expected in September.
