Satsuma Shareholders Approve 668-BTC Liquidation and LSE Delisting as DAT Model Unravels
Updated
Updated · CoinDesk · Jul 24
Satsuma Shareholders Approve 668-BTC Liquidation and LSE Delisting as DAT Model Unravels
1 articles · Updated · CoinDesk · Jul 24
Summary
Satsuma Technology shareholders approved selling all 668 BTC, returning capital and delisting the company from the London Stock Exchange.
Bitcoin’s roughly 50% slide from its October 2025 peak near $126,000 has crushed DAT-company share prices and pushed boards to abandon debt-fueled accumulation strategies.
Smarter Web sold 178 BTC to repay a convertible instrument, while Sequans sold 1,025 BTC and most of its remaining stash to cut debt, ruling out further purchases.
Nakamoto, down 99% since its May 2025 SPAC deal, sold about 284 BTC to raise $20 million for working capital; nearly 70% of its remaining 5,342 BTC is pledged against a Kraken loan due in December.
The retreat now extends beyond treasury specialists: MARA, Bitdeer, Empery Digital and even Strategy have sold bitcoin to fund AI projects, buybacks, debt repayment or cash reserves, while leadership changes and a failed merger add to sector strain.
As corporate giants dump Bitcoin to survive the 2026 crash, which major company will be the next to face total liquidation?
With miners abandoning crypto for AI infrastructure, could the collapse of the corporate treasury model trigger an irreversible market death spiral?
Inside Satsuma’s £163.6M Bitcoin Liquidation: How Debt, Board Conflict, and Market Crash Destroyed Shareholder Value
Overview
Satsuma Technology PLC’s collapse began with executive departures and a sharp drop in its stock price, which fell over 99% from its peak. The company had bought Bitcoin at high prices just before a market downturn, creating a huge gap between what it paid and the actual value of its assets. As Satsuma’s market value dropped below the value of its Bitcoin holdings, activist investors pushed for liquidation. Despite board resistance, shareholders voted overwhelmingly to sell the remaining Bitcoin and delist. Forced sales to repay debt caused major losses for ordinary shareholders, while similar digital asset firms also faced distress, putting pressure on the wider crypto market.