DAT Went Flawed: Satsuma to Unwind Bitcoin Treasury, Promote Off $43 Million in BTC – Decrypt

The shareholders of Satsuma Expertise, a U.Ok.-based Bitcoin treasury firm, have voted to liquidate the corporate’s total Bitcoin place and shut down the enterprise, overruling 4 of its six board members.

Greater than 90% of votes solid backed the twin resolutions to promote 668 BTC—price roughly $43.5 million—and cancel the corporate’s London Inventory Change itemizing, per a Monday submitting. The transfer unwinds the digital asset treasury, or DAT for brief—the most recent such firm to name it a day after the DAT pattern picked up steam in 2025.

Satsuma began life as TAO Alpha, a small AI agency, earlier than rebranding and hiring Mark Moss in August 2025 as its Chief Bitcoin Strategist. Moss is an American Bitcoin commentator with over 700,000 YouTube subscribers recognized for advising establishments on the best way to purchase and maintain Bitcoin as a company treasury asset—primarily, an organization’s rainy-day fund, however in crypto.

The identical month, Satsuma raised £163.6 million ($218 million) by way of convertible notes—debt devices buyers can both reclaim as money or convert into firm shares—led by ParaFi Capital, with Pantera Capital, Digital Forex Group, and Kraken becoming a member of in. Buyers contributed 1,097 BTC immediately instead of roughly $97 million in money.

The inventory peaked round £14 per share, roughly £66 million in market cap, in June 2025. Bitcoin then hit its $126,000 all-time excessive in October earlier than getting into a months-long slide in what turned the present crypto winter, dragging the remainder of the market—together with Satsuma’s inventory—with it.

By December, Satsuma was already promoting belongings to remain solvent: 579 BTC went for £40 million to make sure it had sufficient money to repay noteholders who selected to not convert their debt into shares by year-end.

The unraveling

The corporate’s CFO departed in February 2026; the CEO adopted in March. By April, shares had misplaced greater than 99% of their June 2025 worth—buying and selling at fractions of a penny—and Pantera Capital, holding about 6.7% of Satsuma’s inventory, started pushing publicly for full liquidation.

The logic was direct: Satsuma’s market cap—the whole mixed greenback worth of all its shares—had fallen nicely beneath the worth of the Bitcoin sitting by itself stability sheet, the purpose the place proudly owning the inventory is strictly worse than proudly owning the coin immediately. A gaggle of shareholders representing greater than 20% of issued capital formally put the decision to a vote.

The board cut up onerous. 4 of six administrators opposed the liquidation, arguing Satsuma was nonetheless a viable listed Bitcoin car. Two sided with shareholders pushing to wind down. Shareholders overruled the board majority by a large margin.

The wind-down runs by way of a “B Share Scheme,” a U.Ok. authorized mechanism for distributing money belongings again to shareholders. Satsuma expects to return between £26.8 million and £30 million after estimated termination prices of £2.7 million—authorized charges, severance, delisting expenses, and run-off insurance coverage.

Mixed with the £40 million from the December BTC sale, complete capital recovered lands round £66–£70 million towards the £163.6 million initially raised. And since convertible be aware holders rank above frequent fairness in any payout construction—which means they receives a commission first—unusual shareholders may stroll away with significantly lower than even these numbers recommend.

Satsuma is at the moment the second-largest U.Ok.-listed Bitcoin treasury firm by holdings. The primary is The Smarter Internet Firm, which holds 2,878 BTC and has not steered it’s winding down.

U.Ok. Excessive Court docket hearings to approve the capital return are set for August and September 2026. The delisting is predicted mid-September, with shareholder funds due by late September.