Satsuma will sell its 668 bitcoins after a massive vote by its shareholders

The bet on bitcoin as a treasury asset is turning into a nightmare for certain listed companies. In London, the liquidation of Satsuma Technology marks a turning point for this model which had won over the markets in recent months. After raising hundreds of millions of dollars to accumulate BTC, several companies are now seeing their valuation collapse, failing to maintain the stock market premium that justified their strategy. This symbolic bankruptcy raises a question that has become essential: have companies holding bitcoin in their treasury reached their limits?

Satsuma Technology: shareholders vote for liquidation

On July 21, 2026, the shareholders of Satsuma Technology, a company listed on the London Stock Exchange and formerly known as TAO Alpha Plc, approved by an overwhelming majority of 90.6% the complete liquidation of the company, while the flagship crypto has just rebounded beyond $65,000. The adopted plan stipulates officially “sell your bitcoin, settle liabilities and distribute the remaining proceeds after costs”.

This decision comes after the suspension of the trading of shares at the request of the company on 1^er July 2026, sealing the fate of a treasury strategy that had become unsustainable under the weight of financial losses.

To properly measure the extent of this liquidation, here is key data and the official calendar decided by management and shareholders:

• The bitcoin reserve: the company currently holds 668 BTC valued at approximately $44.29 million;
• The acquisition cost and losses: a total purchase cost of $75.66 million (~$113,186 per BTC), generating an unrealized loss of $31.37 million (-41.5%);
• Capital raised in 2025: between $218 and $221 million raised from funds like Pantera Capital and ParaFi;
• Transaction history: a major purchase of 1,097 BTC in August 2025 at $115,101 per unit, followed by the sale of 579 BTC in December 2025;
• The stock market collapse: the stock has lost more than 99% of its value since its 2025 peak, pushing Pantera to demand liquidation as early as April 2026;
• The exit schedule: the effective withdrawal from the London Stock Exchange (delisting) is targeted around September 14, 2026, followed by the payment of cash to shareholders on September 28.

NAV premium reversal and bitcoin treasury market contagion

The collapse of Satsuma is part of an overall deterioration in the macroeconomic environment of the crypto industry during this year. The price of bitcoin fell 22.6% during the first quarter of 2026, marking its worst quarterly performance since 2018, before recording an additional contraction of more than 14% in the second quarter. This downward dynamic abruptly reversed the mechanism on which the growth of treasury companies was based, namely the ability to issue shares overvalued relative to the net asset value (NAV) to buy more bitcoins. When the stock price collapses below this net asset value, any new stock issuance becomes highly dilutive to existing investors.

Thus, a very large proportion of the shares of the hundred largest companies in the sector began to trade at significant discounts. Nakamoto saw a drop of over 98% from its peak, while Metaplanet had an average purchase price of around $107,000 and Strive around $104,000. Even the giant Strategy found itself moving in a range of 0.81 to 0.83 times its net asset value. With bitcoin currently below $68,000, fixed management costs, the weight of debts and recurring cash obligations have ended up paralyzing the smallest listed entities, reducing their financial flexibility to zero.

Governance, structural risks and the reconfiguration of the institutional market

Although bitcoin remains a liquid and continuously tradable asset in global markets, shareholders of a public company have no direct control over the timing of transactions, indebtedness or distributions decided by the boards of directors. The temptation to use intermediary stock vehicles is losing its appeal in favor of more direct holding solutions or spot ETFs, which prevent subscribers from assuming the execution risks, capital dilution and administrative costs inherent in a public listing.

If the return on the market of 668 bitcoins remains modest compared to the 1.16 million bitcoins held collectively by the companies, the Satsuma case creates a critical regulatory and financial precedent. This liquidation tangibly demonstrates that accumulation strategies based on the assumption of a perpetual stock market premium are vulnerable when the market enters a contraction phase.

Going forward, listed companies wishing to retain crypto on their balance sheets will need to demonstrate increased discipline, reducing their financial leverage, strengthening their cash reserves and backing their operations to underlying business activities that generate real revenue.