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

Briefly
Shareholders voted by greater than 90% to promote the corporate's 668 BTC, return capital, and cancel its London Inventory Alternate itemizing
This marks the top of a Bitcoin treasury experiment in beneath twelve months.
Satsuma raised £163.6 million in August 2025 however expects to return solely £26.8 to £30 million after wind-down prices.
The shareholders of Satsuma Know-how, a U.Okay.-based Bitcoin treasury firm, have voted to liquidate the corporate's whole 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—value roughly $43.5 million—and cancel the corporate's London Inventory Alternate itemizing, per a Monday submitting. The transfer unwinds the digital asset treasury, or DAT for brief—the newest such firm to name it a day after the DAT development 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 find out how 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 convertible notes—debt devices buyers can both reclaim as money or convert into firm shares—led by ParaFi Capital, with Pantera Capital, Digital Foreign money Group, and Kraken becoming a member of in. Traders contributed 1,097 BTC immediately rather than 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 coming 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 unravelingThe firm’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 entire mixed greenback worth of all its shares—had fallen nicely beneath the worth of the Bitcoin sitting by itself steadiness 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 break up arduous. 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 a “B Share Scheme,” a U.Okay. 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 prices, and run-off insurance coverage.Mixed with the £40 million from the December BTC sale, whole capital recovered lands round £66–£70 million towards the £163.6 million initially raised. And since convertible notice holders rank above frequent fairness in any payout construction—which means they receives a commission first—unusual shareholders might stroll away with significantly lower than even these numbers counsel.Satsuma is at present the second-largest U.Okay.-listed Bitcoin treasury firm by holdings. The primary is The Smarter Net Firm, which holds 2,878 BTC and has not advised it’s winding down.U.Okay. Excessive Courtroom 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.Every day Debrief NewsletterStart every single day with the highest information tales proper now, plus unique options, a podcast, movies and extra.