- Satsuma’s $218 million Bitcoin treasury failed, and it now faces liquidation of its BTC holdings amid pressure from shareholders.
- The company’s stock crashed by around 98% over the 52-week frame, leading to its delisting from the London Stock Exchange.
Satsuma Technology’s (formerly TAO Alpha) Bitcoin (BTC) journey was rather short-lived. Just a full year after it started accumulating the premier crypto asset, it’s now panic-selling.
Along the way, the publicly traded company has lost roughly 98% of its stock’s value. It’s also facing delisting from the London Stock Exchange (LSE).
Satsuma’s Unsuccessful Bitcoin Bet
Satsuma featured a hybrid corporate Bitcoin treasury and decentralized artificial intelligence (AI) developer. The company was incorporated in London in March 2021, which initially operated under the Bittensor (TAO) ecosystem–thus explaining its original name.
In July 2025, the business rebranded to its current name as it integrated a Bitcoin-centric treasury model into its AI operations. Additionally, it successfully raised £163.6 million (around $218 million) through oversubscribed convertible notes.
ParaFi Capital, a multi-strategy investment firm, led Satsuma’s funding round last year. It notably gained significant backing from Pantera Capital, Digital Currency Group, and Kraken, too.
The following month, Satsuma increased its digital asset reserves from 28.6 BTC to 1,126 BTC. Investors reportedly contributed 1,097 BTC or $97 million in cash during the event.
The value of Satsuma’s Bitcoin holdings peaked at roughly $143.26 million at BTC’s all-time high of over $125,000 per coin in early October. It held 1,149 BTC at the height of the last bull market.
Meanwhile, the company held the most Bitcoin between the final week of November and early December last year at 1,199 coins. However, the value of its BTC reserves fell between $103 million and $112 million as the crypto winter struck.
Satsuma immediately sold 579 BTC by the second week of December, reducing its holdings to 620 BTC. It used the proceeds to repay noteholders who refused to convert their debt into shares.
To date, it still maintains 668 BTC, worth approximately $43.75 million at prevailing exchange rates. However, a new shareholders’ vote is about to unload that amount into the market.
Major Crash, LSE Delisting, and Court Hearing
Satsuma’s wrongly timed entry into the Bitcoin market, which came at the asset’s all-time highs, significantly eroded investors’ interest. Over the 52-week range, the badly planned execution of its digital asset treasury (DAT) strategy led to its stock crashing by over 98% from £9.70 ($13) per share to £0.18 ($0.24) per share on the LSE.
Furthermore, the latest turn of events positions the company for LSE delisting by mid-September 2026. On the other hand, high court hearings for the formal approval of its capital return scheme will be held between August and September this year.
