British firm Satsuma sells all its bitcoin at a loss

• The sale of bitcoin was approved by the High Court of Justice.
• Satsuma sold its last 669 BTC between July 24 and July 31, 2026.

The British company Satsuma Technology PLC liquidated its entire treasury in bitcoin (BTC) between July 24 and July 31, 2026. The sale was finalized after disposing of its last 669 bitcoins at a volume-weighted average price of £47,667 per unit (approximately $63,000), net of fees, generating a total income of £31.91 million ($42 million).

This divestment recorded a net loss for the company, which had reached a peak of 1,119 BTC in its reserves as of December 10, 2025.
In December 2025, the company made its first BTC sale. Source: Bitcoin Treasuries.

Prior to the liquidation, the firm maintained an accumulated average acquisition cost of £84,026 per coin ($113,186), raising the total acquisition cost to £56 million ($75 million). By executing the sale at £47,667 per unit ($63,000 at the exchange rate on the date), Satsuma consolidated a loss of £24.27 million ($32 million), equivalent to more than 43% of the invested capital.

This liquidation responded to the mandate of its investors. On July 20, 2026, shareholders approved with over 90% of the votes to return most of the share capital and cancel the firm's listing on the London Stock Exchange. This measure was imposed against the stance of the majority of the board of directors, where four of its six members had recommended voting against the proposal.

Following the board's decision, the council ordered to freeze business activities and proceed with the sale of bitcoin holdings. By August 4, 2026, its balance in the digital asset had dropped to zero. The available cash of the firm and its subsidiary amounted to £35.32 million ($47 million) at the time of the record.

From that amount, the management reserved £2.6 million (around $3.5 million) for transaction and closure costs, in addition to £2 million (about $2.7 million) as working capital. With this structure, the company established the nominal value of each B share used for the reimbursement at £0.002734 (approximately $0.0037).

To finalize the return, Satsuma issued 11.235 billion B shares without voting rights. After receiving authorization from the High Court of Justice on September 8, 2026, the company approved the distribution of £30.71 million ($41 million) among investors registered as of August 3, 2026.

The collection was restricted to holders of ordinary shares as of the cutoff date. Although purchase rights were exercised over 31.97 million titles before the record, the pending rights for 2.109 billion ordinary shares will not grant the right to participate in the capital distribution.

Satsuma's share price remains suspended at £0.198 ($0.27). Although the delisting was scheduled for September 14, 2026, the company postponed the measure until it held the ordinary general meeting corresponding to the fiscal year closed in February 2026, seeking to evaluate alternative markets for its ordinary shares.

Satsuma's movement reflects a broader trend in Europe, where other firms have also dismantled their corporate holdings. The French technology company Sequans Communications, for example, confirmed a definitive shift in its financial strategy by using part of its bitcoin holdings to fully pay off its convertible debt, as reported by CriptoNoticias.

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