Satsuma Technology raised £100 million in July 2025 to buy Bitcoin. Exactly one year later, shareholders voted to wind down the company entirely and sell its entire Bitcoin holding. The sale was authorised by the board, and the company’s trading activities were closed.
The company’s board authorised the closure of its trading activities and the sale of its entire 669 BTC position. That sale marked the end of a strategy that once looked bold.
The Record Raise
In July 2025, Satsuma Technology secured a £100 million funding round through convertible loan notes. The money was meant to expand the company’s Bitcoin treasury, and Cointelegraph reported at the time that the raise was a UK record for a Bitcoin treasury.
The deal was big by any standard. £100 million is a substantial bet on a single asset class, especially for a company whose core business is not cryptocurrency trading. The raise was designed to build a treasury that could fund operations, buffer against market volatility, and signal confidence in the future of Bitcoin.
One year later, the shareholders voted overwhelmingly to return substantially all of the company’s capital and cancel its listing. The board then authorised the closure of its trading activities and the sale of its entire 669 BTC position.
What Happened to the Money
The shareholders’ vote effectively wound down the company. That means the business stopped operating, its assets were sold, and the company ceased to exist. For shareholders who bought into the convertible loan notes, the outcome was stark: the company that borrowed their money no longer exists, and its Bitcoin holding has been put up for sale.
The sale of the 669 BTC position represents the end of a strategy that once looked bold. The company raised the money, held the coins, and then walked away from everything.
Companies That Sold Outright
Sigel’s list includes several other companies that fully liquidated their Bitcoin holdings this year. Bitdeer, Genius Group and Prenetics are all named alongside Satsuma.
Some companies took a different path. MARA Holdings and Empery Digital have made substantial sales without abandoning their treasury strategies altogether.
The companies cited by Sigel exited or reduced their holdings for a range of reasons, including debt repayments, working capital needs, shareholder returns and shifts in business strategy.
Why They Sold
The reasons behind each exit vary. Some companies needed cash to pay down debt. Others needed working capital for operations. Some wanted to return value to shareholders directly. And some shifted their business strategy away from Bitcoin entirely.
Here is how each company on Sigel’s list fits the pattern:
- Bitdeer, Genius Group and Prenetics fully liquidated their holdings
- MARA Holdings and Empery Digital made substantial sales without abandoning their strategies
- Satsuma Technology sold its entire 669 BTC position and wound down the company
The pattern is consistent across the sector. Companies that once saw Bitcoin as a strategic asset are now selling it off, often for practical reasons like debt repayment or working capital.
The Broader Trend
Sigel’s list shows that Satsuma is not alone. Several other companies have fully liquidated their Bitcoin holdings this year, and others have made substantial sales without abandoning their strategies entirely.
| Company | Action |
|---|---|
| Satsuma Technology | Fully liquidated 669 BTC |
| Bitdeer | Fully liquidated |
| Genius Group | Fully liquidated |
| Prenetics | Fully liquidated |
| MARA Holdings | Made substantial sales |
| Empery Digital | Made substantial sales |
The Verdict on Satsuma
Satsuma Technology raised a record amount of money to buy Bitcoin, and then sold all of it when the company was wound down. The shareholders voted to return the company’s capital and cancel its listing, and the board authorised the closure of its trading activities.
The move was decisive. The company raised the money, held the coins, and then walked away from everything.
For investors, the lesson is simple: a record-breaking Bitcoin treasury raise can be undone in a matter of months. The company that borrowed their money no longer exists, and its Bitcoin holding has been put up for sale.
Satsuma Technology raised £100 million in July 2025 to buy Bitcoin. Exactly one year later, shareholders voted to wind down the company entirely and sell its entire 669 BTC holding. The sale was authorised by the board, and the company’s trading activities were closed.
Source material: “Sequans exits Bitcoin treasury strategy after selling remaining 314 BTC,” Cointelegraph.
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