Satsuma, a Strategy copycat, crashes 99% and sells all its bitcoin
Satsuma sells all bitcoin and suspends trading
Satsuma Technology, a British company that copied Strategy's bitcoin-treasury approach, has crashed about 99%from its 2025 peak. The company has sold all 669 of its bitcoin and suspended trading.
Satsuma raised £168.9 million ($227.6 million) from noteholdersat the height of the 2025 bitcoin treasury boom. It later sold its remaining bitcoin and shareholdersvoted to wind the company down.
Key numbers
- Satsuma's stock fell about 99%from its 2025 peak.
- The company sold its last 669.49 BTC between July 24 and 31, receiving about £31.9 million ($43 million).
- Its average sale price was £47,667 ($64,272) per bitcoin, about 43%below the average price it paid.
- Satsuma admitted an average purchase price of £84,026 ($113,000) per bitcoin.
- The company was worth over £120 million ($162 million) as recently as June 24, 2025.
What Satsuma was
Satsuma was incorporated in March 2021 as Streaks Gaming. It later pivoted to AI as StreaksAI, then became Tao Alpha, and finally Satsuma Technology.
It tried to copy Strategy, the company led by Michael Saylor that holds bitcoin on its balance sheet. Strategy's founder apparently encouraged copycats, saying: "There's room for 400 million companies to buy BTC."
In July 2025, Satsuma closed a £163.6 million ($220 million) convertible note round, with ParaFi Capital as lead investor. Pantera Capital, Digital Currency Group, and Kraken also contributed. Some investors paid in bitcoin: the company accepted 1,097 BTC instead of £96.9 million ($130.6 million) in cash.
Trouble began in December
In December, Satsuma sold 579 of its 1,199 bitcoins for about £40 million ($54 million. The proceeds were meant to help repay £78 million ($105 million) of notes maturing at the end of December.
Executives soon left. Chief Financial Officer Andrew Smith quit on February ̂18, after shareholders requisitioned a general meeting about his performance. Chief Executive Officer Henry Elder resigned on March ̂6 after seven months on the job.
By April, Bloomberg reported that Pantera was among the investors pushing Satsuma to sell its remaining bitcoin. Pantera's DAT Opportunity Fund held 6.7% equity at the time. Satsuma's market value had fallen below the value of its bitcoin holdings.
Shareholders voted to wind down
Four of the six board members originally wanted the bitcoin strategy to continue. In July, the company said the board recommended that shareholders vote against resolutions to return capital and to delist.
Shareholders ignored that advice. More than 90% voted in favor of a wind-down on July 20, 2026. The company then sold its remaining bitcoin.
What happens next
Satsuma has suspended trading. On Monday, it tried to postpone its own delisting while it looks for a new trading venue.
The company is also under UK High Court procedures to pay £30.7 million ($41.4 million) to shareholders by the end of September.
Chief Bitcoin Strategist Mark Moss said in an interview that, under UK regulations: "We can't give the investors back their BTC. We have to give them the dollar amount of the bitcoin when they accepted it."
Sources
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