The British company Satsuma Technology Plc, which specializes in accumulating bitcoins, is under pressure from a group of shareholders insisting on the sale of cryptocurrency assets and the return of invested funds. This development comes amid an unstable market situation and a sharp decline in the company’s stock value.
This is reported by Finway
Bitcoin Accumulation Strategy and Financial Difficulties
In June 2025, Satsuma Technology officially changed its business model, focusing primarily on investing in bitcoin. At that time, the company, previously known as TAO Alpha PLC, announced its intention to invest up to two-thirds of its available cash into the first cryptocurrency. As part of this strategy, Satsuma secured a convertible loan of £5 million (equivalent to $6.74 million), and by August 2025, it raised an additional £163.6 million (approximately $220 million) through the issuance of convertible bonds. The main investor was ParaFi Capital, with other investors including Arrington Capital, Blockchain.com, Mythos, Pantera Capital, and others.
Stock Decline and Shareholder Demands
However, the rapid market volatility has negatively impacted the company. Satsuma Technology currently ranks 57th among the largest public bitcoin holders, holding 646 BTC, according to BitcoinTreasuries data. Its mNAV (market capitalization to portfolio value ratio) stands at only 0.66, indicating a significant discount on the stock compared to the actual value of the assets. While at its peak the shares traded at £13.9, their value has now dropped to £0.22.
A number of shareholders, including some large investors, are demanding the immediate liquidation of the portfolio and the return of capital. This situation has led to an internal crisis: CEO Henry Elder and CFO Andrew Smith left the company in March 2026.
“We are exploring options that would allow us to meet these requests while protecting the interests of all shareholders,” said Satsuma Chairman Ranald MacGregor-Smith.
It is worth noting that by the end of August 2025, Satsuma Technology owned 1153 BTC, but due to severe market shocks, the company was forced to partially liquidate crypto assets to fulfill financial obligations. At the beginning of April, the portfolio was replenished by 25.65 BTC, after which the bitcoin balance stabilized at 646 BTC.
According to analysts, the asset sale in December caused dissatisfaction among investors and intensified pressure on the company’s management to resign.
The problems faced by Satsuma Technology reflect a broader trend of reevaluating business models among treasury companies in the cryptocurrency sector. Statistics show that in 2025, the median drawdown of stocks for similar companies in Canada and the USA was 43%.