Satsuma Collapse Raises New Questions For Bitcoin Treasury Firms

The bet on bitcoin as a treasury asset turns into a nightmare for some listed companies. In London, the liquidation of Satsuma Technology marks a turning point for this model which had attracted markets in recent months. After raising hundreds of millions of dollars to accumulate BTC, several companies now see their valuations collapse, failing to maintain the stock premium that justified their strategy. This symbolic bankruptcy raises an essential question: have companies holding bitcoin in their treasury reached their limits?

Satsuma Technology: shareholders vote for liquidation

On July 21, 2026, shareholders of Satsuma Technology, a company listed on the London Stock Exchange and formerly known as TAO Alpha Plc, overwhelmingly approved the company’s full liquidation by 90.6%, while the flagship crypto just rebounded beyond 65,000 dollars. The adopted plan officially stipulates to “sell its bitcoin, settle liabilities and distribute the remaining proceeds after costs”.

This decision follows the suspension of the company’s share listing at its request on July 1, 2026, sealing the fate of a treasury strategy that had become unsustainable under the weight of financial losses.

To measure the magnitude of this liquidation, here are the key data and the official schedule set by management and shareholders :

• Bitcoin reserve : the company currently holds 668 BTC valued at approximately 44.29 million dollars ;
• Acquisition cost and losses: a total purchase cost of 75.66 million dollars (~113,186 $ per BTC), generating a latent loss of 31.37 million dollars (-41.5%) ;
• Funds raised in 2025 : between 218 and 221 million dollars raised from funds such as Pantera Capital and ParaFi ;
• Transaction history : a major purchase of 1,097 BTC in August 2025 at $115,101 per unit, followed by the sale of 579 BTC in December 2025 ;
• Stock market collapse : the share price lost more than 99% of its value from its 2025 peak, pushing Pantera to demand liquidation as early as April 2026 ;
• Exit schedule : the effective withdrawal from the London Stock Exchange (delisting) is targeted for September 14, 2026, followed by shareholder cash payments on September 28.

The inversion of premiums on NAV and contagion in the bitcoin treasury market

The collapse of Satsuma fits into an overall deterioration of the macroeconomic environment of the crypto industry this year. The bitcoin price dropped 22.6% during the first quarter of 2026, marking its worst quarterly performance since 2018, before recording a further contraction of more than 14% in the second quarter. This downward dynamic abruptly reversed the mechanism on which the growth of treasury companies relied, namely the ability to issue shares overvalued compared to the net asset value (NAV) to buy more bitcoins. When the share price falls below this net asset value, any new share issue becomes heavily dilutive for existing investors.

Thus, a very large proportion of shares of the one hundred largest companies in the sector have traded at heavy discounts. Nakamoto recorded a drop of more than 98% from its peak, while Metaplanet showed an average purchase price of about 107,000 dollars and Strive around 104,000 dollars. Even the giant Strategy found itself trading in a range of 0.81 to 0.83 times its net asset value. With bitcoin currently below the 68,000 dollar mark, fixed management costs, debt burden and recurring cash obligations have ended up paralyzing the smaller listed entities, wiping out their financial flexibility.

Governance, structural risks, and institutional market reconfiguration

Although bitcoin remains a liquid asset continuously traded on global markets, shareholders of a public company have no direct control over the timing of transactions, indebtedness, or distributions decided by boards of directors. The temptation to use intermediate stock vehicles is losing appeal in favor of more direct holding solutions or spot ETFs, which spare subscribers from execution risks, capital dilution, and administrative fees inherent to public listing.

While the return of 668 bitcoins to the market remains modest compared to the 1.16 million bitcoins collectively held by companies, the Satsuma case sets a critical regulatory and financial precedent. This liquidation tangibly demonstrates that accumulation strategies based on the assumption of a perpetual stock premium are vulnerable once the market enters a contraction phase.

In the future, listed companies wishing to retain cryptos on their balance sheet will need to show greater discipline by reducing financial leverage, strengthening cash reserves, and backing their operations with underlying business activities that generate real revenue.