Satsuma's shareholders just approved selling all 668 Bitcoin. The London corporate treasury model is officially done.
A 90%-plus shareholder vote to liquidate and delist is not a close call. It's a verdict on what the 2025 corporate Bitcoin treasury trade was always worth.
CryptoVibe Desk · bitcoin · london stock exchange · corporate treasury
- →Satsuma Technology shareholders voted more than 90% in favor of selling 668 BTC and cancelling the company's London Stock Exchange listing, with capital returned to investors.
- →Several companies raised public equity in 2025 to buy and hold Bitcoin; in 2026, with prices under pressure, that model is unwinding.
- →If more London-listed Bitcoin treasury companies call wind-down votes before Q4 2026, the category is finished as a structure.
- Bitcoin treasury company → A publicly listed company whose main business is buying and holding Bitcoin with money raised from stock market investors.
- delisting → Removing a company's shares from a stock exchange so investors can no longer buy or sell them on the public market.
Satsuma Technology shareholders just voted to sell 668 BTC, per crypto.news. The same vote cancelled the company's London Stock Exchange listing. Capital will be returned to investors.
The vote passed with more than 90% in favor. That is not a close call.
Satsuma is one of several companies that raised public equity in 2025 with one stated purpose: buy Bitcoin and hold it. The model made sense when prices were climbing. In 2026, with prices under pressure, these companies are unwinding.
The liquidation itself is not large enough to move the broader market. But each unwind like this is another datapoint on how the 2025 corporate treasury trade aged. This is not the first. It will not be the last.
If you're holding shares in a London-listed Bitcoin vehicle right now, watch your shareholder register. A vote this lopsided means the exit window is open, and other management teams are watching.
The corporate Bitcoin treasury model is officially coming apart.
UK-listed Bitcoin treasury management teams that haven't proposed a wind-down yet are choosing when shareholders force the issue, not whether.
Watch for the next London-listed Bitcoin treasury company to call a wind-down or liquidation vote; if two more follow Satsuma before Q4 2026, the category is closed as a viable public-market structure.
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