Satsuma Leaves London and Returns £30.7M From Its Bitcoin Sale

Satsuma Technology's shares stopped trading in London at 8 a.m. on Monday, and what is left of the company is a cheque run. The UK-listed bitcoin treasury firm sold its entire holding of 669.4867 BTC in late July for £31,912,395. The High Court of Justice approved the capital reduction on 8 September, fixing £30,718,881 to be handed back. That works out at £0.002734 for each B share, across 11,235,874,700 of them. Payment is expected by 28 September.

What the court actually fixed

The number the court signed off is not the sale proceeds. Satsuma held £35,324,953 in cash at the record time, on CryptoSlate's account of the filing. Out of that came about £2.6 million of transaction and termination costs, plus £2 million kept back as working capital. Subtract both and the result lands within roughly £6,000 of the court-approved figure, which is what rounding on two deductions looks like. Shareholders had voted the plan through on 20 July with more than 90% in favour, covering the return of capital and the delisting together.

The sale that paid for it

The bitcoin went between 24 and 31 July, at a volume-weighted average of £47,667 a coin. Three accounts carry the same three numbers without variation: CryptoSlate on Sunday, crypto.news early on Monday, and PANews. Multiply the coin count by that average and the total comes out £27 above the published proceeds, which is what a volume-weighted average does to a sum.

An earlier figure does not match. Decrypt, writing on 22 July while the sale was still running, put the holding at about 668 BTC worth roughly $43.5 million. The completed sale was 669.4867. One number was an estimate and the other is the filing, and no outlet has reconciled them in print.

Raised in 2025, returned in 2026

Decrypt is the only source in this sweep for the company's history, so what follows is its reporting. Satsuma rebranded from TAO Alpha, raised £163.6 million through convertible notes in August 2025, and hired Mark Moss as chief bitcoin strategist that same month. The stock peaked near £14 in June 2025. By April 2026 it had lost 99% of its value. The chief financial officer left in February, the chief executive in March, and Pantera Capital, holding 6.7%, pushed publicly for liquidation once the market capitalisation fell below the value of the coins on the balance sheet.

Between the £163.6 million raised and the £30.7 million going back sits one disclosed sale: 579 BTC for £40 million in December 2025, which Decrypt says was done to stay solvent. Nothing else in this sweep accounts for the distance, and none of the write-ups asks. Retrenchment is running through the same business in other forms, with Bitcoin Suisse cutting up to half its Swiss staff and closing its Copenhagen office.

Who gets paid, and when

Eligible holders received one B share for each ordinary share held at the record date. Those are the shares being cancelled, and their holders are the ones the money goes to. Payment comes by cheque, bank transfer or CREST. The last day of dealings was 11 September.

What becomes of the corporate shell after the cancellation is not described anywhere in this sweep, and Satsuma has published no plan for it. Metaplanet, running a version of the same treasury model at a different scale, spent part of this month cancelling 131 million option shares and has announced no unwinding of its own. Satsuma's shareholders will know the end of it when the money lands, on a date the company has given as an expectation and not a commitment.