Satsuma Abandons $218M+ Bitcoin Bet, Loses 98% Of Stock’s Value In A Year - Blockzeit
Satsuma’s $218 millionBitcointreasury failed, and it now faces liquidation of its BTC holdings amid pressure from shareholders. The company’s stock crashed by around 98% over the 52-week frame, leading to its. . .
Satsuma’s $218 millionBitcointreasury failed, and it now faces liquidation of its BTC holdings amid pressure from shareholders. The company’s stock crashed by around 98% over the 52-week frame, leading to its delisting from the London Stock Exchange. Satsuma Technology’s (formerly TAO Alpha) Bitcoin (BTC) journey was rather short-lived. Just a full year after it started accumulating the premier crypto asset, it’s now panic-selling. Along the way, the publicly traded company has lost roughly 98% of its stock’s value. It’s also facing delisting from the London Stock Exchange (LSE). Satsuma’s Unsuccessful Bitcoin BetSatsuma featured a hybrid corporate Bitcoin treasury and decentralized artificial intelligence (AI) developer. The company was incorporated in London in March 2021, which initially operated under theBittensor(TAO) ecosystem–thus explaining its original name. In July 2025, the businessrebrandedto its current name as it integrated a Bitcoin-centric treasury model into its AI operations. Additionally, it successfully raised £163. 6 million (around $218 million) through oversubscribed convertible notes. ParaFi Capital, a multi-strategy investment firm, led Satsuma’s funding round last year. It notably gained significant backing from Pantera Capital, Digital Currency Group, and Kraken, too. The following month, Satsuma increased its digital asset reserves from 28. 6 BTC to 1,126 BTC. Investorsreportedlycontributed 1,097 BTC or $97 million in cash during the event. The value of Satsuma’s Bitcoin holdings peaked at roughly $143. 26 million at BTC’s all-time high of over $125,000 per coin in early October. It held 1,149 BTC at the height of the last bull market. Meanwhile, the company held the most Bitcoin between the final week of November and early December last year at 1,199 coins. However, the value of its BTC reserves fell between $103 million and $112 million as the crypto winter struck. Satsuma immediately sold 579 BTC by the second week of December, reducing its holdings to 620 BTC. It used the proceeds to repay noteholders who refused to convert their debt into shares. To date, it still maintains 668 BTC, worth approximately $43. 75 million at prevailing exchange rates. However, a new shareholders’ vote is about to unload that amount into the market. Satsuma’s Bitcoin Holdings (Source:BitcoinTreasuries. net)Major Crash, LSE Delisting, and Court HearingSatsuma’s wrongly timed entry into the Bitcoin market, which came at the asset’s all-time highs, significantly eroded investors’ interest. Over the 52-week range, the badly planned execution of its digital asset treasury (DAT) strategy led to its stock crashing by over 98% from £9. 70 ($13) per share to £0. 18 ($0. 24) per share on the LSE. Satsuma Shares (Source:LSE)Furthermore, the latest turn of events positions the company for LSEdelistingby mid-September 2026. On the other hand, high court hearings for the formal approval of its capital return scheme will be held between August and September this year. What’s your Reaction?+16+10+10+10+10+10+10Giancarlo PerlasGiancarlo is an economist by profession with a career spanning nearly two decades. His professional journey has seen him assume vital roles in various government and private organizations such as the Department of the Interior and Local Government (DILG), the National Economic and Development Authority (NEDA), Megaworld Corporation, and the China Banking Corporation in the Republic of the Philippines. In addition to his civic and corporate pursuits, his forward-thinking approach has led him to manage several prominent websites in the banking and finance sector, notably the Australia-based RateChoice, where he immersed himself in the world of emerging financial technologies and where he found particular interest in Bitcoin all the way back to 2013. Prior to his addition to Blockzeit’s dynamic team, he held an essential role as Project Manager for initiatives encompassing blockchain, tokenization, stablecoin, mining, special economic zone development, and iGaming. This noteworthy chapter in his career unfolded under the auspices of InPlan Consultancy Services, Inc. , the think-tank of IMPERO Consortium Management Corporation headquartered in Manila, Philippines, and Tokyo, Japan. InPlan, led by a distinguished retired Cabinet member of the Philippines, collaborates directly with IMPERO's core management team, contributing to strategic planning and business development endeavors.