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{"actor":"system:backfill","investigation_id":"1b151b59-4a40-4cb8-aedb-02565e18d529","kind":"publish","page_slug":"satsuma-technology-plc","published_at":"2026-09-22T12:12:53.928Z","sequence_num":1,"snapshot":{"content_type":"investigation","entity_name":"Satsuma Technology plc","sections":[{"content":"Satsuma Technology plc passed through at least four corporate identities between its incorporation in March 2021 and its wind-down in 2026. It was originally incorporated as Streaks Gaming, subsequently rebranded to StreaksAI (with a stated focus on AI products for crypto trading), then to Tao Alpha plc in May 2025, before adopting its final name Satsuma Technology plc in July 2025 with the ticker SATS on the London Stock Exchange. Each rebranding was accompanied by a pivot in stated strategy. At the time of the Bitcoin treasury pivot, the company's CEO Henry K. Elder had joined from UTXO Management, a digital-asset advisory firm also associated with The Smarter Web Company — a competing UK-listed Bitcoin treasury vehicle — raising investor concerns about potential conflicts of interest and what some described as 'market cannibalism.' Satsuma described itself as 'a public company pioneering the convergence of decentralised AI and Bitcoin treasury strategy.'","heading":"Corporate History and Rebranding","severity":"medium","sources":[{"credibility":2,"name":"Strategy copycat Satsuma crashed 99%, liquidated treasury — Protos","type":"news_article","url":"https://protos.com/strategy-copycat-satsuma-crashed-99-liquidated-treasury/"},{"credibility":2,"name":"Tao Alpha PLC Rebrands to Satsuma Technology — TipRanks","type":"news_article","url":"https://www.tipranks.com/news/company-announcements/tao-alpha-plc-rebrands-to-satsuma-technology-emphasizing-decentralised-ai-and-bitcoin-strategy"},{"credibility":2,"name":"About Satsuma Technology PLC (SATST) — Investing.com","type":"other","url":"https://www.investing.com/equities/streaks-gaming-company-profile"}]},{"content":"In July–August 2025, Satsuma closed a second secured convertible loan note (CLN) round raising approximately £163.6 million ($217.6 million), oversubscribing its minimum target by more than 63%. ParaFi Capital led the round; other participants included Pantera Capital, Digital Currency Group, Blockchain.com, Kraken, Arrington Capital, Kenetic Capital, and Borderless Capital. Notably, approximately £96.9 million ($130.6 million) of the raise was accepted in the form of 1,097 BTC contributed in-kind by investors, rather than all cash. Satsuma deployed the proceeds to build a Bitcoin treasury, accumulating a peak holding of approximately 1,199 BTC at an average cost of roughly £84,026 (~$113,000) per coin. Latham & Watkins advised ParaFi Capital on the transaction. The CLNs had a maturity date of 31 December 2025, meaning Satsuma faced an early redemption cliff roughly five months after closing the raise.","heading":"Fundraising and Bitcoin Accumulation","severity":"high","sources":[{"credibility":2,"name":"UK-based bitcoin treasury firm Satsuma raises $218 million — The Block","type":"news_article","url":"https://www.theblock.co/post/365765/bitcoin-treasury-firm-satsuma-technology-raises-217-6-million-usd-parafi-pantera-kraken"},{"credibility":1,"name":"Latham Advises on Satsuma Technology's US$218 Million Convertible Loan Note Round — Latham & Watkins","type":"official","url":"https://www.lw.com/en/news/2025/08/latham-advises-on-satsuma-technology-convertible-loan-note-round"},{"credibility":2,"name":"Strategy copycat Satsuma crashed 99%, liquidated treasury — Protos","type":"news_article","url":"https://protos.com/strategy-copycat-satsuma-crashed-99-liquidated-treasury/"},{"credibility":2,"name":"Satsuma Raises $217M, Aims To Become The UK's Largest Bitcoin Treasury Company — Benzinga","type":"news_article","url":"https://www.benzinga.com/crypto/cryptocurrency/25/08/46904223/satsuma-raises-217m-aims-to-become-the-uks-largest-bitcoin-treasury-company"}]},{"content":"Satsuma's share price peaked at approximately £14 per share in June 2025, shortly before and during the fundraising period. By April 2026 the shares had fallen more than 99% and were trading below a penny; by the time of the general meeting in July 2026 the price stood at approximately 0.22 pence. The collapse was driven by multiple factors: Bitcoin's price declined sharply from its 2025 highs, eroding the treasury's value; the convertible loan notes that matured on 31 December 2025 required redemption at a time when the BTC price was significantly below the company's average acquisition cost; and the company burned through additional capital in overhead and executive costs that investors later described as an 'unsustainable cost base.' In December 2025 Satsuma was forced to sell 579 BTC for approximately £40 million to fund the CLN redemptions — realising a loss — spending approximately £78.2 million redeeming the loan notes, according to its final audited results. The FCA engaged in correspondence with the company in December 2025, the nature of which was not publicly disclosed in detail; the board responded by appointing Clive Carver in a temporary executive role 'principally to support the company's ongoing compliance with its continuing obligations as a listed company in light of the Financial Conduct Authority's correspondence.'","heading":"Share Price Collapse and Early Warning Signs","severity":"high","sources":[{"credibility":2,"name":"Satsuma's Bitcoin Treasury Collapses, Leaving Shareholders 18p on the Pound — Yahoo Finance","type":"news_article","url":"https://finance.yahoo.com/markets/crypto/articles/satsuma-bitcoin-treasury-collapses-leaving-121705285.html"},{"credibility":2,"name":"Pantera wants Satsuma to dump its bitcoin as shares crash 99% — CoinDesk","type":"news_article","url":"https://www.coindesk.com/markets/2026/04/23/pantera-wants-satsuma-to-dump-its-bitcoin-as-shares-crash-99"},{"credibility":1,"name":"Final Audited Results — Investegate (official RNS)","type":"official","url":"https://www.investegate.co.uk/announcement/rns/satsuma-technology-plc--sats/final-audited-results-/9778436"},{"credibility":1,"name":"Latham Advises Satsuma Technology on Proposed ESCC Listing — Latham & Watkins","type":"official","url":"https://www.lw.com/en/news/2025/12/Latham%20Advises%20Satsuma%20Technology%20on%20Proposed%20ESCC%20Listing"}]},{"content":"Two senior executives departed in quick succession in early 2026. CFO Andrew Smith resigned on 18 February 2026 after shareholders had already requisitioned a general meeting in part related to management performance. CEO Henry Elder, who had been appointed on 14 July 2025 from UTXO Management, resigned on 6 March 2026 — roughly seven months into the role — with no explanation given by the company. Elder's departure came as shares were already deeply distressed. Following his exit, non-executive chair Ranald McGregor-Smith assumed executive chair duties, and Clive Carver took on a temporary executive role to manage the company's regulatory compliance obligations. Scott Kaintz assumed CFO duties without joining the board.","heading":"Executive Departures","severity":"high","sources":[{"credibility":2,"name":"Satsuma Technology CEO Henry Elder resigns after seven months — AJ Bell","type":"news_article","url":"https://www.ajbell.co.uk/news/articles/satsuma-technology-ceo-henry-elder-resigns-after-seven-months"},{"credibility":2,"name":"Henry Elder resigns from Satsuma Technology board — Investing.com","type":"news_article","url":"https://www.investing.com/news/company-news/henry-elder-resigns-from-satsuma-technology-board-93CH-4546246"},{"credibility":1,"name":"Update on Board and intention to adjourn GM — Investegate (official RNS)","type":"official","url":"https://www.investegate.co.uk/announcement/rns/satsuma-technology-plc--sats/update-on-board-and-intention-to-adjourn-gm/9474686"}]},{"content":"By April 2026, major institutional investors were publicly pushing for the company to sell its remaining Bitcoin holdings and return capital to shareholders. According to Bloomberg, as reported by The Block, Pantera Capital — which held approximately 6.7% of Satsuma's equity — was among the investors advocating for liquidation. Shareholders formally requisitioned a general meeting in May 2026 to put resolutions for capital return and delisting to a vote. Notably, the majority of the board at that time opposed the liquidation resolutions, according to Crypto Briefing, creating a public conflict between management and shareholders. Separately, Satsuma sold approximately $50 million of BTC holdings amid this pressure period.","heading":"Investor Pressure and Shareholder Requisition","severity":"high","sources":[{"credibility":2,"name":"Pantera among investors pushing bitcoin treasury firm Satsuma to sell $50 million hoard — The Block","type":"news_article","url":"https://www.theblock.co/news/business/2026-04-23-pantera-among-investors-pushing-bitcoin-treasury-firm-satsuma-to-sell-50-million-hoard-bloomberg-398590"},{"credibility":2,"name":"Pantera Capital urges bitcoin treasury company Satsuma to sell bitcoin — Bitget News","type":"news_article","url":"https://www.bitget.com/news/detail/12560605380958"},{"credibility":2,"name":"Satsuma Technology Votes to Wind Down — Bitcoin Magazine","type":"news_article","url":"https://www.btcoinmagazine.com/satsuma-technology-votes-to-wind-down-marking-setback-for-btc-treasury-play/"},{"credibility":2,"name":"Satsuma Technology sells all 669 BTC and returns £31.9M to shareholders — Crypto Briefing","type":"news_article","url":"https://cryptobriefing.com/satsuma-technology-sells-bitcoin-returns-shareholders/"}]},{"content":"At a general meeting on 20 July 2026, shareholders voted by substantial majorities to wind down the company. The return-of-capital resolution passed with 7,869,182,042 votes in favour (90.63%) against 813,703,719 votes opposed (9.37%). The delisting resolution passed with 90.59% in favour. Following the vote, Satsuma sold its entire remaining holding of 669.4867 BTC between 24 and 31 July 2026, achieving an average sale price of £47,667 per Bitcoin — approximately 43% below its average acquisition cost of £84,026 — for total gross proceeds of £31.912 million. The High Court approved the capital reduction on 8 September 2026, authorising the cancellation of 11,235,874,700 B Shares. The total distribution to eligible B shareholders was confirmed at £30,718,881.43, or £0.002734 per B Share, with payment expected by 28 September 2026.","heading":"Shareholder Vote and Liquidation","severity":"critical","sources":[{"credibility":1,"name":"Result of GM — Investegate (official RNS)","type":"official","url":"https://www.investegate.co.uk/announcement/rns/satsuma-technology-plc--sats/result-of-gm-/9678127"},{"credibility":1,"name":"Court approval of reduction of capital — Investegate (official RNS)","type":"official","url":"https://www.investegate.co.uk/announcement/rns/satsuma-technology-plc--sats/court-approval-of-reduction-of-capital-/9761481"},{"credibility":2,"name":"Satsuma Technology sells all 669 BTC and returns £31.9M to shareholders — Crypto Briefing","type":"news_article","url":"https://cryptobriefing.com/satsuma-technology-sells-bitcoin-returns-shareholders/"},{"credibility":2,"name":"UK Based Satsuma Technology Offloads Entire Bitcoin Holdings Following Court Approval Of £30.7M Shareholder Payout — Crowdfund Insider","type":"news_article","url":"https://www.crowdfundinsider.com/2026/09/310125-uk-based-satsuma-technology-offloads-entire-bitcoin-btc-treasury-holdings-following-court-approval-of-30-7m-shareholder-payout/"}]},{"content":"Satsuma Technology raised approximately £163.6 million from shareholders in August 2025 to fund its Bitcoin treasury strategy. The company's final audited results for the year ended 28 February 2026 reported a loss before taxation of £76.9 million, compared to £0.7 million in the prior year, with £78.2 million spent on CLN redemptions following Bitcoin's price decline. After the December 2025 sale of 579 BTC for approximately £40 million and the July 2026 sale of 669.49 BTC for £31.9 million, total Bitcoin sale proceeds amounted to approximately £71.9 million gross. The court-approved shareholder distribution of £30,718,881.43 represents approximately 18.8% of the £163.6 million originally raised — meaning shareholders recovered roughly 18–19 pence for every pound invested. Wind-down costs, CLN redemptions, and operating expenditure consumed the remainder. No criminal charges, fraud allegations, or regulatory enforcement actions have been reported in connection with the company or its officers as of the date of this investigation. The losses reflect a combination of adverse Bitcoin price movements, structural vulnerabilities in the CLN terms (short maturity, BTC-denominated subscriptions), operational cost overruns, and a strategy executed near what proved to be a peak in the Bitcoin price cycle.","heading":"Capital Loss Summary","severity":"critical","sources":[{"credibility":1,"name":"Final Audited Results — Investegate (official RNS)","type":"official","url":"https://www.investegate.co.uk/announcement/rns/satsuma-technology-plc--sats/final-audited-results-/9778436"},{"credibility":2,"name":"Satsuma's Bitcoin Treasury Collapses, Leaving Shareholders 18p on the Pound — Yahoo Finance","type":"news_article","url":"https://finance.yahoo.com/markets/crypto/articles/satsuma-bitcoin-treasury-collapses-leaving-121705285.html"},{"credibility":2,"name":"Strategy copycat Satsuma crashed 99%, liquidated treasury — Protos","type":"news_article","url":"https://protos.com/strategy-copycat-satsuma-crashed-99-liquidated-treasury/"},{"credibility":1,"name":"Court approval of reduction of capital — Investegate (official RNS)","type":"official","url":"https://www.investegate.co.uk/announcement/rns/satsuma-technology-plc--sats/court-approval-of-reduction-of-capital-/9761481"}]},{"content":"Satsuma Technology announced on 14 September 2026 that it was extending the date of its delisting from the London Stock Exchange beyond the original 14 September 2026 target, to allow time for an alternative listing venue for ordinary shares to be arranged. Trading in the company's shares was suspended from 1 July 2026. The company indicated it intends to retain approximately £2 million for a potential new business venture; the nature of that venture had not been publicly disclosed as of the date of this investigation.","heading":"Delisting Status","severity":"medium","sources":[{"credibility":2,"name":"U.K. Bitcoin reserve firm Satsuma to delist from London Stock Exchange — Crypto Times","type":"news_article","url":"https://www.cryptotimes.io/2026/09/14/u-k-bitcoin-reserve-firm-satsuma-to-delist-from-london-stock-exchange/"},{"credibility":2,"name":"Satsuma Technology extends delisting date from LSE — Investing.com","type":"news_article","url":"https://ng.investing.com/news/stock-market-news/satsuma-technology-extends-delisting-date-from-lse-93CH-2694285"},{"credibility":2,"name":"Satsuma Technology Wins Shareholder Backing For Capital Return And Delisting — The Globe and Mail","type":"news_article","url":"https://www.theglobeandmail.com/investing/markets/markets-news/Tipranks/3385076/satsuma-technology-wins-shareholder-backing-for-capital-return-and-delisting/"}]}],"sources_used":[{"credibility":2,"name":"Strategy copycat Satsuma crashed 99%, liquidated treasury — Protos","type":"news_article","url":"https://protos.com/strategy-copycat-satsuma-crashed-99-liquidated-treasury/"},{"credibility":2,"name":"Satsuma Technology sells all 669 BTC and returns £31.9M to shareholders — Crypto Briefing","type":"news_article","url":"https://cryptobriefing.com/satsuma-technology-sells-bitcoin-returns-shareholders/"},{"credibility":1,"name":"Final Audited Results — Investegate (official RNS)","type":"official","url":"https://www.investegate.co.uk/announcement/rns/satsuma-technology-plc--sats/final-audited-results-/9778436"},{"credibility":1,"name":"Court approval of reduction of capital — Investegate (official RNS)","type":"official","url":"https://www.investegate.co.uk/announcement/rns/satsuma-technology-plc--sats/court-approval-of-reduction-of-capital-/9761481"},{"credibility":1,"name":"Result of GM — Investegate (official RNS)","type":"official","url":"https://www.investegate.co.uk/announcement/rns/satsuma-technology-plc--sats/result-of-gm-/9678127"},{"credibility":2,"name":"UK-based bitcoin treasury firm Satsuma raises $218 million — The Block","type":"news_article","url":"https://www.theblock.co/post/365765/bitcoin-treasury-firm-satsuma-technology-raises-217-6-million-usd-parafi-pantera-kraken"},{"credibility":2,"name":"Pantera among investors pushing bitcoin treasury firm Satsuma to sell $50 million hoard — The Block","type":"news_article","url":"https://www.theblock.co/news/business/2026-04-23-pantera-among-investors-pushing-bitcoin-treasury-firm-satsuma-to-sell-50-million-hoard-bloomberg-398590"},{"credibility":2,"name":"Pantera wants Satsuma to dump its bitcoin as shares crash 99% — CoinDesk","type":"news_article","url":"https://www.coindesk.com/markets/2026/04/23/pantera-wants-satsuma-to-dump-its-bitcoin-as-shares-crash-99"},{"credibility":2,"name":"Satsuma Technology CEO Henry Elder resigns after seven months — AJ Bell","type":"news_article","url":"https://www.ajbell.co.uk/news/articles/satsuma-technology-ceo-henry-elder-resigns-after-seven-months"},{"credibility":2,"name":"Henry Elder resigns from Satsuma Technology board — Investing.com","type":"news_article","url":"https://www.investing.com/news/company-news/henry-elder-resigns-from-satsuma-technology-board-93CH-4546246"},{"credibility":1,"name":"Update on Board and intention to adjourn GM — Investegate (official RNS)","type":"official","url":"https://www.investegate.co.uk/announcement/rns/satsuma-technology-plc--sats/update-on-board-and-intention-to-adjourn-gm/9474686"},{"credibility":1,"name":"Latham Advises on Satsuma Technology's US$218 Million Convertible Loan Note Round — Latham & Watkins","type":"official","url":"https://www.lw.com/en/news/2025/08/latham-advises-on-satsuma-technology-convertible-loan-note-round"},{"credibility":1,"name":"Latham Advises Satsuma Technology on Proposed ESCC Listing — Latham & Watkins","type":"official","url":"https://www.lw.com/en/news/2025/12/Latham%20Advises%20Satsuma%20Technology%20on%20Proposed%20ESCC%20Listing"},{"credibility":2,"name":"Satsuma's Bitcoin Treasury Collapses, Leaving Shareholders 18p on the Pound — Yahoo Finance","type":"news_article","url":"https://finance.yahoo.com/markets/crypto/articles/satsuma-bitcoin-treasury-collapses-leaving-121705285.html"},{"credibility":2,"name":"Tao Alpha PLC Rebrands to Satsuma Technology — TipRanks","type":"news_article","url":"https://www.tipranks.com/news/company-announcements/tao-alpha-plc-rebrands-to-satsuma-technology-emphasizing-decentralised-ai-and-bitcoin-strategy"},{"credibility":2,"name":"UK Based Satsuma Technology Offloads Entire Bitcoin Holdings Following Court Approval Of £30.7M Shareholder Payout — Crowdfund Insider","type":"news_article","url":"https://www.crowdfundinsider.com/2026/09/310125-uk-based-satsuma-technology-offloads-entire-bitcoin-btc-treasury-holdings-following-court-approval-of-30-7m-shareholder-payout/"},{"credibility":2,"name":"Satsuma Technology Wins Shareholder Backing For Capital Return And Delisting — The Globe and Mail","type":"news_article","url":"https://www.theglobeandmail.com/investing/markets/markets-news/Tipranks/3385076/satsuma-technology-wins-shareholder-backing-for-capital-return-and-delisting/"},{"credibility":2,"name":"U.K. Bitcoin reserve firm Satsuma to delist from London Stock Exchange — Crypto Times","type":"news_article","url":"https://www.cryptotimes.io/2026/09/14/u-k-bitcoin-reserve-firm-satsuma-to-delist-from-london-stock-exchange/"},{"credibility":2,"name":"Satsuma Technology extends delisting date from LSE — Investing.com","type":"news_article","url":"https://ng.investing.com/news/stock-market-news/satsuma-technology-extends-delisting-date-from-lse-93CH-2694285"},{"credibility":2,"name":"Satsuma Bitcoin Holdings — The Block Treasuries","type":"research","url":"https://www.theblock.co/treasuries/sats"}],"summary":"Satsuma Technology plc (LSE: SATS) was a UK-listed company that raised £163.6 million from shareholders in August 2025 to build a corporate Bitcoin treasury, buying approximately 1,199 BTC at an average price of roughly £84,026 (~$113,000) per coin. Its share price collapsed more than 99% from a June 2025 peak and shareholders voted over 90% to wind down in July 2026; the company sold its remaining 669.49 BTC for £31.9 million and distributed approximately £30.7 million — under 20% of invested capital — back to shareholders after court approval in September 2026. The company is in the process of delisting from the London Stock Exchange.","timeline":[{"date":"2021-03-01","event":"Company incorporated as Streaks Gaming.","source":"Protos / Investing.com","source_url":"https://protos.com/strategy-copycat-satsuma-crashed-99-liquidated-treasury/"},{"date":"2025-05-01","event":"Company rebrands to Tao Alpha plc.","source":"TipRanks / Investing.com","source_url":"https://www.tipranks.com/news/company-announcements/tao-alpha-plc-rebrands-to-satsuma-technology-emphasizing-decentralised-ai-and-bitcoin-strategy"},{"date":"2025-07-14","event":"Henry Elder appointed CEO from UTXO Management.","source":"AJ Bell","source_url":"https://www.ajbell.co.uk/news/articles/satsuma-technology-ceo-henry-elder-resigns-after-seven-months"},{"date":"2025-07-28","event":"Satsuma closes £163.6 million (~$217.6 million) convertible loan note round led by ParaFi Capital. Company rebrands to Satsuma Technology plc with ticker SATS.","source":"The Block / Latham & Watkins","source_url":"https://www.theblock.co/post/365765/bitcoin-treasury-firm-satsuma-technology-raises-217-6-million-usd-parafi-pantera-kraken"},{"date":"2025-08-01","event":"Company accumulates Bitcoin treasury, reaching peak holding of approximately 1,199 BTC at an average cost of roughly £84,026 (~$113,000) per coin.","source":"Protos / Crypto Briefing","source_url":"https://protos.com/strategy-copycat-satsuma-crashed-99-liquidated-treasury/"},{"date":"2025-12-17","event":"FCA approves Satsuma prospectus for proposed admission to the Equity Shares (Commercial Companies) Category. FCA correspondence to the company on compliance matters is noted.","source":"Latham & Watkins","source_url":"https://www.lw.com/en/news/2025/12/Latham%20Advises%20Satsuma%20Technology%20on%20Proposed%20ESCC%20Listing"},{"date":"2025-12-31","event":"Convertible loan notes mature. Satsuma sells 579 BTC for approximately £40 million to fund CLN redemptions, spending approximately £78.2 million on redemptions total — crystallising losses.","source":"Investegate Final Audited Results / The Block","source_url":"https://www.investegate.co.uk/announcement/rns/satsuma-technology-plc--sats/final-audited-results-/9778436"},{"date":"2026-02-18","event":"CFO Andrew Smith resigns after shareholders requisition a general meeting.","source":"Protos","source_url":"https://protos.com/strategy-copycat-satsuma-crashed-99-liquidated-treasury/"},{"date":"2026-03-06","event":"CEO Henry Elder resigns after approximately seven months. Ranald McGregor-Smith becomes executive chair.","source":"AJ Bell","source_url":"https://www.ajbell.co.uk/news/articles/satsuma-technology-ceo-henry-elder-resigns-after-seven-months"},{"date":"2026-04-23","event":"Pantera Capital, holding approximately 6.7% equity, is reported to be among investors publicly pushing for Satsuma to sell its remaining Bitcoin and return capital to shareholders.","source":"CoinDesk / The Block","source_url":"https://www.coindesk.com/markets/2026/04/23/pantera-wants-satsuma-to-dump-its-bitcoin-as-shares-crash-99"},{"date":"2026-05-01","event":"Shareholders formally requisition a general meeting to vote on capital return and delisting resolutions.","source":"Investegate / Globe and Mail","source_url":"https://www.theglobeandmail.com/investing/markets/markets-news/Tipranks/3385076/satsuma-technology-wins-shareholder-backing-for-capital-return-and-delisting/"},{"date":"2026-07-01","event":"Trading in Satsuma shares suspended on the London Stock Exchange.","source":"Crypto Briefing","source_url":"https://cryptobriefing.com/satsuma-technology-sells-bitcoin-returns-shareholders/"},{"date":"2026-07-20","event":"General meeting held. Return-of-capital resolution passes 90.63% in favour; delisting resolution passes 90.59% in favour. Board majority had opposed the resolutions.","source":"Investegate RNS — Result of GM","source_url":"https://www.investegate.co.uk/announcement/rns/satsuma-technology-plc--sats/result-of-gm-/9678127"},{"date":"2026-07-24","event":"Satsuma begins selling remaining 669.4867 BTC treasury.","source":"Crypto Briefing","source_url":"https://cryptobriefing.com/satsuma-technology-sells-bitcoin-returns-shareholders/"},{"date":"2026-07-31","event":"BTC liquidation complete. All 669.4867 BTC sold for total proceeds of £31.912 million at an average price of £47,667 — approximately 43% below average acquisition cost.","source":"Crypto Briefing / Crowdfund Insider","source_url":"https://cryptobriefing.com/satsuma-technology-sells-bitcoin-returns-shareholders/"},{"date":"2026-09-08","event":"High Court approves capital reduction. 11,235,874,700 B Shares cancelled. Total distribution to B shareholders confirmed at £30,718,881.43 (£0.002734 per share).","source":"Investegate RNS — Court approval of reduction of capital","source_url":"https://www.investegate.co.uk/announcement/rns/satsuma-technology-plc--sats/court-approval-of-reduction-of-capital-/9761481"},{"date":"2026-09-14","event":"Satsuma announces extension of LSE delisting date beyond 14 September 2026 to allow time to arrange an alternative listing venue for ordinary shares.","source":"Crypto Times","source_url":"https://www.cryptotimes.io/2026/09/14/u-k-bitcoin-reserve-firm-satsuma-to-delist-from-london-stock-exchange/"},{"date":"2026-09-17","event":"Final audited results published. Company reports pre-tax loss of £76.9 million for year ended 28 February 2026.","source":"Investegate RNS — Final Audited Results","source_url":"https://www.investegate.co.uk/announcement/rns/satsuma-technology-plc--sats/final-audited-results-/9778436"},{"date":"2026-09-28","event":"Expected date for B shareholder distribution payments to clear (£30,718,881.43 total; £0.002734 per B share).","source":"Investegate RNS — Court approval of reduction of capital","source_url":"https://www.investegate.co.uk/announcement/rns/satsuma-technology-plc--sats/court-approval-of-reduction-of-capital-/9761481"}]},"v":1}