How a Failed BTC Treasury Company Navigates Delisting

Satsuma, a UK-listed company, has become the first digital-asset treasury (DAT) firm to voluntarily complete a full liquidation process, including selling its remaining 669 BTC, returning capital to shareholders, and delisting from the FCA Official List. Following a decline in BTC prices and mounting liquidity pressure, shareholders voted overwhelmingly in July 2026 to abandon the treasury model. The process involved a shareholder vote, the issuance of B Shares for capital distribution, the liquidation of assets, and court confirmation of the return-of-capital scheme.