There is significant tension between the management and shareholders at the British company Satsuma Technology Plc, which specializes in accumulating bitcoins. Some shareholders are calling for the immediate liquidation of the cryptocurrency portfolio and the return of invested funds.
This is reported by Business • Media
Reasons for Shareholder Pressure
In June 2025, Satsuma Technology, formerly known as TAO Alpha PLC, officially identified its bitcoin accumulation strategy as its core activity. At that time, the company raised approximately £169 million, of which up to two-thirds was planned to be invested in the first cryptocurrency. The firm also secured a convertible loan of £5 million ($6.74 million), and in August 2025, an additional £163.6 million ($220 million) through the issuance of convertible bonds.
The main investor was ParaFi Capital, along with Arrington Capital, Blockchain.com, Mythos, Pantera Capital, and others. However, due to market instability and falling stock prices, some counterparties, including Blockchain.com, began demanding the liquidation of the portfolio and the return of capital.
Financial Performance and Company Response
As of April 2026, Satsuma Technology ranks 57th among the largest public bitcoin holders, holding a balance of 646 BTC. However, the company’s financial situation remains challenging: the mNAV (market capitalization to portfolio value ratio) stands at only 0.66, indicating a significant discount on the shares. Once, the share price reached £13.9, but it has now fallen to £0.22.
The company confirmed that some shareholders are insisting on exiting the business.
“We are exploring options that would satisfy these requests while protecting the interests of all shareholders,” said Satsuma Chairman Ranald MacGregor-Smith.
At its peak, as of August 2025, Satsuma Technology owned 1153 BTC. However, due to market turmoil at the end of the year, the company had to sell some assets to cover its obligations. In April 2026, the portfolio was replenished with 25.65 BTC, after which it remained at 646 BTC.
The December sale of crypto assets caused dissatisfaction among shareholders, leading to personnel changes — in March 2026, CEO Henry Elder and CFO Andrew Smith left the company.
The situation with Satsuma Technology reflects a broader trend of reevaluating the value of treasury companies. According to a report, in 2025, the average decline in stock prices for companies in this sector reached 43% in Canada and the United States.