Companies Liquidate Bitcoin Treasury Holdings — SkimNews
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- Satsuma Technology raised £100 million ($135 million) in July 2025 through convertible loan notes to expand its Bitcoin treasury, reported at the time as a UK record for such a raise.
- About a year later, Satsuma shareholders voted overwhelmingly to return substantially all capital and cancel the company's listing, with the board subsequently authorizing closure of trading activities and sale of its entire 669 BTC position.
- Bitdeer, Genius Group, and Prenetics also fully liquidated their Bitcoin holdings this year, according to VanEck researcher Mathew Sigel.
- MARA Holdings and Empery Digital made substantial Bitcoin sales without abandoning their treasury strategies altogether.
- Companies cited for exits or reductions gave a range of reasons including debt repayments, working capital needs, shareholder returns, and shifts in business strategy.
Why it matters: The Satsuma reversal is particularly stark: the company raised a UK-record £100M ($135M) for a Bitcoin treasury in July 2025, then within roughly a year shareholders voted to delist and liquidate all 669 BTC. Combined with full exits by Bitdeer, Genius Group, and Prenetics, the pattern shows multiple firms simultaneously concluding that the Bitcoin treasury model no longer serves their core business needs.
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