Satsuma Technology

Satsuma Technology PLC

Treasury Qualification

Treasury classificationFormer Bitcoin Treasury / Pending Liquidation

Qualification tierNot applicable

Directory statusExcluded

Ownership statusVerified 0 BTC at July 31, 2026. All 669.4867 BTC were sold July 24-31 for the capital-return process; that sale quantity differs from the earlier May 31 snapshot of 668.48 BTC and both dates remain distinct. No remaining treasury balance or average acquisition cost applies. Excluded with no applicable tier. Completed listing cancellation remains unverified; retain SATS, existing identity and non-Verified overall research status.

Strategic intent

Satsuma completed sale of all BTC during July 24–31, 2026 for its capital-return process. Historical treasury activity is retained; completed listing cancellation remains unverified.

Bitcoin Treasury

Last verified attributable BTC0 BTC

Balance dateJuly 31, 2026

Estimated value$0BTC price retrieved: October 27, 2026 at 09:05 UTC

Average purchase priceNot disclosed

Not included in totals

Verified at the stated balance date

Ownership and Restrictions

Component figures are shown only when separately disclosed and may overlap; they are not additive. Components refer to the eligible balance date unless dated otherwise in research notes. “Not separately disclosed” does not imply zero.

Total BTC reported0

Unencumbered / unrestricted0

Pledged as collateral0

Loaned to third parties0

Subsidiary-ownedNot separately disclosed

Other restricted owned BTC0

Latest Financial Results

Reporting period: Year ended February 28, 2026

Revenue$52,000

Operating income/loss$-44,661,000

Net income/loss$-76,914,000

Cash$8,775,000

Management

Chief executive officer: None
Chief financial officer: None
Executive chair: Ranald McGregor-Smith

Research Notes

Satsuma Technology reported 668.48 BTC as of May 31, 2026, with a market value of £36.64 million and an average acquisition cost of £84,026 per BTC. The company reported no Bitcoin acquisitions or disposals during May. Its stated strategy is to acquire and hold Bitcoin over the long term as its primary treasury reserve asset. The May fact pack reported total NAV of £40.75 million, consisting principally of the Bitcoin treasury plus cash and cash equivalents, and stated that the company had no debt or other material liabilities. Satsuma is redirecting operating activity toward the Bitcoin ecosystem, initially through a Lightning Network pilot program. No pledged, borrowed, loaned, customer-owned, or restricted Bitcoin was identified, so the entire 668.48 BTC balance is treated as unencumbered. Update 55: On July 20, 2026, Satsuma Technology announced that shareholders passed special resolutions for the proposed return of capital and cancellation of the company's listing. The board approved immediate action to prepare to close trading activities and sell the company's Bitcoin. BTC amount remains shown as the last verified holding, but Satsuma is moved out of the Included count pending confirmation of any completed sale or final liquidation/distribution. September 29, 2026 methodology and financial refresh: Verified 0 BTC at July 31, 2026. All 669.4867 BTC were sold July 24-31 for the capital-return process; that sale quantity differs from the earlier May 31 snapshot of 668.48 BTC and both dates remain distinct. No remaining treasury balance or average acquisition cost applies. Excluded with no applicable tier. Completed listing cancellation remains unverified; retain SATS, existing identity and non-Verified overall research status. GBP, audited year ended February 28, 2026; balance sheet at February 28, not July/August liquidity. 'Revenue' 52,000; operating loss -44,661,000; 'Loss for the year attributable to owners of the Parent' -76,914,000. Group cash 8,775,000; assets 41,170,000 (not NAV-derived); liabilities 2,592,000. Historical May 31 cash GBP 4,110,000 and average acquisition cost GBP 84,026/BTC remain dated history. The later August capital-return/liquidity disclosure is separately dated and not substituted into February audited cash. CEO Henry K. Elder resigned; replacement is unverified and CEO is null. Executive chair Ranald McGregor-Smith; Clive Carver is interim executive director. Listing completion remains unresolved, so overall data_status is not upgraded to Verified. Financial source: https://www.investegate.co.uk/announcement/rns/satsuma-technology-plc--sats/final-audited-results-/9778436 (published September 17, 2026). Eligible historical/current evidence: https://www.investegate.co.uk/announcement/rns/satsuma-technology-plc--sats/update-on-proposed-reduction-of-capital/9704601 (source date: August 4, 2026). Management evidence: https://www.investegate.co.uk/announcement/rns/satsuma-technology-plc--sats/final-audited-results-/9778436. Historical notes above are preserved as dated history; earlier eligibility descriptions do not override this review. The existing last_verified date is unchanged and is not a blanket verification of unresolved fields.