Shareholders of U.K.-based bitcoin treasury company Satsuma have overwhelmingly voted to sell its remaining 668 BTC, return capital, and shut down.
The company is little-known and its holdings are tiny, but its Chief Bitcoin Strategist, Mark Moss, is a familiar name in crypto circles.
Bulls will surely see this as yet another step in the bottoming process for the bitcoin price.
If 2025’s crop of hastily formed digital asset treasury companies was a topping sign, then 2026’s growing group of DATs abandoning those strategies might be just the opposite.
Satsuma now joins Adam Back’s Bitcoin Standard (which couldn’t win shareholder approval for its SPAC merger) and Empery Digital (selling its bitcoin to go into the data center business), among others.
Most crypto-related stocks are nicely in the green on Tuesday as bitcoin rose past $66,000 for the first time in several weeks.
Not moving higher, though, is Twenty One Capital (XXI) after announcing the exit of its CEO Jack Mallers.
Roughly 30 minutes before the close of trade, XXI is down 9% to $4.84 after earlier hitting a new record low of $4.27.
Alongside Mallers’ departure was the end of discussions for XXI to merge with Mallers’ bitcoin financial services company Strike.
XXI, under new CEO Raphael Zagury, has promised to build an operating company with real cash flows around its 43,000-plus bitcoin holdings — timing and details still to be determined.
“We’ll be hitting that area pretty soon, and very heavily,” said the president, speaking with reporters at the White House.
The “area” is known as Pickaxe Mountain, and it’s thought to be the place where Iran could have moved key components for building a nuclear weapon, reported the FT.
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