Satsuma Technology PLC began as a small UK artificial-intelligence company and in 2025 became a Bitcoin treasury company, a business that holds Bitcoin as its main reserve asset. It raised about £169m and bought 1,199 Bitcoin. Within about a year it had lost most of its backers' confidence, sold all its Bitcoin and abandoned the strategy. It is now returning about £30.7m to shareholders and plans to become a cash shell.
From AI chatbots to a Bitcoin vault, and back to a shell
The company's own description calls it a UK Main Market listed Bitcoin treasury company. Its strategy was to buy and hold Bitcoin long term, plus build Bitcoin-aligned operating businesses. Those operations were meant to feed revenue into the Bitcoin pile. That description no longer applies: the board has ceased the strategy.
Before 2025 the company was StreaksAI, which made AI chatbots. Products included Streaks Gaming, Streaks Social (AI versions of influencers), Streaks Idols and Streaks Companion. It had little revenue. In 2025 it renamed itself TAO Alpha and pointed at decentralised AI on the Bittensor network. A partnership called Tiger Alpha was reported at a monthly run rate of almost $70,000. Bitcoin, not AI, then became the main story. 30 Nov 2023 13 May 2025 18 Jun 2025 27 Jun 2025 17 Sep 2026
A struggling AI start-up running out of cash
StreaksAI listed in January 2023 and launched several chatbot products in 2023. Losses fell from £3.35m to £1.6m in the year to February 2024, but cash dropped to £565k. The chief executive, Phil Blows, resigned in March 2024. By February 2025 the company reported cash of £31k and a loss of £708k.
The shares fell from 1.1p in October 2023 to 0.2p by August 2024. The company then made small bets on crypto: a £250,000 stake in Roundhouse Media and a holding of AROK.VC tokens. 30 Nov 2023 4 Mar 2024 28 Jun 2024 15 Jan 2025 24 Jan 2025 27 Jun 2025
£169m raised in weeks, and a Bitcoin treasury
In June 2025 the company secured a £5m convertible loan and adopted a Bitcoin treasury policy. It then launched a second, larger note offering with a £100m minimum. Convertible loan notes (CLNs) are loans that turn into shares if conditions are met. Roughly £169m came in across the two, partly paid in Bitcoin. The company renamed itself Satsuma Technology in July. Henry Elder became chief executive and the company bought its first Bitcoin that month. The shares rose from 0.6p in May to 5.4p in June 2025.
The notes converted automatically only if the company completed an FCA-approved prospectus by 30 September 2025. That did not happen. A full prospectus was needed for a step up to the Official List, the FCA's main listing category. 17 Jun 2025 24 Jun 2025 14 Jul 2025 6 Aug 2025 1 Sep 2025 17 Sep 2026
A missed deadline splits the investors
The company asked note holders to extend the conversion deadline to 31 December 2025. Only 54% agreed. That left two groups: those who would become shareholders, and those who could take cash back at maturity. Bitcoin fell, and the second group took cash. Redemptions cost £78.2m. The company sold 579 Bitcoin to fund them, booking a £6.7m realised loss.
The company reached the step up to the Main Market on 19 December 2025. Few weeks later the shares stood at 0.3p, down from 1.3p in October. In the year to 28 February 2026 the group lost £76.9m. The charges included £21m of finance costs on the notes and £25.9m of unrealised loss on Bitcoin. 28 Nov 2025 11 Dec 2025 17 Sep 2026
Shareholders take control, then end the strategy
In January 2026 holders of 49.3% of the shares demanded the removal of the chief executive and chief financial officer. Andrew Smith, the CFO, resigned in February and Henry Elder in March. Ranald McGregor-Smith became interim executive chairman. Two new non-executive directors joined in April. Annualised costs were cut by about 60%.
In May 2026 holders of over 20% asked for a return of capital. The board recommended voting against. Shareholders approved it on 20 July 2026 by an overwhelming majority. The company sold 669 Bitcoin at £47,667 each for £31.9m. The High Court approved the return of about £30.7m (0.2734p per share) on 8 September. 28 Jan 2026 18 Feb 2026 6 Mar 2026 7 Apr 2026 6 May 2026 3 Jul 2026 20 Jul 2026 4 Aug 2026 8 Sep 2026 17 Sep 2026
What went wrong
Two things stand out. First, the funding depended on a conversion deadline that the company missed. When only 54% of holders extended, the company faced a large cash repayment, funded by selling Bitcoin after the price had fallen. The company has not said exactly why a full prospectus rather than a short one was needed.
Second, the company lost shareholder support. Investors forced out the top executives within weeks of the step up and then voted to wind the strategy down. 17 Sep 2026 28 Nov 2025
A board in repair mode
Mr McGregor-Smith, chairman since December 2025, became interim executive chairman in March 2026 and Clive Carver an interim executive director. The company cut costs, appointed PKF Littlejohn as auditor in April and bought a little more Bitcoin (25.65 and 22.77 BTC) in April 2026. It said then that its strategy remained disciplined Bitcoin accumulation. Three months later the strategy was abandoned.
In December 2025 Mr Elder and Mr Smith were awarded 560m and 168m shares respectively; both later left. Matthew Lodge resigned as a non-executive director on 24 September 2026. 6 Mar 2026 2 Apr 2026 24 Apr 2026 27 Apr 2026 19 Dec 2025 24 Sep 2026 17 Sep 2026
Cash out, shell in
The company has sold all its Bitcoin and is closing its operating entities. The results say £2.7m will go to transitioning to a cash shell and about £2m will be kept in cash. The auditor's opinion was unqualified, with an emphasis of matter on these post-year-end events. At 28 February 2026 cash was £8.8m. On 14 September the company postponed delisting until after the AGM to arrange an alternative listing venue. The shares have traded at 0.2p each month since February; the latest close, on 16 October 2026, was 0.2p. 17 Sep 2026 14 Sep 2026 4 Aug 2026
A new business, not yet named
The company expects payments to shareholders by 28 September 2026. The retained £2m is intended to help fund a new business that would aim to list in due course on an appropriate market. The company has not said what that business will be, who will run it or when. The AGM date is also not set. The delisting from the Main Market has been put off until after that meeting. 17 Sep 2026 14 Sep 2026
“The Court approved the return of capital on 8 September 2026, with the payments to shareholders expected to be complete by 28 September 2026.” 17 Sep 2026
Written by AI from Satsuma Technology PLC's own announcements since Oct 2023 · every paragraph links to its sources