The company is still preaching long-termism, but shareholders have already voted to break it up.

UK-listed company Satsuma Technology only packaged itself as an $BTC treasury company last year, but now shareholders, with about 90.6% of the votes in favor, have decided to sell the entire company’s 668 Bitcoin, return capital, and then exit the London Stock Exchange.
The awkward part is that most directors had previously clearly opposed liquidation, believing the strategy could still continue. But shareholders simply didn’t buy it: with the company’s stock price staying below the actual value of its assets for a long time, rather than continuing to pay management fees and listing costs and then waiting for the market to reset its valuation, it’s better to just sell the coins and distribute the money.
So whether those 668 $BTC will crash the market isn’t actually the main point. What’s really worth watching is that this batch of “public companies buying Bitcoin” stories is entering the elimination round.
In a bull market, buying Bitcoin can be used to talk about treasury premium; when conditions worsen and the stock falls below net asset value, shareholders quickly realize: Why don’t I just buy $BTC myself, instead of funding an entire company?
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