UK-listed Satsuma sells final 669 BTC and delists in first DAT wind-down

This is the first completed full unwind of a digital asset treasury vehicle, which makes it a precedent rather than a one-off: the structure that let listed companies hold bitcoin as a balance-sheet strategy has now been tested through liquidation, court-sanctioned capital return and delisting. The signal matters most for the remaining DAT cohort and their shareholders, since it establishes that an orderly exit is legally and operationally achievable — and for UK holders, the payout mechanics now run through the courts rather than the market. Whether other vehicles follow the same route, or instead attempt to persist through a cycle, is the open question.