British Bitcoin-DATs Are Losing Ground: Satsuma and Smarter Web

British Bitcoin-DATs Satsuma Technology and Smarter Web Company have started selling Bitcoin, and Satsuma is effectively preparing to shut down after the July 20, 2026 vote. This is hitting public BTC holders in the United Kingdom, as well as investors who bought into these companies specifically for their Bitcoin strategy.

Satsuma once held 1153 BTC at its peak, and as of the latest update it had 668 BTC left. Smarter Web’s balance as of June 30, 2026 stood at 2878 BTC, but on July 23 the company sold 177.89 BTC at an average price of $65,762 and directed $11.7 million toward repaying obligations under the Smart Convert product. Both stories show the same thing: the public-company model with a large Bitcoin reserve no longer looks like a safe bet at any price.

Why did these two companies step back now?

Satsuma took the most drastic route. On July 20, 2026, shareholders almost unanimously supported capital return, the sale of Bitcoin, preparations to cease operations, and delisting from the London Stock Exchange. According to Investegate, 7.869 billion votes, or 90.63%, were cast in favor of capital return, and 7.866 billion, or 90.59%, in favor of delisting.

This was not a sudden decision. As far back as June 24, 2026, Satsuma’s board itself did not support the plan, because 4 directors advised voting against it, and only 2 were in favor. But pressure from shareholders holding more than 20% prevailed. Trading in the company’s shares was suspended on July 1, 2026, because it had not published an audit for the year ended February 28. Separately, the company said it expects the listing to be canceled on September 14, 2026, and plans to complete shareholder payouts by September 28, 2026.

What happened to Smarter Web and why did it sell 177.89 BTC?

Smarter Web chose a softer but still telling move. The company switched to a Bitcoin strategy in April 2025, when it disclosed an initial holding of 2.3 BTC, and by June 30, 2026 it was already holding 2878 BTC. However, on July 23 it sold 177.89 BTC at $65,762 per coin to repay obligations under Smart Convert to TABAM. In the end, the company closed an instrument that could have diluted capital through the potential issuance of 7,718,551 shares.

And here is an important detail. In the first half of the year to April 30, 2026, Smarter Web had already posted a net loss of £71.95 million, of which £70.82 million came from Bitcoin revaluation after the price fell from roughly $109,500 to $76,300. The company also used a $30 million credit line at 6.75-7.25%, and by June 30 about £18.5 million had been drawn. So the BTC sale here looks less like panic and more like an attempt to reduce financial pressure and remove the risk of a new share issuance.

Market reaction and what the numbers show

Against this backdrop, the public BTC treasury market looks highly concentrated. According to CoinGecko, there are now 179 public companies in the sector, holding a combined 1,285,045 BTC worth $83.1 billion, or 6.12% of Bitcoin’s total supply. But Strategy alone controls 843,775 BTC, or 4.018% of issuance. That means the entire model depends heavily on the decisions of one major player.

That is the main signal here: when several companies start selling BTC to cover debt or exit the business, the market sees not just an isolated corporate story, but a test of the entire public Bitcoin treasury idea.

It is also interesting that over the year since July 2025, the total amount of Bitcoin under the control of such companies increased by 356,295 BTC. But this growth is almost entirely explained by Strategy’s purchases, as it bought 245,682 BTC over the same period and accounted for nearly 69% of all sector purchases. So growth exists, but it rests on a very narrow base. That is why the sales by Satsuma and Smarter Web are being taken more seriously than ordinary corporate rebalancing.

• Satsuma controlled 1153 BTC at its peak and now holds 668 BTC.

• On July 20, 2026, Satsuma shareholders supported capital return with 90.63% of the vote.

• Smarter Web sold 177.89 BTC at an average price of $65,762.

• The company received $11.7 million and closed its Smart Convert obligations.

• As of June 30, 2026, Smarter Web held 2878 BTC.

• The public BTC treasury sector now includes 179 companies with 1,285,045 BTC.

What does this mean for investors?

For those holding shares in such companies, the message is simple: Bitcoin on the balance sheet does not save a business if the operating model itself is weak. Satsuma showed this in the harshest way, because asset sales there are effectively happening alongside the winding down of the business. Smarter Web is not shutting down yet, but it is already acknowledging that convertible instruments and debt backed by BTC can become a problem if the coin’s price falls below expectations.

For Bitcoin itself, this also matters. When companies sell coins not for investment but to pay off debt, the market gets additional pressure at exactly the moments when liquidity is already less than ideal. On July 23, 2026, BTC was trading around $64,756, which was below Smarter Web’s average sale price but above the $58,353 level Satsuma used in its fact pack on June 30. That is not a catastrophe for the market, but it is not trivial either. For Ukrainian readers, there is a practical takeaway here: if you want to exit into hryvnia quickly, it is better not to wait for corporate surprises and to have a ready plan. Those who want to take advantage of the situation can quickly sell Bitcoin on Monobank without unnecessary complications.

Frequently asked questions

Why is Satsuma effectively shutting down?

Because on July 20, 2026, shareholders approved capital return, the sale of Bitcoin, preparations to cease operations, and delisting. 90.63% of votes were in favor of capital return, and 90.59% in favor of delisting. This is no longer just restructuring, but an exit from the business.

Why did Smarter Web sell part of its BTC?

The company sold 177.89 BTC to repay obligations under Smart Convert to TABAM and remove the risk of share dilution. It received $11.7 million, and the instrument itself could have led to the issuance of 7,718,551 new shares.

Does this mean all Bitcoin-DATs in Britain are weak?

No, but the story shows that this model is highly dependent on debt, the BTC price, and shareholder confidence. There are 179 public companies in the sector, but one Strategy holds 4.018% of total issuance, so the market is highly concentrated and sensitive to the decisions of a few large players.

While some companies are exiting the Bitcoin bet, others are trying to stay afloat by selling part of their reserves and paying down debt. For investors, this is another reminder: in a BTC treasury, it is not only the coins on the balance sheet that matter, but also how the company lives beyond that balance sheet.

This material is not financial advice. Cryptocurrency trading involves significant risks. Part of this text was prepared with the help of artificial intelligence based on public sources and reviewed by our editorial team.