On July 22, 2026, shareholders of Satsuma Technology, the UK's second-largest publicly listed Bitcoin treasury company, voted decisively to terminate the less-than-a-year treasury experiment: over 90% voted in favor of selling all of the company's 668 Bitcoins, valued at approximately $43.5 million based on current estimates, returning the funds to shareholders, followed by a timeline for delisting, preparing to exit the stage of the London Stock Exchange. Four of the six board members opposed this decision, but they could not change the choice of the majority shareholders. This publicly listed company, whose core narrative was centered around holding Bitcoin, proactively pressed the "liquidate" button within a compliance framework. Almost simultaneously, according to data from a single source (pending further cross-verification), the assets under management of Solana ETF had climbed to approximately $904 million, and related funds of Hyperliquid saw cumulative net inflows of about $350 million within just two months of launch. Together, they contributed nearly 80% of non-BTC and ETH crypto ETF trading volume, quickly taking a dominant position in the exposure to alt-assets in the compliant market. One was the shareholder vote to end the Bitcoin custody experiment and exit the public market, while the other was the substantial growth and trading share of alt ETFs around Solana and Hyperliquid under regulatory permits. These two parallel paths are clearly splitting the battlefield of crypto exposure between "public companies holding Bitcoin" and "compliant alt ETFs."

Less Than a Year: Satsuma Liquidates Its Bitcoin Treasury

Between 2025 and 2026, Satsuma Technology officially added Bitcoin to its balance sheet, once regarded as one of the representatives of Bitcoin exposure in the UK public market, rapidly rising to the second position among "publicly listed Bitcoin treasury companies" with a total of 668 Bitcoins and a position valued at approximately $43.5 million. However, this experiment of treating Bitcoin as treasury assets was halted before completing a full year, with core assets no longer being a strategic holding for the long term but included in the list for liquidation.

The turning point occurred on July 22, 2026. On that day, a majority of shareholders approved the proposal to sell all 668 Bitcoins held by the company with over 90% support, to proportionally return the proceeds to investors, and initiate the delisting process, despite four of the six board members voting against it. With this resolution in place, Satsuma's Bitcoin treasury was explicitly defined as a position to be liquidated, and the company subsequently established a timeline for exiting the public market Bitcoin exposure: it is expected to delist from the London Stock Exchange on September 14, 2026, and complete payments to shareholders by September 28, 2026. This company, which had once amplified its narrative through Bitcoin, will completely conclude its public market Bitcoin experiment with a combination of liquidation and delisting actions.

Shareholder Vote for Liquidation and Board Division

In the vote on July 22, 2026, Satsuma shareholders approved the plan to sell all 668 Bitcoins and delist with over 90% support. This was not a routine technical resolution but a collective reversal of the Bitcoin treasury strategy in less than a year. More tension arose from the fact that it was the board itself that pushed this treasury narrative into the regulatory framework and placed Bitcoin on the company's balance sheet, yet now the proposal for liquidation and delisting encountered majority opposition within the board—four of six directors voted against it, and the management did not reach a consensus to support ending the Bitcoin treasury.

This scene exposed the core contradiction surrounding Bitcoin's long-term holdings within corporate governance: under the UK's regulatory framework, whether Bitcoin can become a "corporate-level asset" ultimately depends on shareholders' voting rights, not on a few directors embracing a new narrative. This vote directly triggered a chain reaction of Bitcoin sales and delisting. Essentially, it was a gaming result between the board and shareholders around risk preference and time span, also ringing alarm bells for other publicly listed Bitcoin treasury companies—if stock performance and cash returns cannot consistently convince shareholders, the long-term corporate strategy built around Bitcoin may be vetoed by a high vote at any time.

Popularity of Solana and Hyperliquid ETFs

At the same stage, where Satsuma shareholders ended the Bitcoin treasury experiment with a high vote, another path in the compliant market was rapidly scaling up. According to data from a single source, Solana ETF's assets under management approached approximately $904 million, standing out among all compliant products aimed at alt-coins, supporting nearly a billion dollars in exposure with a single token, almost becoming the primary subject for those wanting to bet on non-Bitcoin and non-Ethereum assets within the regulatory framework. This data still requires further cross-verification.

Alongside this, related funds around Hyperliquid experienced a rapid surge in volume in a very short time. According to the same source, this product recorded about $350 million in net inflows within around two months of its launch, and the combined trading volume of the Solana ETF and Hyperliquid accounted for nearly 80% of the total trading volume of non-BTC and ETH crypto ETFs, effectively locking the activity of the entire alt ETF market into just a handful of leading products. Amid the decline of the Bitcoin treasury narrative, the focus of compliant capital on a few alt assets is reshaping the weight structure of this track.

Exit of Bitcoin Treasuries and Transition to Alt ETFs

If we examine Satsuma's liquidation and delisting alongside Solana and Hyperliquid alt ETFs on the same exposure map, we will find that two nearly opposite paths are taking shape simultaneously. On one side, companies like Satsuma, treating Bitcoin as treasury assets, quickly accumulated 668 Bitcoins worth approximately $43.5 million between 2025 and 2026, yet within less than a year, shareholders voted with over 90% support to sell all holdings and delist, directly weakening the pathway in the public market where "company equity = Bitcoin exposure." On the other side, according to single-source statistics, the Solana ETF's management reached about $904 million, and Hyperliquid-related funds saw about $350 million in net inflow over two months, together contributing nearly 80% of the trading volume of non-BTC and ETH crypto ETFs, consolidating exposure to alt assets within a few products in the compliant market.

Between these two diverging paths, the real change lies in the "vehicle choices" for traditional investors to gain crypto exposure. Satsuma shareholders opted to liquidate the treasury and recoup cash, deciding individually whether to buy Bitcoin directly in the over-the-counter market, shift to other listed company equities, or use compliant ETFs to gain crypto risk exposure; however, there is currently no publicly available data to track these subsequent actions. What we can observe is only a contraction of company-structured Bitcoin exposure, while a few alt ETFs are expanding in size and trading share, reflecting the preference differences among shareholders and institutions between "direct holding of Bitcoin," "holding treasury equity," and "holding ETF shares." However, it is not possible to simply deduce a corresponding causal chain or capital migration path between the two. What can be confirmed is that the structure of crypto exposure is becoming differentiated, while the relative attractiveness of different vehicles is still being continuously reassessed.

The Next Chapter of the Story of Public Companies Holding Bitcoin

Satsuma transformed from "the UK's second-largest publicly listed Bitcoin treasury company" into a liquidation and delisting case in less than a year, with shareholders overturning the Bitcoin treasury strategy in July 2026 with over 90% support. This is itself a calm correction of the narrative that "public companies hold Bitcoin as treasury assets"—the four board members' opposition did not change the outcome, indicating that such narratives must ultimately accept stringent constraints imposed by short-term considerations such as stock performance and exit efficiency. Parallelly, Solana ETF’s managed assets of approximately $904 million and Hyperliquid-related funds having a net inflow of about $350 million over two months (according to a single source, pending cross-validation), with their combined trading volume currently accounting for nearly 80% of total trading volume for non-BTC and ETH crypto ETFs, among compliant investment visions, centralized alt ETFs are rapidly becoming a more accepted vehicle for traditional capital allocation to crypto exposure. What is worth observing next is whether shareholders in other holding companies will reassess the risk-reward structure of treasury holdings, whether the regulatory authorities and issuers will continue to expand the alt ETF product line, and how the market will reprice similar holding companies after Satsuma’s actual delisting on September 14, 2026, and the completion of capital returns on September 28. From the evolution of these variables, we can anticipate what version of the next chapter in the story of public companies holding Bitcoin will be written.

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