In short: The first treasury company to be wound up by its own owners: a London-listed Bitcoin treasury company whose share price "has collapsed since inception" and whose shareholders just voted to liquidate the company's entire Bitcoin treasury and return the capital — "and it's going to be a big loss, mainly because the price of Bitcoin is down a lot from where the company purchased that Bitcoin." Cited again as one of the liquidations the shorts were engineering.
Satsuma is a small London-listed company that did the same thing Strategy did — raised money from investors and put it into Bitcoin — and it is the first one whose owners have simply pulled the plug. The share price fell from the start, and the shareholders voted to sell the entire Bitcoin treasury and hand the cash back, crystallizing a large loss because Bitcoin now trades well below what the company paid.
Brown uses it as the proof-of-concept for his bigger argument: a treasury company isn't a permanent holder of Bitcoin, it's a holder that can be voted or squeezed into becoming a seller. That is exactly the vulnerability he says the short sellers are targeting — and it's why he expects more of these companies to unwind before the cycle turns. (Note for this hub: the ticker is written SATS.L because plain "SATS" is EchoStar, a completely different US company already tracked here.)
5:36But, it's not just MicroStrategy. Like I said at the beginning of the call, there's this publicly traded company Satsuma Technology, SATS, and you can see the price per share has collapsed since inception. This is a stock that's listed on the London Stock Exchange and recently shareholders have just had enough.
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