Two UK bitcoin treasury firms decided to sell their coins in the same week

In the same week, two UK-listed public companies holding bitcoin on their balance sheets both announced they'd be selling part of their reserves. The reasons differ — but both stories point to how uneven things currently feel across the corporate bitcoin treasury sector, often called DATs (digital asset treasuries).

Satsuma: Full Liquidation and an Exit From the Exchange

On July 21, 2026, Satsuma Technology shareholders voted 90.6% in favor of fully liquidating the company's bitcoin reserves (668 BTC, roughly $43.5 million) and delisting from the London Stock Exchange — trading in its shares had already been suspended at the company's own request on July 1. Delisting is scheduled for September 14, with shareholder payouts on September 28, pending confirmation from the UK High Court.

The trigger was a stock collapse of more than 99% from a June 2025 peak of £14 to around 21 pence — below the value of the company's own bitcoin holdings on a per-share basis. Satsuma bought bitcoin at an average price above $113,000, and by July 2026 the price had fallen below $68,000 — crystallizing steep paper losses that ultimately pushed shareholders to vote to end the strategy altogether.

Smarter Web: Not a Collapse, a Planned Debt Repayment

The Smarter Web Company's situation is different. On July 23, 2026, the company sold 177.89 BTC at an average price of $65,762 — raising about $11.7 million, used to repay the Smart Convert convertible instrument early to asset manager TOBAM. That avoided issuing 7.7 million new shares, which would have diluted existing shareholders. After the sale, the company holds 2,700 BTC, down from 2,878 BTC as of June 30.

“Convertible instruments are not currently the right capital solution for our structure.”

— Andrew Webley (CEO, The Smarter Web Company), July 23, 2026

Quote source: The Block.

Why It Matters

Both stories sit inside a bigger picture: over the past year (July 2025 to July 2026), the bitcoin treasury sector added 356,295 BTC combined — but 245,682 BTC of that, or 69%, came from a single company, Michael Saylor's Strategy. That makes the whole sector heavily dependent on one large player's decisions. We've already covered how Strategy itself went a full week without buying any bitcoin for the first time in a long while and now has a plan in place for selling, and how Strategy's market cap is now valued below the bitcoin sitting on its own balance sheet. Satsuma and Smarter Web aren't isolated exceptions — they're part of a broader pattern where falling bitcoin prices are testing the debt and capital structures of several public companies at once.

This piece is informational, not a recommendation to buy, sell, or hold any asset.