A supermajority rebellion overruled the board and forced one of the UK's largest listed Bitcoin treasury companies to wind down at a crushing loss. Satsuma raised £163.6 million (~$217-221M) in August 2025 to build a Bitcoin treasury on the London Main Market. The Governance Failure Was the ProductFour of six directors filed a corporate update opposing the resolutions, arguing Satsuma remained a viable listed Bitcoin vehicle. The Smarter Web Company, which held 2,878 BTC as of late May 2026, now faces intensified scrutiny as the UK's largest listed Bitcoin treasury. Across the roughly 200 publicly listed Bitcoin treasury companies now sitting below NAV, the Satsuma playbook is a live template for any shareholder group that controls 20% and wants out.