Curriculum·S212 TradFi Access Rails: ETFs, ETPs, and Treasuries·about 33 min
Digital asset treasury companies
By the end of this lesson you can
- →Explain the mNAV flywheel and why it reverses below a multiple of one
- →Compute how debt and premium together turn a moderate asset decline into an equity wipeout
- →Identify what a treasury company share is a claim on, and in what order
- →State the conditions under which the structure is a reasonable access route
Sophomore · enrolled learners
This lesson opens with Satsuma Technology, 2025 to 2026.
- What happened
- Satsuma Technology was a London-listed digital asset treasury company. In August 2025 it raised about £163.6M, roughly $217.6M, through convertible notes from investors including ParaFi, Pantera Capital and Kraken, and built a peak holding of 1,199 BTC at an average price above $113,000. In December 2025 it sold 579 BTC for about £40M, roughly $53.2M, to repay noteholders who chose not to convert. Its shares fell from a June 2025 peak of £14 to around 21 pence, a decline of more than 99 percent, taking the equity below the value of the bitcoin the company still held. Pantera Capital, holding roughly 6.7 percent, publicly pushed the board in April 2026 to sell the remaining bitcoin and return cash. On 20 July 2026 shareholders approved the capital return with 90.63 percent in favor and delisting with 90.59 percent, liquidating the remaining 668 BTC, with removal from the exchange scheduled for 14 September 2026.
- The decision point
- The bitcoin sold in December went at about $91,900 against an average cost above $113,000, and the remaining holding was marked near $66,600, so the blended outcome across both tranches was a decline of roughly 31 percent. The equity fell more than 99 percent. That difference is the entire subject of this lesson, and none of it came from the asset. It came from convertible debt sitting ahead of shareholders and from a market premium that existed while the model was working and did not exist afterwards.
What you will be able to answer
- →What is mNAV?
- →Why does the flywheel reverse below one?
- →Why did the equity fall so much further than the coin?
- →What is a treasury company share a claim on?
Orientation and Year One are open: anyone can read them without an account. From Year Two onward the lessons are for enrolled learners, because progress through the later years only means anything if it is tracked against a record.
It is free. We do not sell the list and there is nothing to buy at the end of it.
Sources and review
- https://www.coindesk.com/markets/2026/07/24/bitcoin-treasury-companies-sell-up-repay-debt-pivot-to-ai-as-share-prices-collapse
- https://en.cryptonomist.ch/2026/07/22/satsuma-bitcoin-liquidation/
- https://www.cnbc.com/2025/12/02/dat-digital-asset-treasury-companies-explained.html
- https://www.forbes.com/sites/ninabambysheva/2025/10/13/inside-the-150-billion-bitcoin-treasury-boom-shakeout/
Confidence medium·Volatility high·Reviewed 2026-08-06·Owner unassigned
Contested
Marked medium confidence and high volatility because this category is roughly a year old at scale and is changing quickly. The structural arguments about mNAV, seniority and the flywheel are durable arithmetic. Any statement about which companies exist, what they hold, or where they trade is not, and the named figures are dated deliberately.
Naming Satsuma is not a claim of wrongdoing. The board proposed the liquidation, shareholders approved it by more than ninety percent, and the outcome returned remaining capital. The failure being taught is structural and would apply to any company with the same balance sheet.
This lesson does not evaluate whether any treasury company is a good or bad holding. Per P10 it makes no claim about future returns in either direction. It teaches what the share is a claim on.