The Satsuma Autopsy: How a 668-BTC Treasury Strategy Collapsed in Under a Year
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Neotoshi
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Logic does not bleed, but code leaves traces. In the case of Satsuma, the trace is not in a smart contract exploit — it is in a balance sheet. The UK-listed Bitcoin treasury company announced on July 22 that it would sell its entire 668 Bitcoin holdings and initiate a delisting. The stock is down 99% from its peak. The rug was not pulled; it was never tied.
This is not a hack. It is a forensic case study in leverage, narrative failure, and the cold arithmetic of corporate crypto hoarding.