Pantera Capital, the digital asset investment firm, is pushing London-listed Satsuma Technology to sell off its remaining bitcoin and return the cash to shareholders. This move marks a sharp turn for a strategy that once excited investors, according to a Bloomberg report on Thursday.
Pantera’s DAT Opportunity Fund holds about 6.7% of Satsuma. It is among the investors calling for a full wind-down of the company’s roughly $50 million bitcoin position, which amounts to 646 BTC. The push comes after Satsuma’s shares crashed 99% from a peak of 14 pounds ($18.90) last June.
Investor demands and company response
Satsuma acknowledged receiving requests for capital returns but did not name which investors were involved. Executive Chairman Ranald McGregor-Smith said the firm is reviewing options to address these demands while balancing the interests of all shareholders. The situation is still developing, and the company has not made a final decision yet.
In August 2025, Satsuma raised 164 million pounds ($221 million) through a convertible note. The offering was oversubscribed, with big crypto investors like Pantera, ParaFi, Kraken, and Digital Currency Group backing it. At the time, the strategy seemed promising, but things did not go as planned.
Bitcoin’s wild ride and corporate fallout
Bitcoin surged past $126,000 after the raise, but then it dropped sharply. By early February, it had fallen 50% to around $60,000. This erased confidence in companies holding large amounts of bitcoin as a treasury strategy. The volatility hit Satsuma hard.
The collapse in Satsuma’s share price has left its market value lower than the value of its 646 BTC holdings. Leadership turmoil made things worse. A director left in February, and CEO Henry Elder stepped down in March. These exits likely contributed to the uncertainty around the company.
SATS traded at 21 pence ($0.28) on Thursday, down 12.5% for the day. The stock has been in freefall for months.
What happens next
Neither Satsuma nor Pantera immediately responded to requests for comment. It is unclear if Satsuma will follow Pantera’s advice or try a different path. The company is reviewing options, but time is running short. Shareholders want their money back, and the bitcoin position is one of the few assets of value left.
I think this story highlights how risky corporate bitcoin holdings can be. When bitcoin drops, the whole strategy can unravel fast. Satsuma’s case is extreme, but it may serve as a cautionary tale for other firms thinking about putting treasury funds into crypto.
