Pantera Capital is pressing Satsuma Technology to abandon its bitcoin-heavy strategy, calling for the company to liquidate its remaining holdings and return proceeds to shareholders.
The push comes from Pantera’s DAT Opportunity Fund, which holds about 6.7% of the company and is advocating for a full exit from Satsuma’s roughly $50 million position in Bitcoin—equivalent to 646 BTC. The move follows a steep 99% decline in the company’s shares from their peak of 14 pounds ($18.90) last June.
Satsuma said it has received requests from investors to return capital but did not name them. Executive Chairman Ranald McGregor-Smith said the company is reviewing potential responses while weighing the interests of its broader shareholder base.
The shift highlights a reversal in sentiment around Satsuma’s crypto treasury strategy, which previously drew strong institutional backing. In August 2025, the firm raised £164 million ($221 million) through an oversubscribed convertible note, supported by investors including Pantera, ParaFi, Kraken, and Digital Currency Group.
Market conditions have since turned less favorable. After surging above $126,000, bitcoin retraced roughly 50% to around $60,000 by early February, putting pressure on firms with significant exposure to digital assets.
Satsuma’s valuation has now fallen below the value of its bitcoin holdings, underscoring the extent of the downturn. The decline has been compounded by internal instability, including a board departure in February and the resignation of CEO Henry Elder in March.
Shares of SATS were last trading at 21 pence ($0.28), down 12.5% on the day, extending the stock’s sharp losses.
