Pantera Capital is calling on Satsuma Technology to exit its bitcoin strategy, urging the company to liquidate its remaining holdings and distribute the proceeds to shareholders.
The push is led by Pantera’s DAT Opportunity Fund, which holds around 6.7% of Satsuma and is advocating a full sale of the firm’s roughly $50 million position in Bitcoin, equivalent to 646 BTC. The demand follows a dramatic 99% collapse in the company’s share price from its peak of 14 pounds ($18.90) last June.
Satsuma said it has received requests from investors to return capital but did not disclose their identities. Executive Chairman Ranald McGregor-Smith stated that the company is reviewing its options while considering the interests of all shareholders.
The situation marks a sharp reversal from last year, when Satsuma’s crypto treasury approach drew strong backing. In August 2025, the company raised £164 million ($221 million) through an oversubscribed convertible note supported by Pantera, ParaFi, Kraken, and Digital Currency Group.
Market conditions have since shifted. After climbing above $126,000, bitcoin fell roughly 50% to around $60,000 by early February, weakening confidence in firms heavily exposed to digital assets.
Satsuma’s valuation has now dropped below the value of its bitcoin holdings, underscoring the severity of the decline. The downturn has been compounded by internal challenges, including a board departure in February and the resignation of CEO Henry Elder in March.
Shares of SATS were last at 21 pence ($0.28), down 12.5% on the day, extending the stock’s steep losses.
