Pantera Capital is urging Satsuma Technology to liquidate its remaining bitcoin holdings and return capital to shareholders after a steep collapse in the company’s share price.
The crypto investment firm, led by Dan Morehead, is among a group of investors pushing for a full wind-down of Satsuma’s bitcoin position, which totals about 646 BTC, valued near $50 million at current prices. Pantera’s DAT Opportunity Fund holds roughly 6% to 7% of the company, according to Bloomberg reports.
The pressure follows a sharp decline in both Bitcoin and Satsuma’s equity. Shares have fallen more than 99% from their peak in June 2025, when the stock traded near 14 pounds. The stock was recently changing hands near 21 pence, leaving the company’s market value below the value of its bitcoin holdings.
Satsuma confirmed it has received requests from shareholders to return capital. Executive Chairman Ranald McGregor-Smith said the company is reviewing options while balancing the interests of all investors. The firm did not name specific shareholders behind the requests.
The situation marks a reversal for a strategy that gained traction during the last crypto rally. In August 2025, Satsuma raised about £164 million, or $221 million, through a convertible note backed by several digital asset firms, including Pantera Capital, ParaFi Capital, Kraken, and Digital Currency Group. The company positioned itself as an AI-driven bitcoin treasury vehicle, joining a wave of firms allocating balance sheets to digital assets.
Bitcoin’s volatility over the last 6 months
Market conditions shifted soon after. Bitcoin climbed above $126,000 before falling to near $60,000 earlier this year, cutting into the value of corporate treasury holdings tied to the asset. The drawdown exposed the risks of leveraged or concentrated bitcoin strategies, particularly for firms that raised capital near market highs.
Satsuma’s challenges extend beyond market losses. The company has faced leadership turnover in recent months. A director exited in February, followed by the departure of CEO Henry Elder in March. The changes added to investor concerns about governance and strategic direction.
Tensions between Satsuma and investors have been building since late 2024, when the company sold a large portion of its bitcoin holdings to repay noteholders who declined to convert debt into equity. The move drew criticism from some backers and led to calls for management changes.
Now, investors are pushing for a more direct approach. By selling the remaining bitcoin and distributing proceeds, they aim to preserve value that remains after the equity collapse. The proposal would mark an end to Satsuma’s bitcoin treasury strategy less than a year after it began.
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