Pantera Capital is urging Satsuma Technology to liquidate its remaining bitcoin holdings and return capital to shareholders following a sharp collapse in the company’s stock price.
The cryptocurrency investment firm, led by Dan Moorhead, is among a group of investors pushing for the complete liquidation of Satsuma’s bitcoin position, which totals about 646 bitcoins, worth close to $50 million at current prices. Pantera’s DAT Opportunity Fund owns approximately 6% to 7% of the company, According to Bloomberg reports.
This pressure comes after a sharp decline in both Bitcoin and Satsuma shares. Shares have fallen more than 99% from their peak in June 2025, when the stock traded near 14 pounds. The stock recently traded near 21 pence, leaving the company’s market capitalization lower than the value of its bitcoin holdings.
Satsuma confirmed that it had received requests from shareholders to return capital. CEO Ranald MacGregor Smith said the company is reviewing options while weighing the interests of all investors. The company did not name the specific shareholders behind these requests.
This situation represents a reversal of a strategy that gained momentum during the recent cryptocurrency rally. In August 2025, Satsuma He grew up About £164 million, or $221 million, through convertible notes backed by several digital asset companies, including Pantera CapitalParaFi Capital, Kraken and Cryptocurrency Group. The company has positioned itself as an AI-driven Bitcoin treasury, joining a wave of companies allocating their balance sheets to digital assets.
Bitcoin volatility over the past six months
Market conditions changed soon after. Bitcoin He went up More than $126,000 before falling to nearly $60,000 earlier this year, reducing the value of corporate treasury holdings tied to the asset. The drawdown exposed the risks of leveraged or concentrated Bitcoin strategies, especially for companies that raised capital near market highs.
Satsuma’s challenges extend beyond market losses. The company has faced leadership turnover in recent months. One director left in February, followed by the departure of CEO Henry Elder in March. The changes have increased investors’ concerns about governance and strategic direction.
Tensions between Satsuma and investors have been rising since late 2024, when the company sold a significant portion of its bitcoin holdings to pay off bondholders who refused to convert debt into equity. The move sparked criticism from some supporters and led to calls for a change in management.
Now, investors are pushing for a more direct approach. by Sell remaining Bitcoin And by distributing the proceeds, they aim to preserve the value that remains after the collapse of stocks. The proposal would mark the end of Bitcoin’s Satsuma Treasury strategy less than a year after its inception.
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