Some shareholders of Satsuma Technology Plc, including Pantera Capital, have asked the London-listed company to sell its bitcoin holdings and distribute the proceeds to investors.
summary
- Pantera urged Satsuma to sell 646 bitcoins and return the proceeds to shareholders after mounting pressure.
- Satsuma confirmed that some investors want to return capital, as it carefully reviews options for all shareholders.
- Shares collapsed while Satsuma’s Bitcoin holdings have now surpassed the company’s current market valuation level.
Bloomberg I mentioned The order came on April 23, bringing new attention to the company’s digital asset treasury model.
Pantera owns about 7% of Satsuma shares. The demand focuses on the company’s remaining Bitcoin position, which amounts to approximately 646 BTC. At current market prices, this holding is worth approximately $50 million.
Satsuma confirms shareholders’ requests
Satsuma confirmed that it had received requests from some shareholders to return the capital. CEO Ranald MacGregor Smith said the company is reviewing potential responses while seeking to protect all shareholders.
He said the company is looking for ways to address those requests without taking actions that might harm the interests of broader shareholders. His statements show that the company has not made a final decision on whether to sell Bitcoin Or keep the treasury strategy in place.
Furthermore, Satsuma adopted its own approach to the Bitcoin treasury after raising $220 million in August last year. The strategy places the company among a growing group of listed companies that use Bitcoin as a reserve asset.
The move has faced pressure since then. Bitcoin is down nearly 40% from its record high, while Satsuma shares are down more than 99% from their peak in June last year. The sell-off has pushed the company’s market value below the value of the Bitcoin it owns.
Satsuma is still the owner of a small closet
Satsuma currently ranks 57th among Bitcoin treasury companies in terms of holdings. Its 646 BTC position is still small compared to larger public companies that hold BTC on their balance sheets.
strategy It remains the largest Corporate Bitcoin holder, with 815,061 BTC. This gap shows how limited Satsuma’s position is in the broader treasury market.
However, the controversy over its holdings has become more pronounced as shareholders question whether holding Bitcoin serves the company better than returning cash to investors.
