Pantera Capital is pushing Satsuma Technology to unwind its bitcoin-focused strategy, urging the company to sell its remaining holdings and return capital to shareholders.
According to a Bloomberg report, Pantera’s DAT Opportunity Fund— which holds roughly 6.7% of Satsuma—has called for a full liquidation of the firm’s approximately $50 million Bitcoin position, equivalent to 646 BTC. The move follows a dramatic 99% collapse in Satsuma’s share price since its peak of 14 pounds ($18.90) last June.
Satsuma confirmed it has received requests from investors to return capital but did not identify the parties involved. Executive Chairman Ranald McGregor-Smith said the company is evaluating its options while seeking to balance the interests of all shareholders.
The pressure marks a reversal for a strategy that once attracted strong backing. In August 2025, Satsuma raised £164 million ($221 million) through an oversubscribed convertible note, drawing support from major crypto investors including Pantera, ParaFi, Kraken, and Digital Currency Group.
However, shifting market conditions have undermined confidence. After rallying above $126,000, bitcoin later fell by roughly 50% to around $60,000 by early February, weighing on companies with significant digital asset exposure.
Satsuma’s market capitalization has now dropped below the value of its bitcoin holdings, underscoring the severity of the selloff. The decline has been compounded by internal leadership changes, including a board-level departure in February and the resignation of CEO Henry Elder in March.
Shares of SATS were trading at 21 pence ($0.28) on Thursday, down 12.5% on the day, extending the stock’s steep losses.
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