Pantera Capital is pressing London-listed Satsuma Technology (SATS) to sell its remaining bitcoin and return the proceeds to shareholders, after a dramatic collapse in the company’s share price wiped out almost all investor value, Bloomberg reported Thursday.
Why this matters
- Pantera’s DAT Opportunity Fund, which owns about 6.7% of Satsuma, is calling for a full wind‑down of the firm’s roughly 646 BTC position—estimated at about $50 million—arguing shareholders would be better served by converting the crypto treasury into cash.
- The push marks a sharp reversal for a strategy that once drew major investor enthusiasm: in August 2025 Satsuma raised £164 million ($221 million) through an oversubscribed convertible note backed by heavyweights including Pantera, ParaFi, Kraken and Digital Currency Group.
What happened to Satsuma
- Satsuma’s stock has plunged about 99% from a peak of £14 ($18.90) last June to trade at 21 pence ($0.28) on Thursday, falling 12.5% that day. The collapse has left its market capitalization below the value of its bitcoin holdings.
- Corporate turbulence has compounded investor alarm: a director left in February and CEO Henry Elder stepped down in March.
Bigger picture
- The crypto market’s volatility played a central role. After Satsuma’s financing, bitcoin spiked above $126,000 then retraced to roughly $60,000 by early February, undermining confidence in treasury strategies heavily exposed to digital assets.
- If Satsuma liquidates its BTC position, it would convert a sizeable digital-asset holding into cash—an outcome Pantera favors, but one Satsuma says it will consider carefully.
Company response
- Satsuma acknowledged receiving requests for capital returns but did not name the investors involved. Executive Chairman Ranald McGregor-Smith told Bloomberg the firm is reviewing options “while balancing the interests of all shareholders.”
- Neither Satsuma nor Pantera immediately responded to CoinDesk’s request for comment.
The development raises fresh questions about the risks of companies using corporate treasuries to hold large crypto positions, and whether investors who backed those moves will now push for liquidation to preserve remaining value.
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