Pantera Presses Satsuma to Offload $50M in Bitcoin: Here’s Why

Pantera, a 7% Satsuma shareholder, wants the firm to sell $50 million in Bitcoin and return capital as shares stay below asset value.

Pantera Capital is pressing Satsuma Technology to sell its remaining $50 million in Bitcoin and return cash to shareholders.

The request marks a sharp turn for a company that embraced a bitcoin treasury model in 2025.

It also shows how falling crypto prices and weak share performance have raised pressure on listed firms holding digital assets.

Shareholders Seek a Full Exit From the Bitcoin Strategy

Pantera Capital Management is among investors asking Satsuma Technology Plc to sell its remaining bitcoin holdings.

The London-listed company holds about 646 BTC, valued near $50 million. Pantera owns about 7% of Satsuma, according to people familiar with the matter cited by Bloomberg.

Satsuma confirmed that some shareholders want capital returned. It did not name those investors.

Executive Chairman Ranald McGregor-Smith said the company is “exploring options to facilitate these requests while protecting the interests of all shareholders.”

The push reflects growing stress across listed bitcoin treasury companies. Many of these firms once traded at strong premiums to their net assets.

That trend has weakened as digital asset prices have stayed far below prior peaks.

Bitcoin traded at about $77,536 on Thursday, based on figures cited in the report.

That price was about 38% below the earlier high near $126,000. Lower prices have reduced enthusiasm for companies built around large bitcoin reserves.

Satsuma’s Market Value Trails Bitcoin Holdings

Satsuma adopted an “AI-powered” bitcoin treasury strategy in August 2025. It raised £164 million, or about $221 million, through a convertible loan note.

ParaFi Capital led the round, and Pantera, Digital Currency Group, Kraken, and Arrington Capital also joined.

The company’s share price has since dropped more than 99% from its June 2025 peak.

It traded near £0.23, or about $0.31, according to Yahoo Finance data cited in the report.

That decline has left the company valued below its net bitcoin holdings. That gap often draws pressure from investors seeking a direct return of value.

In this case, shareholders appear to prefer a sale of the bitcoin and a distribution of proceeds.

The request also points to doubts about whether Satsuma can regain market trust.

According to Bitcoin Treasuries data cited in the report, Satsuma ranks 57th among bitcoin treasury firms.

Its holdings are small beside the sector leader, Strategy, which holds 815,061 BTC. Yet the same market forces have affected both large and small treasury models.

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Tensions Rose After Bitcoin Sales and Leadership Changes

Pressure on Satsuma increased after it sold nearly half its bitcoin holdings four months ago.

The sale helped repay note holders who had not agreed to convert into ordinary shares. That move appears to have deepened tensions with Pantera and other investors.

Bloomberg reported that some investors later called for management changes.

In March, Satsuma said Chief Executive Henry Elder and Chief Financial Officer Andrew Smith had resigned.

Those departures came as the company faced renewed scrutiny over its direction.

The current demand for a bitcoin sale is tied to that wider dispute. Shareholders appear focused on recovering value after the stock’s steep fall.

Their stance also shows that support for treasury-driven crypto strategies has weakened when equity prices fail to reflect asset holdings.

For Satsuma, the next step will depend on how it balances those requests. The company has said it is reviewing options.

Any decision to sell the remaining Bitcoin would mark a clear break from the strategy it adopted less than a year ago.

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