Karla Barker 
Pantera Capital, a digital asset investment firm, is pushing London-listed Satsuma Technology (SATS) to sell its remaining bitcoin stash and give the cash back to shareholders. This marks a sharp shift in strategy for a company that once drew strong investor interest, according to a Bloomberg report on Thursday.
The pressure comes through Pantera’s DAT Opportunity Fund, which holds about 6.7% of Satsuma. The fund is among those calling for a full wind-down of Satsuma’s roughly $50 million bitcoin position, which amounts to 646 BTC. Satsuma’s stock has lost 99% of its value since hitting a peak of 14 pounds ($18.90) last June.
Satsuma has acknowledged receiving requests for capital returns but hasn’t said which investors are involved. Executive Chairman Ranald McGregor-Smith told Bloomberg that the firm is reviewing options to address these demands while trying to balance the interests of all shareholders.
How did Satsuma get here?
Back in August 2025, Satsuma raised 164 million pounds ($221 million) through a convertible note that was oversubscribed. Major crypto investors like Pantera, ParaFi, Kraken, and Digital Currency Group backed the deal. The idea was to use the funds to buy bitcoin and build a corporate treasury around it, which seemed like a smart bet at the time.
But then bitcoin made a huge swing. It surged past $126,000 and then dropped 50% to around $60,000 by early February. That volatility eroded confidence in corporate treasury strategies tied heavily to digital assets. Satsuma’s entire business model started to look shaky.
Leadership turmoil and market value
The collapse in Satsuma’s share price has been brutal. Its market value is now lower than the value of its 646 BTC holdings. Leadership problems have made things worse. A director left in February, and CEO Henry Elder stepped down in March. It feels like the company is in a state of chaos.
On Thursday, SATS traded at 21 pence ($0.28), which was a drop of 12.5% on the day. That’s a long way from the 14-pound peak. The stock’s slide has been so steep that it’s hard to see how the company recovers without drastic action.
Neither Satsuma nor Pantera immediately responded to CoinDesk’s request for comment. But the story is still developing. Investors are watching closely to see if the liquidation happens and what it means for the broader crypto treasury trend.