Pantera Capital is urging London-listed Satsuma Technology (SATS) to liquidate its remaining bitcoin holdings and return cash to shareholders, marking a dramatic reversal for a strategy that once excited investors.
Shares of Satsuma have plunged 99% from their peak of 14 pounds ($18.90) last June. The company now holds about 646 BTC (worth roughly $50 million) after selling 579 BTC in December.
Pantera's DAT Opportunity Fund, which owns about 6.7% of Satsuma, is among the investors pushing for a full wind-down. Other major crypto investors including ParaFi, Kraken, and Digital Currency Group also backed Satsuma's 164 million pound ($221 million) convertible note in August 2025.
Bitcoin surged past $126,000 before falling 50% to $60,000 by early February, eroding confidence in corporate treasury strategies tied to digital assets. The collapse in Satsuma's share price has left its market value below that of its BTC holdings.
Leadership turmoil has compounded the decline: a director exited in February and CEO Henry Elder stepped down in March. SATS traded at 21 pence ($0.28) on Thursday, down 12.5% on the day.
Satsuma acknowledged receiving requests for capital returns and said it is reviewing options to address these demands while balancing the interests of all shareholders.
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