Pantera Capital is urging Satsuma Expertise to liquidate its remaining bitcoin holdings and return capital to shareholders after a steep collapse within the firm’s share worth.
The crypto funding agency, led by Dan Morehead, is amongst a bunch of buyers pushing for a full wind-down of Satsuma’s bitcoin place, which totals about 646 BTC, valued close to $50 million at present costs. Pantera’s DAT Alternative Fund holds roughly 6% to 7% of the corporate, in keeping with Bloomberg reviews.
The strain follows a pointy decline in each Bitcoin and Satsuma’s fairness. Shares have fallen greater than 99% from their peak in June 2025, when the inventory traded close to 14 kilos. The inventory was just lately altering palms close to 21 pence, leaving the corporate’s market worth beneath the worth of its bitcoin holdings.
Satsuma confirmed it has obtained requests from shareholders to return capital. Govt Chairman Ranald McGregor-Smith mentioned the corporate is reviewing choices whereas balancing the pursuits of all buyers. The agency didn’t title particular shareholders behind the requests.
The state of affairs marks a reversal for a technique that gained traction over the past crypto rally. In August 2025, Satsuma raised about £164 million, or $221 million, by a convertible observe backed by a number of digital asset corporations, together with Pantera Capital, ParaFi Capital, Kraken, and Digital Forex Group. The corporate positioned itself as an AI-driven bitcoin treasury car, becoming a member of a wave of corporations allocating stability sheets to digital belongings.
Bitcoin’s volatility during the last 6 monthsÂ
Market circumstances shifted quickly after. Bitcoin climbed above $126,000 earlier than falling to close $60,000 earlier this 12 months, chopping into the worth of company treasury holdings tied to the asset. The drawdown uncovered the dangers of leveraged or concentrated bitcoin methods, notably for corporations that raised capital close to market highs.
Satsuma’s challenges prolong past market losses. The corporate has confronted management turnover in current months. A director exited in February, adopted by the departure of CEO Henry Elder in March. The modifications added to investor considerations about governance and strategic path.
Tensions between Satsuma and buyers have been constructing since late 2024, when the corporate offered a big portion of its bitcoin holdings to repay noteholders who declined to transform debt into fairness. The transfer drew criticism from some backers and led to requires administration modifications.
Now, buyers are pushing for a extra direct method. By promoting the remaining bitcoin and distributing proceeds, they goal to protect worth that is still after the fairness collapse. The proposal would mark an finish to Satsuma’s bitcoin treasury technique lower than a 12 months after it started.
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