Pantera Capital is encouraging Satsuma Technology to liquidate its remaining bitcoin shares and return money to shareholders after the company’s share price fell.
The crypto investment firm, led by Dan Morehead, is among the group of investors pushing the full wind of the Satsuma bitcoin position, which is about 646 BTC, which is about $50 million at current prices. Pantera’s DAT Opportunity Fund owns about 6% to 7% of the company, according to Bloomberg reports.
The pressure follows a sharp decline in the parity of Bitcoin and Satsuma. Shares are down more than 99% from their peak in June 2025, when the stock traded near 14 pounds. The stock recently changed hands at around 21 pence, leaving the company’s market value below the value of its bitcoin holdings.
Satsuma has confirmed that it has received requests from shareholders to return the money. Executive Chairman Ranald McGregor-Smith said the company was reviewing options while weighing the interests of all investors. The company did not name specific shareholders after the requests.
The situation marks a reversal of the strategy that gained traction during the last crypto rally. In August 2025, Satsuma raised approximately £164 million, or $221 million, in a convertible note backed by several digital asset firms, including Pantera Capital, ParaFi Capital, Kraken, and Digital Currency Group. The company positioned itself as an AI-driven bitcoin treasury vehicle, joining the wave of firms allocating balance sheets to digital assets.
Bitcoin volatility in the last 6 months
Market conditions changed quickly after that. Bitcoin rose above $126,000 before falling to around $60,000 earlier this year, reducing the amount of corporate capital tied to the asset. The drop in prices has exposed the risks of leveraged or concentrated bitcoin strategies, especially for firms that have raised capital near high markets.
Satsuma’s challenges go beyond the loss of the market. The company has faced a change in leadership in recent months. The director left in February, followed by the departure of CEO Henry Elder in March. The changes added to investor concerns about management and strategic direction.
Conflicts between Satsuma and investors have been building since late 2024, when the company sold a large portion of its bitcoin holdings to repay noteholders who refused to convert debt into equity. The move drew criticism from some supporters and led to a change in management.
Now, investors are looking for a more direct approach. By selling the remaining bitcoin and the distribution profit, they aim to preserve the value that remains after the equity collapse. The proposal would mark the end of Satsuma’s bitcoin banking strategy less than a year after it began.
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