Pantera Capital Demands Satsuma Liquidate Bitcoin Holdings After 99% Share Crash

Pantera Capital is urging Satsuma Technology to liquidate its remaining bitcoin holdings and return capital to shareholders following a catastrophic collapse in the company’s share price.

The crypto investment firm, led by CEO Dan Morehead, is part of a coalition of investors advocating for the complete unwinding of Satsuma’s bitcoin position, which currently totals approximately 646 BTC. At current market prices, the holdings are valued near $50 million. Pantera’s DAT Opportunity Fund reportedly holds between 6% and 7% of Satsuma’s outstanding shares, according to Bloomberg data.

Satsuma’s Share Price Plummets Over 99% Since 2025 Peak

The pressure on Satsuma follows a severe decline in both Bitcoin’s price and the company’s equity valuation. Satsuma’s shares have fallen more than 99% from their June 2025 high of nearly 14 pounds per share to a recent trading price of approximately 21 pence. The company’s market capitalization now sits below the value of its bitcoin holdings.

Satsuma has acknowledged receiving requests from shareholders to return capital. Executive Chairman Ranald McGregor-Smith stated that the company is evaluating its options while balancing the interests of all investors. He did not disclose the identities of the shareholders making the requests.

Satsuma’s Bitcoin Treasury Strategy Faces Collapse

The situation represents a dramatic reversal for Satsuma, which had positioned itself as an AI-driven bitcoin treasury vehicle during the last crypto rally. In August 2025, the company raised approximately £164 million ($221 million) through a convertible note backed by several digital asset firms, including Pantera Capital, ParaFi Capital, Kraken, and Digital Currency Group.

Satsuma’s strategy mirrored a broader trend among firms allocating portions of their balance sheets to digital assets. However, market conditions deteriorated shortly after the capital raise. Bitcoin surged to over $126,000 before dropping to near $60,000 earlier in 2025, eroding the value of corporate treasury holdings tied to the asset.

Leadership Turmoil and Governance Concerns

Satsuma’s challenges extend beyond market volatility. The company has experienced significant leadership turnover in recent months, including the departure of a director in February and the exit of CEO Henry Elder in March. These changes have heightened investor concerns about governance and the company’s strategic direction.

Tensions between Satsuma and its investors have been escalating since late 2024, when the company sold a substantial portion of its bitcoin holdings to repay noteholders who chose not to convert their debt into equity. The move drew criticism from some backers and sparked calls for management changes.

Investors Push for Direct Action

Now, investors are advocating for a more decisive approach: liquidating the remaining bitcoin and distributing the proceeds to shareholders. This proposal aims to salvage value that remains after the equity collapse and would effectively end Satsuma’s bitcoin treasury strategy less than a year after its implementation.

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