Pantera urges Satsuma to sell Bitcoin after share crash

Pantera Capital and others urge Satsuma to sell $50M in Bitcoin and return funds to shareholders after a 99% share price collapse.

Pantera Capital and other major shareholders are pressuring Satsuma Technology, a London-listed firm, to liquidate its Bitcoin holdings—currently about 646 BTC valued at roughly $50 million—and return the proceeds to investors. This demand comes after Satsuma’s share price plummeted by over 99% from its peak, leaving the company’s market value below the worth of its Bitcoin treasury. Satsuma had previously raised $220 million and adopted a Bitcoin-heavy treasury strategy. However, severe volatility in Bitcoin prices resulted in significant unrealized losses, with the average purchase price reportedly above $110,000 per coin. The company has acknowledged receiving shareholder requests for a capital return and is reviewing all options to balance the interests of those seeking an exit and those wishing to maintain the Bitcoin strategy. Leadership changes and ongoing governance disputes have further intensified the situation, with Pantera and other investors advocating for a full wind-down of Satsuma’s operations.