Pantera Capital has formally recommended that Satsuma Technology liquidate its remaining bitcoin assets and return capital to shareholders in the wake of a significant decline in the value of the company’s shares.
The investment firm, led by Dan Morehead, is part of a collective of investors advocating for the complete liquidation of Satsuma’s bitcoin position, which comprises approximately 646 BTC, estimated to be valued at around $50 million based on current market prices. According to reports from Bloomberg, Pantera’s DAT Opportunity Fund holds between 6% and 7% of the equity in Satsuma.
This pressure comes after a dramatic downturn in both Bitcoin’s value and Satsuma’s shares. The latter has experienced a reduction of over 99% from its peak in June 2025, when shares traded near £14. Presently, the stock is valued at approximately 21 pence, resulting in a market capitalization that has fallen below the value of the company’s bitcoin holdings.
Satsuma has verified that it has received inquiries from shareholders regarding the return of capital. Executive Chairman Ranald McGregor-Smith remarked that the company is currently evaluating various options while endeavoring to consider the interests of all investors involved. The firm did not disclose specific shareholders responsible for these requests.
This development represents a significant shift from a strategy that had gained momentum during the most recent cryptocurrency rally. In August 2025, Satsuma successfully raised around £164 million (equivalent to $221 million) through a convertible note that was backed by multiple digital asset firms, including Pantera Capital, ParaFi Capital, Kraken, and Digital Currency Group. The company had positioned itself as an AI-driven bitcoin treasury vehicle, aligning with a broader trend of firms allocating resources into digital assets.
Bitcoin’s Volatility Over the Last Six Months
Following the capital raise, market conditions began to fluctuate. Bitcoin surged above £126,000 before declining to approximately £60,000 earlier this year, adversely affecting the valuation of corporate treasury holdings associated with the asset. This decline has highlighted the inherent risks of employing leveraged or concentrated bitcoin strategies, particularly for firms that raised capital during the market’s peak.
Challenges faced by Satsuma extend beyond mere market losses. The company has experienced notable leadership turnover within the last few months, including the departure of a director in February and the exit of CEO Henry Elder in March. These changes have contributed to investor apprehensions surrounding 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 assets to repay noteholders who opted not to convert their debt into equity. This decision elicited criticism from several backers and has sparked calls for changes in management.
Currently, investors are advocating for a more assertive approach. By liquidating the remaining bitcoin holdings and distributing the proceeds, they aim to safeguard any value that persists following the equity collapse. This proposal would bring Satsuma’s bitcoin treasury strategy to a close, less than a year after its inception.
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