The Crypto venture fund Pantera Capital, with $3.8 billion in AUM, has urged London-listed Satsuma Technology to sell its remaining $50 million in Bitcoin and return that capital directly to shareholders.
Meanwhile, Satsuma’s stock has collapsed more than 99% from its June 2025 peak, now trading around $0.21 with a market cap of just $25 million.
Pantera Pushes Satsuma to Exit Bitcoin Holdings
Satsuma’s Executive Chairman, Ranald McGregor-Smith, said that pressure is building on Satsuma as key investors are now pushing the company to exit its Bitcoin position.
He said some shareholders “have requested a return of capital,” but did not name them directly.
While he did not directly name Pantera, he said,
“We are exploring options to facilitate these requests while protecting the interests of all shareholders.”
Pantera, which holds around 7% stake in the firm, has invested over $300 million in digital asset strategies and is believed to be among those asking Satsuma to sell its Bitcoin and return the money to investors before more value is lost.
Tensions Build After Earlier Bitcoin Sale
The current situation did not happen overnight. The tension started back in December 2024, when Satsuma sold nearly half of its Bitcoin holdings. The goal was to repay note holders who chose not to convert their loans into company shares.
However, this move upset some investors, including Pantera Capital. Reports say they were unhappy with the decision and even asked for changes in the company’s leadership.
By March 2025, the situation had led to big changes. The company’s CEO, Henry Elder, and CFO Andrew Smith both stepped down.
Now, the pressure is back again. Investors want Satsuma to sell its remaining Bitcoin, and the company must decide its next step carefully.
From $221 Million Dream to a 99% Crash
In August 2024, the London-listed company raised £164 million ($221 million) through a convertible loan note, announcing an ambitious “AI-powered” Bitcoin treasury strategy that put it squarely in the middle of one of the hottest investment trends in the world.
However, after Bitcoin surged above $126,000, it later dropped nearly 40%, hurting company valuations.
At the same time, Satsuma, which used borrowed money to buy near the top, was left in a tough spot.
Following this, Satsuma’s stock has collapsed more than 99% from its peak, now trading near $0.21. However, its market value has dropped to around $25 million.
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