Digital investment firm Pantera Capital is calling on London-listed Satsuma Technology (SATS) to liquidate its remaining bitcoin holdings and returning cash to shareholders, marking a sharp turning point for a strategy that once attracted strong investor enthusiasm, Bloomberg reported Thursday.
Pantera’s DAT Opportunity Fund, which owns about 6.7% of the company, is among those pushing for a full liquidation of Satsuma’s roughly $50 million bitcoin position (646 BTC), with SATS having lost 99% of its value since peaking at 14 pounds ($18.90) last June.
Satsuma acknowledged receiving requests for capital returns, but did not say which investors were involved. CEO Ranald McGregor-Smith said the firm is reviewing options to meet those demands while balancing the interests of all shareholders, according to Bloomberg.
In August 2025, Satsuma raised £164 million ($221 million) through an oversubscribed convertible note backed by major crypto investors including Pantera, ParaFi, Kraken and Digital Currency Group.
Bitcoin then surged above $126,000 before falling 50% to $60,000 in early February, eroding confidence in the financial strategies of companies heavily tied to digital assets.
The collapse in Satsuma’s share price has left the market cap below the market value of its 646 BTC holdings. Management turmoil has compounded the decline, with one director leaving in February and chief executive Henry Elder stepping down in March.
SATS traded at 21 pence ($0.28) on Thursday, down 12.5% on the day.
Neither Satsuma nor Pantera immediately responded to CoinDesk’s request for comment.
