Pantera Capital and other shareholders are pressuring London‑listed Satsuma Technology to sell its remaining Bitcoin treasury and return the cash. Sources told Bloomberg that Pantera, one of the biggest crypto venture funds, is among the investors pushing the company to divest roughly $50 million in Bitcoin and consider winding down operations.
Satsuma has confirmed it received requests from some shareholders for a capital return, although it has not named specific investors. Chair Ranald McGregor‑Smith said the board is reviewing “all options” and wants to balance the interests of investors who want an exit with those who may prefer to keep the Bitcoin strategy in place.
Once‑Popular Bitcoin Treasury Trade Turns Sour
Satsuma raised about $220 million in 2025 and adopted a Bitcoin‑heavy treasury strategy, pitching itself as a listed “digital asset accumulator.” The company accepted around $125 million of that funding directly in Bitcoin and built a treasury that now holds about 646 BTC, worth just over $50 million at recent prices.
That trade has since gone badly. Satsuma’s share price has dropped more than 99 percent from its June 2025 peak, leaving its market value below the value of the Bitcoin on its balance sheet.
Data from Bitcoin treasury trackers suggest the firm’s average purchase price sits above $110,000 per coin, leaving it with an unrealized loss of more than 30 percent.
Why the Math No Longer Works
For Pantera and other investors, the math is simple. With Satsuma’s market capitalization now smaller than its Bitcoin holdings, they argue that selling the coins and distributing the proceeds could unlock more value than leaving the structure in place. In effect, shareholders see a “sum of the parts” discount and want management to close it by liquidating the treasury.
Pantera has warned this year that 2026 could bring “brutal pruning” for over‑levered or poorly performing crypto treasuries, and Satsuma fits that pattern.
The fund backed the company’s big treasury raise in 2025, alongside ParaFi, Arrington Capital, DCG, and others, but now appears ready to cut exposure and recycle capital if management agrees to a sale.
The Satsuma fight highlights how quickly sentiment has turned on listed Bitcoin treasury plays. A few years ago, companies raising money to buy and hold BTC were seen as leveraged bets on the asset, but underperformance and sharp drawdowns have flipped that narrative.
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