Executive Summary
Pantera Capital is urging Satsuma Technology to sell its remaining bitcoin stash and return the proceeds to shareholders. The call comes as Satsuma’s shares have tumbled more than 99% since June 2025, now trading near 21 pence – a valuation that sits below the roughly $50 million worth of bitcoin the company still holds.
What Happened
In a letter to the board, Pantera’s DAT Opportunity Fund – which owns about 6‑7% of Satsuma – pressed for an immediate wind‑down of the firm’s bitcoin treasury. The fund’s request aligns with a broader chorus of investors demanding that the remaining 646 BTC be liquidated and the cash distributed to shareholders.
Executive Chairman Ranald McGregor‑Smith confirmed that the company has received multiple shareholder petitions to return capital. He said Satsuma is reviewing all options, but he did not rule out a full liquidation.
Background / Context
Satsuma launched in 2024 as an AI‑driven vehicle that allocated its balance sheet to digital assets, promising investors exposure to bitcoin without direct ownership. In August 2025 the firm raised roughly £164 million through a convertible note backed by a consortium of digital‑asset firms, including Pantera Capital, ParaFi Capital, Kraken and Digital Currency Group.
The strategy relied on bitcoin’s meteoric rise to $126,000 earlier in the year. When the price fell to around $60,000, the value of corporate treasuries like Satsuma’s eroded sharply, leaving the company with a high‑cost asset and a shrinking share price.
Reactions
Investors have become increasingly vocal. The DAT Opportunity Fund’s push for liquidation reflects frustration after Satsuma sold a large portion of its bitcoin holdings in late 2024 to repay noteholders – a move that backers criticized as premature.
Leadership turnover has added to the unease. A director departed in February, and CEO Henry Elder exited in March, leaving a leadership vacuum as the company wrestles with its strategy.
What It Means
The pressure to liquidate signals a loss of confidence in Satsuma’s original thesis. By holding bitcoin as a corporate treasury, the firm exposed shareholders to cryptocurrency volatility without the operational flexibility of a traditional asset manager.
If the remaining bitcoin is sold, Satsuma would effectively abandon the AI‑driven treasury model that defined its market positioning less than a year after launch. The proceeds would likely be used to settle outstanding obligations and return capital, potentially stabilising the share price at a level that reflects the company’s reduced asset base.
What Happens Next
Shareholders are expected to convene in the coming weeks to decide on the proposed liquidation. A formal vote on the sale of the remaining bitcoin and the distribution of proceeds would set the final course for the company.
Should the vote pass, Satsuma will move to unwind its treasury, close out its convertible note obligations, and focus on a more conventional business model. If investors reject the proposal, the company may explore alternative restructuring options, but the current market sentiment suggests that a full wind‑down is the most likely outcome.