Pantera Capital is leading investor pressure on Satsuma Technology to sell its remaining $50 million Bitcoin holdings. The London-listed company’s stock has collapsed over 98% from its peak, prompting calls to return capital. Satsuma confirmed it is assessing options amid market turbulence and recent leadership changes.
Investors including Pantera Capital are urging Satsuma Technology Plc to liquidate its Bitcoin and return cash to shareholders. The push marks a shift from the strategy that once drew strong backing from major crypto investors.
Pantera’s DAT Opportunity Fund, which owns about 6.7% of Satsuma, advocates selling its roughly 646 BTC. The company confirmed to Bloomberg it received requests for capital returns.
Satsuma’s stock has dropped 98% from its peak of approximately $18 last June. Executive Chairman Ranald McGregor-Smith said the firm is assessing its options.
The company sold 579 BTC in December for about $50 million. Bitcoin’s price volatility has since weakened confidence in corporate treasury strategies.
Satsuma also underwent leadership changes, including a director’s exit and the CEO’s resignation. Investor Michael Burry had warned about downside risks from aggressive BTC exposure.
Burry explained that Bitcoin falling below crucial levels could lead to cascading stress. He said further drops could leave major holders facing billions in unrealized losses.
Zac Prince of Galaxy Digital also questioned the sustainability of BTC treasury models. He said they may struggle to justify valuations without stronger business operations.
