Pantera Capital, a digital asset investment firm, is urging the London-based Satsuma Technology (SATS) to sell its remaining bitcoin (BTC $77,418.73) and distribute cash to shareholders, reflecting a significant shift in strategy from one that previously garnered strong investor interest, as reported by Bloomberg on Thursday.
The DAT Opportunity Fund managed by Pantera, holding approximately 6.7% of Satsuma’s shares, is advocating for the liquidation of its roughly $50 million bitcoin portfolio (646 BTC). SATS has witnessed a staggering 99% decline in share value from its peak of 14 pounds ($18.90) last June.
Satsuma confirmed it had received demands for capital returns but did not identify the involved investors. Ranald McGregor-Smith, Executive Chairman, stated that the company is considering various options to meet these demands while considering all shareholders’ interests, Bloomberg reported.
In August 2025, Satsuma secured 164 million pounds ($221 million) via a convertible note oversubscribed by significant crypto investors such as Pantera, ParaFi, Kraken, and Digital Currency Group. Bitcoin prices soared beyond $126,000 before plummeting 50% to $60,000 by early February, undermining corporate treasury strategies heavily reliant on digital assets.
The fall in Satsuma’s share price has now positioned its market value below that of its 646 BTC holdings. The company also faces leadership instability with a director leaving in February and CEO Henry Elder resigning in March.
On Thursday, SATS shares were trading at 21 pence ($0.28), down by 12.5% for the day. Neither Satsuma nor Pantera immediately responded to CoinDesk’s request for comment.