Pantera Capital Pressures Satsuma Technology to Liquidate Bitcoin Holdings Amid 99% Share Collapse

Pantera Capital, a prominent digital asset investment firm, is urging London-listed Satsuma Technology (SATS) to liquidate its remaining Bitcoin holdings. The firm, which holds a 6.7% stake in the company, is pushing for a full wind-down of Satsuma's approximately $50 million position, consisting of 646 BTC. The demand comes after a devastating collapse in Satsuma's equity value. Since peaking at 14 pounds ($18.90) last June, the company's shares have plummeted 99%, trading at just 21 pence ($0.28) as of Thursday. This crash has left the company's total market capitalization lower than the current market value of its Bitcoin reserves. In August 2025, Satsuma successfully raised 164 million pounds ($221 million) through an oversubscribed convertible note. This funding was backed by several major industry players, including Pantera, ParaFi, Kraken, and Digital Currency Group. However, extreme volatility in the crypto market—where Bitcoin peaked above $126,000 before dropping to $60,000 by February—eroded investor confidence in the company's treasury strategy. The financial decline has been accompanied by significant leadership instability. The company saw a director exit in February, followed by the resignation of CEO Henry Elder in March. Executive Chairman Ranald McGregor-Smith stated that the firm is currently reviewing options to address investor demands while attempting to balance the interests of all shareholders. The situation highlights the risks associated with corporate treasury strategies heavily weighted toward volatile digital assets. SATS shares fell an additional 12.5% on Thursday as the pressure for liquidation intensified.