Digital assets-oriented investment fund, Pantera Capital, is pressuring Satsuma Technology Plc, listed in London, to liquidate its remaining Bitcoin holdings valued at approximately $50 million. This decision comes in light of a dramatic 98% drop in the company’s stock prices.
Pantera’s DAT Opportunity Fund, which owns about 6.7% of Satsuma, is leading the call for a complete exit from the firm’s Bitcoin position, which totals around 646 BTC.

Investor Pressure Intensifies

Recent reports from Bloomberg have indicated rising pressure as Satsuma’s stock has declined from its peak price of £14 last June. Although Satsuma confirmed receiving requests for returning capital, the company didn’t disclose the identities of the involved investors.
Executive Chairman Ranald McGregor-Smith stated that the firm is currently evaluating its options to ensure it considers the interests of all shareholders.
In August 2025, the company had successfully raised £164 million through an oversubscribed convertible note, supported by major supporters like Kraken, Pantera Capital, Borderless Capital, and Digital Currency Group. Previously, in December, Satsuma sold 579 BTC, which represented nearly half of its total holdings, to generate around £40 million.
Market conditions have changed dramatically, notably when Bitcoin surged past $126,000 last October, only to retreat to $60,000 by early February amid waning confidence in strategies heavily relying on Bitcoin. Furthermore, Satsuma has witnessed leadership alterations, including a director’s exit in February, and the resignation of CEO Henry Elder in March.

These changes come amidst persistent alerts from market analysts regarding the risks tied to substantial Bitcoin exposure for corporations.

Corporate Bitcoin Treasuries Under Strain

Investor Michael Burry has cautioned that a further decline in Bitcoin could lead to broader financial losses, emphasizing that significant risks pertain to firms that have built extensive treasury structures around Bitcoin. According to Burry, should Bitcoin fall below critical technical thresholds, it could instigate cascading distress not just within cryptocurrency markets but also across wider financial sectors.
Zac Prince of Galaxy Digital has also expressed skepticism about the endurance of Bitcoin treasury models, which he argues rely on complex financial frameworks and may find it challenging to validate their valuations without robust business operations.

Crypto Logo

To learn more about Satsuma and Bitcoin’s market dynamics, follow the links: Pantera Capital urges Satsuma to sell.