Digital asset investment firm Pantera Capital is leading a campaign urging London-listed Satsuma Technology (SATS) to sell its remaining Bitcoin holdings and return the proceeds to shareholders. The move, reported by Bloomberg on April 23, 2026, marks a dramatic reversal for the company's cryptocurrency treasury strategy.
Pantera's DAT Opportunity Fund, which holds approximately 6.7% of Satsuma, is among investors pushing for the liquidation of the company's 646 Bitcoin position, currently valued at roughly $50 million. The request comes as Satsuma's share price has collapsed by more than 99% since peaking at 14 pounds ($18.90) in June 2025. On Thursday, SATS traded at 21 pence ($0.28), down 12.5% on the day.
Satsuma confirmed receiving demands for capital returns from certain shareholders but did not name the specific investors involved. Executive Chairman Ranald McGregor-Smith stated that the company is reviewing its options to address these demands while balancing the interests of all shareholders, according to Bloomberg.
The crisis stems from a strategy adopted in August 2025, when Satsuma raised 164 million pounds ($221 million) through an oversubscribed convertible note backed by major crypto investors, including Pantera, ParaFi, Kraken, and Digital Currency Group. At the time, Bitcoin surged past $126,000 before falling 50% to $60,000 by early February 2026, severely undermining confidence in the corporate treasury model tied to digital assets.
The company's market capitalization has fallen below the value of its Bitcoin holdings, a situation exacerbated by leadership instability. A director left in February 2026, and CEO Henry Elder resigned in March. Satsuma now ranks 57th among Bitcoin treasury companies, a small position compared to the largest corporate holder, Strategy, which holds 815,061 BTC.
Neither Satsuma nor Pantera immediately responded to CoinDesk's request for comment.
