Key Takeaways
Crypto investment firm Pantera Capital is publicly pressuring London-listed Satsuma Technology (SATS) to liquidate its remaining 646 BTC and return the estimated $50 million in proceeds to shareholders after the company’s stock value collapsed 99%.
Satsuma acknowledged it has received requests from investors for a return of capital and is reviewing its options to balance the interests of all shareholders, according to a statement from Executive Chairman Ranald McGregor-Smith.
The demand comes after Satsuma's shares, which peaked at 14 pounds ($18.90) last June, fell to just 21 pence ($0.28). The company's market capitalization has sunk below the value of its Bitcoin reserves, which stood at 646 BTC after a sale of 579 BTC in December.
The standoff at Satsuma puts a spotlight on the viability of corporate Bitcoin treasury strategies, particularly in volatile markets. The outcome could influence how other public companies, and their investors, approach holding digital assets on their balance sheets.
Pantera, which holds a 6.7% stake in Satsuma, is spearheading the activist campaign. The pressure follows a period of significant turmoil for the company, which saw CEO Henry Elder step down in March after a director departed in February.
Satsuma had initially adopted its Bitcoin treasury strategy in August 2025, raising 164 million pounds ($221 million) in an oversubscribed convertible note offering that included backing from major crypto players like ParaFi, Kraken, and Digital Currency Group, alongside Pantera.
The strategy soured as the price of Bitcoin fell from a high of over $126,000 to below $60,000 by February, according to market data cited in reports. The sharp decline eroded investor confidence and contributed to the catastrophic drop in Satsuma's equity value.
This forced selling pressure from a major fund like Pantera could create a significant headwind for Bitcoin's price if the $50 million liquidation occurs. The event is being closely watched in prediction markets, where traders are betting on the near-term price implications of such a large spot market sale.
This article is for informational purposes only and does not constitute investment advice.
