Digital asset investment firm Pantera Capital is advocating for a significant shift in strategy at London-listed Satsuma Technology (SATS). The firm calls for the liquidation of Satsuma’s remaining bitcoin holdings, currently valued at approximately $50 million, and for the cash to be returned to shareholders. This request underscores a marked change from the enthusiasm that previously surrounded Satsuma’s investment strategy in cryptocurrency.
Pantera’s DAT Opportunity Fund, which holds about 6.7% of Satsuma, is among the major stakeholders pushing for this liquidation. The firm currently possesses 646 BTC, which, at recent valuations, amounts to about $77,694.33. However, Satsuma has faced a staggering drop in share price, with its value diminishing by 99% since it peaked last June at £14 (approximately $18.90).
In response to shareholder pressures for capital returns, Satsuma has acknowledged receiving requests but has not disclosed the identities of the investors involved. Executive Chairman Ranald McGregor-Smith indicated that the company is in the process of evaluating options to meet these demands while also considering the interests of all shareholders.
The precarious financial situation follows a previous high point for the company. In August 2025, Satsuma successfully raised 164 million pounds ($221 million) through an oversubscribed convertible note which attracted significant investment from major players in the crypto space, including Pantera, ParaFi, Kraken, and Digital Currency Group. However, the volatile nature of the cryptocurrency market has since eroded that confidence; bitcoin surged past $126,000 before plummeting by 50% to around $60,000 by early February.
The falling prices have further exacerbated Satsuma’s issues, leading to a market cap that now lags behind its cryptocurrency holdings. Compounding these difficulties is recent leadership instability, highlighted by a director’s exit in February, followed by CEO Henry Elder’s resignation in March.
On Thursday, Satsuma’s shares traded at 21 pence ($0.28), reflecting a sharp 12.5% decline on that day alone. As the situation evolves, the responses from Satsuma and Pantera to the burgeoning calls for change remain uncertain, as neither has yet commented on these developments.
