Pantera urges Satsuma to sell $50M bitcoin hoard

Pantera and other investors are pushing U.K. bitcoin treasury firm Satsuma to sell roughly $50 million of its bitcoin holdings and return capital to shareholders, according to people familiar with the situation.

Satsuma shifted to an “AI-powered” bitcoin treasury strategy in August 2025 and raised £164 million ($221 million) through a convertible loan note round led by ParaFi Capital, with participation from Pantera, Digital Currency Group, Kraken, Arrington Capital and others. The company confirmed some shareholders have requested a return of capital. In an emailed statement, Executive Chairman Ranald McGregor-Smith wrote that the firm is “exploring options to facilitate these requests while protecting the interests of all shareholders.”

Satsuma’s shares have fallen sharply as market valuations for firms holding corporate bitcoin declined. The stock traded around £0.23, more than 99% below its June 2025 peak, and the company’s market capitalization is below its net holdings of 646 BTC. Bitcoin traded near $77,536, about 38% below its early-October all-time high of roughly $126,000.

The push to liquidate intensified after Satsuma sold nearly half its bitcoin holdings four months earlier to repay holders of the convertible notes who did not convert their positions into ordinary shares. That repayment prompted friction with investors including Pantera and led to calls for management changes; the company announced the resignations of CEO Henry Elder and CFO Andrew Smith in March.

Pantera holds about a 7% stake in Satsuma and operates a fund focused on corporate digital-asset treasuries. The firm had invested over $300 million in that strategy as of August 2025. Other shareholders who backed Satsuma’s funding round have also requested returns of capital.

Satsuma is weighing options to satisfy investor requests, including possible sales of bitcoin reserves. Company officials said they are considering ways to return capital without harming remaining shareholders but have not provided a timetable or detailed plan. Pantera and other investors pressing for a sale have not publicly specified the terms they seek.