Pantera Capital Pushes Satsuma to Liquidate $50M Bitcoin Holdings: Report

Digital assets-focused venture fund, Pantera Capital, is pushing London-listed Satsuma Technology Plc to sell its remaining Bitcoin (BTC) holdings and return the proceeds to shareholders, in what appears to be a shift in sentiment around a strategy that had previously attracted strong backing.

Pantera’s DAT Opportunity Fund, which holds about 6.7% of the company, is among investors advocating a full exit from Satsuma’s roughly $50 million Bitcoin position, which is around 646 BTC.

Investor Pressure Mounts

According to the latest report by Bloomberg, the pressure comes as Satsuma’s stock has dropped 98% from its peak of £14 last June. The company confirmed it has received requests for capital returns to Bloomberg, though it did not name the investors involved.

Executive Chairman Ranald McGregor-Smith said the firm is assessing options to respond while considering the interests of all shareholders. The company had earlier raised £164 million through an oversubscribed convertible note in August 2025, backed by major crypto investors including Kraken, Pantera Capital, Borderless Capital, and Digital Currency Group.

In December, it sold 579 BTC, which then accounted for nearly half of its holdings, to raise about £40 million. Market conditions have also undergone a tremendous transformation. For instance, Bitcoin rose above $126,000 last October before falling to $60,000 by early February, amid weakening confidence in Bitcoin-heavy treasury strategies. Satsuma, on the other hand, went through leadership changes, including a director’s exit in February and CEO Henry Elder’s resignation in March.

The developments at Satsuma come amid repeated warnings from market experts about the downside risks of aggressive BTC exposure for corporates.

BTC Treasuries Face Growing Pressure

Earlier this year, investor Michael Burry warned that BTC’s decline could trigger broader losses, and the biggest risks are tied to companies that built large corporate treasuries around the asset. Burry had then explained that Bitcoin falling below crucial technical levels could lead to cascading stress not only within crypto markets but also across related financial sectors.

He also said further downside could have serious implications for companies that accumulated BTC at higher prices and added that an additional 10% drop could leave major holders, including firms like Strategy, facing billions in unrealized losses and potentially limiting their access to capital markets, increasing bankruptcy risks.

Zac Prince of Galaxy Digital had also questioned the sustainability of BTC treasury models, saying they depend on complex financial structures and may struggle to justify valuations without stronger business operations.

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