Digital assets-focused enterprise fund, Pantera Capital, is pushing London-listed Satsuma Know-how Plc to promote its remaining Bitcoin (BTC) holdings and return the proceeds to shareholders, in what seems to be a shift in sentiment round a technique that had beforehand attracted sturdy backing.
Pantera’s DAT Alternative Fund, which holds about 6.7% of the corporate, is amongst buyers advocating a full exit from Satsuma’s roughly $50 million Bitcoin place, which is round 646 BTC.
Investor Strain Mounts
In keeping with the most recent report by Bloomberg, the strain comes as Satsuma’s inventory has dropped 98% from its peak of £14 final June. The corporate confirmed it has obtained requests for capital returns to Bloomberg, although it didn’t identify the buyers concerned.
Government Chairman Ranald McGregor-Smith mentioned the agency is assessing choices to reply whereas contemplating the pursuits of all shareholders. The corporate had earlier raised £164 million by means of an oversubscribed convertible word in August 2025, backed by main crypto buyers together with Kraken, Pantera Capital, Borderless Capital, and Digital Foreign money Group.
In December, it offered 579 BTC, which then accounted for almost half of its holdings, to lift about £40 million. Market situations have additionally undergone an amazing transformation. As an illustration, Bitcoin rose above $126,000 final October earlier than falling to $60,000 by early February, amid weakening confidence in Bitcoin-heavy treasury methods. Satsuma, alternatively, went by means of management adjustments, together with a director’s exit in February and CEO Henry Elder’s resignation in March.
The developments at Satsuma come amid repeated warnings from market consultants concerning the draw back dangers of aggressive BTC publicity for corporates.
BTC Treasuries Face Rising Strain
Earlier this yr, investor Michael Burry warned that BTC’s decline may set off broader losses, and the most important dangers are tied to firms that constructed giant company treasuries across the asset. Burry had then defined that Bitcoin falling beneath essential technical ranges may result in cascading stress not solely inside crypto markets but in addition throughout associated monetary sectors.
He additionally mentioned additional draw back may have severe implications for firms that accrued BTC at greater costs and added that an extra 10% drop may depart main holders, together with companies like Technique, going through billions in unrealized losses and probably limiting their entry to capital markets, rising chapter dangers.
Zac Prince of Galaxy Digital had additionally questioned the sustainability of BTC treasury fashions, saying they rely upon complicated monetary buildings and should wrestle to justify valuations with out stronger enterprise operations.
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