Pantera’s fund controls 6.7% of the company and leads the pressure.
Satsuma’s capitalization fell below the value of its bitcoin reserves.
Pantera Capital is pressuring Satsuma Technology to fully liquidate its bitcoin (BTC) holdings and return cash to shareholders, amid a 99% collapse in its share value. The information was released on April 23, 2026, as reported by Bloomberg, and marks a new turn in the treasury strategy based on digital assets of the London-listed company.
The deterioration It occurs in a context of falling cryptocurrency marketwith bitcoin registering a decline close to 50% from its recent highs, as reported by CriptoNoticias. This correction has directly affected companies with corporate exposure to the asset, especially those that use it as a primary store of value.
In the case of Satsuma, the company maintains around 646 BTC, valued at about $50 million, after having sold 579 BTC in December. However, the market has penalized its business model: The shares have fallen from £14 in June 2025 to £0.21, a 99% drop that reflects not only the volatility of the underlying asset, but also the loss of confidence in the corporate strategy linked to bitcoin.
A key point of the deterioration is that Satsuma’s market capitalization has fallen below the value of its bitcoin reserves, a sign of extreme discount that the market usually interprets as a break in the credibility of the business model. This mismatch has intensified pressure from investors to reconsider the company’s strategy.
Among them is Pantera Capital’s DAT Opportunity Fund, which controls approximately 6.7% of the company and leads requests for a full liquidation of digital assets and the return of capital to shareholders.
The situation is aggravated by the company’s internal instabilitywith the resignation of CEO Henry Elder in March. Added to this is that Satsuma had previously raised £164 million through a convertible note backed by investors in the sector, before the market deteriorated.
Satsuma has acknowledged having received requests for capital returns and says it is evaluating different options to respond to shareholders without compromising general interests.
The case opens a new debate on corporate strategies based on bitcoin: in a high volatility environment, direct exposure to the asset can amplify losses rather than functioning as a hedge, especially when combined with governance tensions and loss of market confidence.