Pantera Capital, a prominent investment fund in the crypto asset management field, has increased pressure on Satsuma Technology, which is traded on the London Stock Exchange. The fund is demanding that the company sell its remaining approximately $50 million worth of Bitcoin assets and distribute the proceeds directly to shareholders. This call has brought the company's controversial Bitcoin strategy back into the spotlight.
Bitcoin strategy shaken by investor pressure
Pantera Capital's demand is not just an investment opinion; it points directly to a corporate governance debate. The fund, which manages approximately $3.8 billion in assets, is known to hold around 7 percent of the company's shares. This indicates that the call represents a strong shareholder intervention rather than a mere criticism.
Satsuma Technology management confirmed that some shareholders "demanded the return of capital," and stated that different options for how to meet these demands are being evaluated. The company's board of directors states that they are trying to find a solution that takes into account the interests of all shareholders. However, the current situation reveals a clear disagreement between investors and management. This process has become even clearer with a formal shareholder initiative. The request submitted to the company mandated that the role of Bitcoin assets on the balance sheet be discussed at the general assembly. Thus, the issue became an agenda item for all shareholders to decide on, not just at the management level.
How did the $221 million strategy collapse?
In August 2024, Satsuma Technology came to the forefront with a rather ambitious plan. The company announced that it had raised approximately $221 million to implement an "AI-powered Bitcoin treasury strategy." This strategy aimed to offer investors indirect crypto exposure by using Bitcoin as a balance sheet asset. However, market conditions developed against this plan. Bitcoin's value dropping by approximately 40% after rising above $126,000 severely disrupted the company's financial balance. In particular, the fact that purchases made with borrowed funds occurred near peak levels further increased the risks. Following these developments, the company's shares experienced a sharp decline. The share price, which has lost more than 99% of its value compared to its peak in June 2025, has fallen to levels as low as $0.21. The company's market capitalization has also dropped to approximately $25 million. This situation reveals that investor confidence in the strategy has weakened considerably.
Management crisis and increasing tension
The tension within the company is actually not new. In December 2024, Satsuma's sale of approximately half of its Bitcoin holdings drew criticism from some investors. The purpose of this sale was to repay investors who had not converted their debts into shares. However, this move was considered a strategic mistake, especially by large shareholders.
Significant changes also occurred in the company's management during this process. As of March 2025, CEO Henry Elder and CFO Andrew Smith resigned from their positions. This change in the management team was interpreted as one of the concrete results of investor pressure.
Today, the pressure has increased again. Some shareholders, primarily Pantera Capital, want the remaining Bitcoin holdings to be sold to limit the losses before they grow further.
Possible scenarios: Dividend, share buyback, or liquidation
If the company complies with shareholder demands, several different paths can be taken. The most likely options include a special dividend distribution, a share buyback program, or a capital distribution tied to the complete closure of the crypto asset position. Pantera's main argument is clear: Investors who want to invest in Bitcoin can do so directly. Indirect exposure through a company's balance sheet can create unnecessary institutional risk and value discounting.
