Pantera-led investors press Satsuma to sell $50M Bitcoin

Investors led by Pantera Capital are pressing London-listed Satsuma Technology Plc to liquidate about 645.7 BTC, worth roughly $50.3 million, and return the proceeds after the company’s share price fell more than 99% from its June 2025 peak.

Satsuma, listed on the London Stock Exchange under the ticker SATS, launched an AI-powered Bitcoin treasury strategy in August 2025 and raised £164 million through convertible loan notes. The firm acquired Bitcoin at an average cost of $113,512 per coin when prices briefly exceeded $126,000 in early October 2025. As of April 23, 2026, Bitcoin was trading near $77,500, valuing Satsuma’s holding at about $50.26 million and leaving an unrealized loss of roughly 31.4%.

The company’s market capitalization is about £24.65 million ($33.3 million), below the dollar value of its Bitcoin position. Satsuma’s shares trade around 21 to 24 pence, roughly $0.28. Chief executive Henry Elder and chief financial officer Andrew Smith resigned in March 2026.

Ranald McGregor-Smith, Satsuma’s executive chairman, confirmed shareholders ‘have requested a return of capital.’ Investor contacts identified Pantera Capital, which holds roughly 7% of Satsuma, as the principal backer of the push to convert the digital-asset treasury into cash.

If Satsuma sells its Bitcoin, the proceeds could be returned to shareholders or used in a corporate wind-down. The company has not announced whether it will liquidate all or part of the position or pursue other restructuring steps.

Other public companies with Bitcoin-focused strategies have taken different approaches. Empery Digital sold 20 BTC at an average price near $74,425 and used the proceeds to repurchase shares; it holds about 2,914 BTC. MicroStrategy acquired 34,164 BTC for roughly $2.54 billion at an average near $74,395 and now holds about 815,061 BTC. MicroStrategy financed purchases through a preferred-stock vehicle that yields an 11.5% dividend and has raised roughly $2.17 billion from that vehicle plus $366 million from common-stock offerings. The company has stated a target of holding 1 million BTC by the end of 2026.

Satsuma has not disclosed the timing or scope of any sale.