Pantera Capital, one of the leading companies in the field of crypto asset management, asked the London-based Satsuma company to convert its Bitcoin reserves into cash and distribute them to investors. This demand marks a significant break in the company’s once promising and popular strategy.
Dramatic depreciation in Satsuma
DAT Opportunity Fund, managed by Pantera, owns approximately 6.7 percent of Satsuma. The fund and some accompanying large investors advocate the complete sale of approximately 50 million dollars, that is, 646 Bitcoins, held by the company and the termination of its activities. The company was as high as £14 last year; However, it has lost 99 percent of its value since that peak, following a course completely opposite to investors’ expectations.
In the statement made by Satsuma, it was confirmed that there were requests from investors for the return of capital. However, information about which investors submitted these requests was not shared. Ranald McGregor-Smith, Chairman of the Company’s Board of Directors, stated that they are currently evaluating various options and that the interests of all shareholders will be taken into account in these evaluations.
Crises never stop
Satsuma issued 164 million pounds ($221 million) of term bonds in August 2025, with a demand well above expectations, with the participation of leading crypto investors such as Pantera, ParaFi, Kraken and Digital Currency Group. This funding was considered one of the strongest corporate financings of the period.
However, sharp fluctuations in Bitcoin prices played a decisive role in the process. Bitcoin exceeded $126 thousand at that time; but in a short time it fell by nearly 50 percent to 60 thousand dollars at the beginning of February. The high reliance of large companies on such digital assets has created uneasiness among investors.
Governance crisis and market reaction
Satsuma’s share value dropped below even the total market value of 646 Bitcoins it owns. In addition, the company’s management is also going through a difficult period. A board member resigned in February, while CEO Henry Elder stepped down in March. These structural changes paved the way for a very serious erosion of both investor confidence and market value.
CryptoAppsy According to data, the total value of Bitcoin held by the company is around 50 million dollars. Satsuma shares fell to 21 pence on Thursday, recording a 12.5 percent decline on a daily basis and falling to $0.28.
While there is no official statement from Satsuma and Pantera following the developments, discussions continue in industry sources.
Satsuma’s Chairman of the Board of Directors, Ranald McGregor-Smith, emphasized that the company has carefully discussed all options in order to maintain the current economic balances, and that they will prioritize the demands of investors and shareholder interests.
