In a striking move, Pantera Capital, one of the leaders in crypto asset management, has asked London-based Satsuma to liquidate its entire Bitcoin holdings and distribute the proceeds to investors. This request signals a dramatic shift in a previously promising investment strategy once met with high enthusiasm.
Satsuma’s value plummets
The DAT Opportunity Fund managed by Pantera currently holds roughly 6.7% of Satsuma. Together with several major backers, the fund has called for Satsuma to fully sell off about $50 million worth—646 units—of Bitcoin and shut down its operations. Satsuma had previously soared to a share price of £14 last year, but has since lost 99% of its value, reversing investors’ earlier expectations.
Satsuma has confirmed that it has received requests from investors seeking a return of their capital, but has not disclosed which investors initiated these demands. Company chair Ranald McGregor-Smith stated that the board is currently evaluating all available options, with the interests of all shareholders taken into careful consideration.
Relentless turbulence for Satsuma
In August 2025, Satsuma launched a £164 million ($221 million) convertible bond sale, drawing demand far above expectations from prominent names such as Pantera, ParaFi, Kraken, and Digital Currency Group. At the time, this deal stood out as one of the market’s most substantial financing rounds.
However, extreme volatility in Bitcoin prices soon turned out to be a decisive factor. Bitcoin, which had surpassed $126,000 during that period, plunged by nearly 50%, dropping to $60,000 by the start of February. The heavy exposure to such digital assets has left large company investors increasingly uneasy.
Leadership crisis and market response
Satsuma’s share price has now fallen below the combined market value of its 646 Bitcoins. Governance challenges are compounding the turmoil: a board member resigned in February, and CEO Henry Elder stepped down in March. These structural changes have further eroded both investor confidence and Satsuma’s market capitalization.
According to CryptoAppsy data, Satsuma’s Bitcoin holdings are valued around $50 million. On Thursday, Satsuma’s shares dropped to 21 pence, marking a daily decrease of 12.5% and settling at approximately $0.28.
As discussions continue across the industry, neither Satsuma nor Pantera has issued an official statement in response to recent events.
Chairman Ranald McGregor-Smith emphasized that Satsuma is carefully reviewing all available options in order to maintain the company’s economic stability. He stressed that shareholder interests and investor requests are being prioritized throughout the process.
