Pantera Capital Pushes Bitcoin Treasury Firm Satsuma to Liquidate $50M BTC Hoard

Gate News message, April 23 — Pantera Capital Management is among investors pushing UK-based bitcoin treasury firm Satsuma to sell its $50 million Bitcoin hoard, Bloomberg reported on Thursday, citing people familiar with the matter.

Satsuma raised £164 million ($221 million) through a convertible loan note in August 2025, pivoting to an “AI-powered” bitcoin treasury strategy. ParaFi Capital led the funding round, with participation from Pantera, Digital Currency Group, Kraken, and Arrington Capital. The company confirmed that some shareholders “have requested a return of capital,” with Executive Chairman Ranald McGregor-Smith stating the firm is “exploring options to facilitate these requests while protecting the interests of all shareholders.”

The pressure reflects deteriorating market conditions for corporate bitcoin hoarders. Bitcoin traded at $77,536 on Thursday, approximately 38% below its early October all-time high of $126,000. Satsuma’s share price has plummeted over 99% from its June 2025 peak to around £0.23 ($0.31), with the company’s market capitalization now valued below its net holdings of 646 BTC. The firm ranks 57th among bitcoin treasury companies, far behind Michael Saylor’s Strategy, which holds 815,061 BTC.

This liquidation push follows Satsuma’s sale of nearly half its bitcoin holdings four months ago to repay note holders who declined to convert their holdings into ordinary shares. That move created friction with Pantera and other investors, who called for management removal. CEO Henry Elder and CFO Andrew Smith subsequently resigned in March. Pantera currently owns approximately 7% of Satsuma.