Pantera Capital Management is among the investors pushing UK bitcoin treasury firm Satsuma to sell its $50 million (BTC) hoard, Bloomberg reported on Thursday, citing people familiar with the matter.
Satsuma pivoted to an “AI-powered” bitcoin treasury strategy in August 2025, raising £164 million ($221 million) through a convertible loan note. ParaFi Capital led the round, with participation from Pantera, Digital Currency Group, Kraken, Arrington Capital, and others.
The company confirmed that some shareholders “have requested a return of capital” without identifying them, according to Bloomberg. Satsuma Executive Chairman Ranald McGregor-Smith said in an emailed statement that the firm is “exploring options to facilitate these requests while protecting the interests of all shareholders.”
The Block has reached out to Pantera and Satsuma for further comment.
Market stress
The market environment for corporate bitcoin hoarders has tightened as various digital assets trade significantly below their prior all-time highs, with multi-month drawdowns eliminating the valuation premiums previously enjoyed by many treasury-focused firms.
Bitcoin traded at $77,536 on Thursday, roughly 38% below the all-time high of approximately $126,000 set in early October, according to The Block’s BTC price page.
Satsuma’s equity performance reflects this shift, with the share price falling more than 99% from its June 2025 peak to trade at approximately £0.23 ($0.31), per Yahoo Finance data.
The company’s market capitalization is currently valued below its net holdings of 646 BTC, positioning it 57th among Bitcoin treasury firms tracked by Bitcoin Treasuries. The leading bitcoin holder in the segment is Michael Saylor’s Strategy with 815,061 BTC.
The pressure to liquidate comes four months after Satsuma sold nearly half its bitcoin holdings to repay note holders who had not committed to converting their holdings into ordinary shares, according to Bloomberg.
That move created friction with Pantera and other investors, who subsequently called for the removal of Satsuma’s management. The company announced in March that CEO Henry Elder and CFO Andrew Smith had resigned.
Pantera owns about 7% of Satsuma, according to the treasury firm’s website. The venture capital firm runs a fund dedicated to digital-asset treasury investments and had invested over $300 million in the space as of August 2025.
© 2026 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
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