DAT implodes: Pantera pushes Satsuma to offload Bitcoin after a 99% stock wipeout

Pantera Capital is urging Satsuma Technology to unwind its crypto exposure, pushing for the liquidation of its remaining bitcoin holdings and a return of capital to shareholders.

Pantera’s DAT Opportunity Fund, which owns roughly 6.7% of the company, is advocating a full exit from Satsuma’s approximately $50 million position in Bitcoin—equivalent to 646 BTC. The call comes after the company’s shares plunged 99% from their peak of 14 pounds ($18.90) last June.

Satsuma confirmed it has received investor requests for capital returns but did not identify the parties involved. Executive Chairman Ranald McGregor-Smith said the company is assessing its options while seeking to balance shareholder interests.

The pressure marks a sharp reversal from last year, when Satsuma’s bitcoin-focused treasury strategy attracted strong institutional demand. In August 2025, the firm raised £164 million ($221 million) via an oversubscribed convertible note backed by Pantera, ParaFi, Kraken, and Digital Currency Group.

Since then, market conditions have shifted. After rallying above $126,000, bitcoin retraced roughly 50% to around $60,000 by early February, eroding confidence in companies with heavy digital asset exposure.

Satsuma’s market capitalization has now fallen below the value of its bitcoin holdings, highlighting the scale of the selloff. The decline has been compounded by leadership instability, including a board-level exit in February and the resignation of CEO Henry Elder in March.

Shares of SATS were trading at 21 pence ($0.28) on Thursday, down 12.5% on the day, extending a prolonged slump.

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