Pantera’s fund controls 6.7% of the corporate and leads the stress.
Satsuma’s capitalization fell under the worth of its bitcoin reserves.
Pantera Capital is pressuring Satsuma Know-how to completely liquidate its bitcoin (BTC) holdings and return money to shareholders, amid a 99% collapse in its share worth. The knowledge was launched on April 23, 2026, as reported by Bloomberg, and marks a brand new flip within the treasury technique primarily based on digital belongings of the London-listed firm.
The deterioration It happens in a context of falling cryptocurrency marketwith bitcoin registering a decline near 50% from its current highs, as reported by CriptoNoticias. This correction has immediately affected firms with company publicity to the asset, particularly people who use it as a main retailer of worth.
Within the case of Satsuma, the corporate maintains round 646 BTC, valued at about $50 million, after having offered 579 BTC in December. Nonetheless, the market has penalized its enterprise mannequin: The shares have fallen from £14 in June 2025 to £0.21, a 99% drop that displays not solely the volatility of the underlying asset, but in addition the lack of confidence within the company technique linked to bitcoin.
A key level of the deterioration is that Satsuma’s market capitalization has fallen under the worth of its bitcoin reserves, an indication of maximum low cost that the market normally interprets as a break within the credibility of the enterprise mannequin. This mismatch has intensified stress from buyers to rethink the corporate’s technique.
Amongst them is Pantera Capital’s DAT Alternative Fund, which controls roughly 6.7% of the corporate and is main requires a full liquidation of digital belongings and return of capital to shareholders.
The scenario is aggravated by the corporate’s inner instabilitywith the resignation of CEO Henry Elder in March. Added to that is that Satsuma had beforehand raised £164 million by a convertible be aware backed by buyers within the sector, earlier than the market deteriorated.
Satsuma has acknowledged having acquired requests for capital returns and says it’s evaluating completely different choices to answer shareholders with out compromising normal pursuits.
The case opens a brand new debate on company methods primarily based on bitcoin: in a excessive volatility setting, direct publicity to the asset can amplify losses reasonably than functioning as a hedge, particularly when mixed with governance tensions and lack of market confidence.
