Pantera Capital, one of the leading crypto venture capital fund globally, has reportedly urged London-listed Satsuma Technology to liquidate its remaining bitcoin holdings and return cash to shareholders after the company’s shares plunged about 99%, according to reports.

The investment firm, which holds roughly a 7% stake in Satsuma, said the collapse in Satsuma’s stock highlights the risks of the ‘digital asset treasury’ model in which companies hold cryptocurrencies like Bitcoin as a core balance sheet strategy.

Satsuma’s share price illustrates the strategy’s pitfalls. The stock has fallen more than 99% from a June 2025 peak to trade around 24 pence.

UK-based #Bitcoin asset treasury firm, Satsuma Technology, sees its share price plunge by ~99% since June 2025.#BitcoinTreasury $BTC pic.twitter.com/KCANRM09fH

— BitKE (@BitcoinKE) April 23, 2026

Pantera reportedly argued that selling the bitcoin (~$50 million remaining) and returning capital would better protect shareholders following the sharp decline in both the company’s valuation and broader crypto market conditions.

“We are exploring options to facilitate these requests while protecting the interests of all shareholders,” Satsuma Executive Chairman Ranald McGregor-Smith said in an emailed statement to Bloomberg News.

CASE STUDY | Bitcoin Treasury Firm Sees a 99% Drop in Share Price One Year After a Milestone Capital Raise

Satsuma reportedly raised over $220 millon through a convertible loan note to pursue what it called an “AI-powered” Bitcoin treasury strategy. Satsuma’s market capitalization now stands at well below the value of its Bitcoin hoard (646 tokens) and currently ranks at number 57 among Bitcoin treasury firms.

The development underscores growing scrutiny of listed firms using bitcoin treasury strategies, particularly as volatility in crypto prices and equity markets exposes structural weaknesses in the model.

Pantera has reportedly deployed over $300 million in digital asset treasury investments as of August 2025.

The latest development is a sign of digital asset treasury fatigue as share prices crater and valuation premiums to crypto holdings disappear.

EXPERT OPINION | ‘The Market Does Not Have an Appetite for Dozens of Digital Asset Treasuries,’ Says Director of Institutional at Gemini

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