Crypto VC giant Pantera is reportedly pushing Satsuma to unwind its Bitcoin treasury, selling about $50 million in BTC▼$63,053.00 after the stock fell over 99%.
A London-listed company that tried to ride the Bitcoin boom is now getting pressure from its own backers to shut things down and hand cash back.
One of crypto’s most active venture funds, Pantera Capital, is reportedly among investors pressuring on Satsuma Technology Plc to sell its remaining Bitcoin, roughly $50 million, and return the money to shareholders, Bloomberg has learned, citing people familiar with the matter.
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Speaking with Bloomberg, Satsuma didn’t name names, but confirmed investors are asking for a payout, adding that it’s “exploring options to facilitate these requests.”
Bitcoin Treasury Model Starts Cracking
Back in August 2025, Satsuma raised about $221 million to build what it called an AI-powered Bitcoin treasury strategy. That worked for quite some time, until it didn’t. Bitcoin price ran to over $126,000 in early October, then dropped nearly 40% in the following months.
At the peak, companies like Satsuma were trading at steep premiums to the value of their Bitcoin holdings, meaning the stock price was running well ahead of the actual assets on the balance sheet.
Now that has flipped hard. Satsuma holds about 645.7 BTC worth roughly $50 million, making it the 57th largest Bitcoin treasury firm. The company is also sitting on an unrealized loss of about 31.7%, as its average purchase price of roughly $113,500 per BTC is well above current market levels, according to data from BitcoinTreasuries.net.
Satsuma’s stock tells the story pretty clearly. According to data from the London Stock Exchange, its shares are down more than 99% from their June 2025 peak and now trade at roughly £0.002 to £0.0025.
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