Pantera Capital wants Satsuma to Dump Its Remaining $50 Million in Bitcoin

The Crypto venture fund Pantera Capital

Tensions Build After Earlier Bitcoin Sale

The current situation did not happen overnight. The tension started back in December 2024, when Satsuma sold nearly half of its Bitcoin holdings. The goal was to repay note holders who chose not to convert their loans into company shares.

However, this move upset some investors, including Pantera Capital. Reports say they were unhappy with the decision and even asked for changes in the company’s leadership.

By March 2025, the situation had led to big changes. The company’s CEO, Henry Elder, and CFO Andrew Smith both stepped down.

Now, the pressure is back again. Investors want Satsuma to sell its remaining Bitcoin, and the company must decide its next step carefully.

From $221 Million Dream to a 99% Crash

In August 2024, the London-listed company raised £164 million ($221 million) through a convertible loan note, announcing an ambitious “AI-powered” Bitcoin treasury strategy that put it squarely in the middle of one of the hottest investment trends in the world.

However, after Bitcoin surged above $126,000, it later dropped nearly 40%, hurting company valuations.

At the same time, Satsuma, which used borrowed money to buy near the top, was left in a tough spot.

Following this, Satsuma’s stock has collapsed more than 99% from its peak, now trading near $0.21. However, its market value has dropped to around $25 million.

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