Crypto venture fund Pantera Capital is pushing London-listed Satsuma Technology Plc to liquidate its remaining Bitcoin holdings worth approximately $50 million and hand the proceeds back to shareholders, according to a Bloomberg report citing people familiar with the matter. Ranald McGregor-Smith, Satsuma’s Executive Chairman, confirmed that some shareholders have formally requested a return of capital. The development adds fresh tension to an already turbulent period for the company.
What Pantera Is Demanding
Pantera holds roughly a 6.7% stake in Satsuma through its Pantera DAT Opportunity Fund, LP, making it one of the company’s most consequential institutional shareholders. The fund has been urging the board to sell the company’s current holding of approximately 620 BTC, worth around $45.77 million, and distribute the cash to investors rather than continue holding the asset on the balance sheet.
The move places Pantera in an awkward position. In August 2025, the fund publicly revealed it had deployed over $300 million into what it calls “Digital Asset Treasury” companies, publicly listed firms that hold crypto as a core balance-sheet asset.
At the time, Satsuma was named as a portfolio company alongside firms such as BitMine Immersion, Twenty One Capital, and DeFi Development Corp. Pantera’s own thesis described these companies as vehicles capable of generating higher yields than simply holding spot Bitcoin.
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Background: Satsuma’s Rocky Ride
Satsuma Technology, formerly known as Streaks AI and then TAO Alpha PLC, pivoted to a Bitcoin treasury strategy in June 2025, seeking to become the UK’s answer to Michael Saylor’s strategy. The company also develops AI agents and subnet infrastructure for Bittensor, a decentralized artificial intelligence marketplace.
In August 2025, Satsuma closed a convertible note round worth £163.6 million ($217.6 million), oversubscribed by more than 63%. The raise was backed by ParaFi Capital, Pantera, DCG, Kraken, Arrington Capital, and several London-based institutional equity funds managing over £300 billion in combined assets.
In a landmark first for the London equity market, approximately 1,097 BTC, worth nearly $125 million, was accepted as direct payment by investors. At its peak, the company held 1,126 BTC.
Despite a successful fundraising, Satsuma’s shares crashed. Between the announcement of a Bitcoin strategy and as far out as August 2025, the stock lost over 50% of its value, baffling retail and institutional investors who could not square a micro-cap AI company with a Bitcoin-native treasury model.
By December 2025, the company sold 579 BTC for net proceeds of roughly £40 million to ensure it had sufficient cash to repay £78 million in convertible loan notes due December 31. After this sale, Satsuma retained 620 BTC and £90 million in liquidity.
The Boardroom Meltdown
Satsuma’s governance troubles intensified in early 2026. In late January, shareholders representing 49.3% of the company’s issued share capital signed a requisition notice demanding the immediate removal of CEO Henry Elder and CFO Andrew Smith.
The notice was initiated by Shard Capital and called for the appointment of two new non-executive directors focused on cost-cutting. McGregor-Smith, then Chair, described the move as unnecessary and a distraction from strategic initiatives.
The situation escalated quickly. Board discussions with a large proportion of shareholders confirmed the executive directors had lost majority confidence. Both Elder and Smith resigned in March 2026.
McGregor-Smith became Executive Chairman on a temporary basis, with Clive Carver stepping in as temporary executive director. The stock, which peaked at 13.9 pence in July 2025, had fallen to around 0.22 pence by late March 2026.
The Bigger Picture for Bitcoin Treasury Firms
Satsuma is not the only UK Bitcoin treasury company facing investor headwinds. Rival The Smarter Web Company holds over 2,050 BTC worth approximately $235 million and leads the domestic market, though it too has navigated controversy over backer overlap with Satsuma.
Meanwhile, the broader crypto market recorded over $2.7 billion in stolen assets in 2025, according to security firms Chainalysis and TRM Labs, a backdrop that adds custodial risk pressure on any company holding significant Bitcoin reserves.
What Comes Next for Satsuma
Satsuma has not publicly responded to Pantera’s reported liquidation demand. The company’s stated strategy had been to build a Bitcoin-native treasury combined with its decentralized AI operations on Bittensor.
With no permanent CEO in place, a stock trading at a fraction of its highs, and one of its largest shareholders now calling for a full Bitcoin sell-off, the board faces a defining choice: stay the course on its treasury model or return capital and potentially abandon the thesis that attracted over $217 million in institutional investment less than a year ago.
