Pantera Capital Pushes Satsuma to Liquidate All Bitcoin Holdings After 99% Share Price Collapse

Pantera Capital, the crypto investment firm led by Dan Morehead, is urging Satsuma Technology to sell its remaining bitcoin holdings of approximately 646 BTC (valued at nearly $50 million) and return capital to shareholders, following a devastating 99% plunge in the company's stock price from £14 to 21 pence. Satsuma had raised £164 million in August 2025 via a convertible note backed by Pantera, ParaFi, Kraken, and Digital Currency Group, positioning itself as an AI-driven bitcoin treasury. However, bitcoin's decline from $126,000 to $60,000, coupled with leadership turnover (exit of a director in February and CEO in March), forced a strategic reversal. The situation highlights the risks of leveraged bitcoin treasury strategies and the governance challenges that emerge when market conditions sour.