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Satsuma Techn
2026-07-22 06:52:06

Satsuma shareholders vote to liquidate 668 BTC, delist company and wind down operations

Satsuma Technology, a UK-listed company that pivoted from AI to a Bitcoin treasury strategy, said shareholders voted on Monday to liquidate all 668 BTC held by the company, cancel its London Stock Exchange listing and shut down the business. The decision overrode opposition from most of the board and marked another retreat from the digital asset treasury wave. Satsuma, formerly TAO Alpha, raised £163.6 million through convertible notes in August 2025 with backing from ParaFi Capital, Pantera Capital, Digital Currency Group and Kraken. Some investors contributed 1,097 BTC instead of roughly $97 million in cash. After its shares peaked at £14 in June 2025 and Bitcoin later hit $126,000 in October, the company was hit by a prolonged downturn. It sold 579 BTC for £40 million in December to repay bondholders unwilling to convert into equity. With senior executives departing in early 2026 and the stock down more than 99% by April, investors pushed for a breakup. Satsuma now expects total recoveries of about £66 million to £70 million, with common shareholders likely to receive less because convertible noteholders rank ahead in liquidation.

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Satsuma shareholders vote to liquidate 668 BTC, delist company and wind down operations
S&P Dow Jones
2026-07-21 20:53:27

S&P and Pantera Roll Out Revenue-Screened Digital Asset Index

S&P Dow Jones Indices and Pantera Capital have launched the S&P Pantera Digital Asset Index, a new benchmark aimed at institutional investors looking for a more structured way to allocate to digital assets. The index does not rank constituents by size or momentum. Instead, it screens for fundamentals and includes only tokens and companies that, according to the firms, show real-world use and generate actual revenue. It also excludes meme coins and Bitcoin. Pantera said the index debuts with 18 constituents weighted by float-adjusted market capitalization, and that those names produced more than $3 billion in annualized revenue over the trailing two quarters. The screening framework draws on the S&P 500’s financial viability standard, but adapts it for crypto by requiring consecutive quarters of positive protocol revenue above a minimum threshold. That revenue is verified using onchain data from Artemis, with an added check that value accrues to tokenholders through mechanisms such as buybacks, staking yields net of inflation, distributions, or tokenholder-controlled treasuries. Pantera said it has started discussions with asset managers about ETFs and other products tied to the index, though no tracking product has launched so far.

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S&P and Pantera Roll Out Revenue-Screened Digital Asset Index
Robinhood Cha
2026-07-12 12:49:31

Robinhood Chain launch draws mixed VC views as Zapper sets Aug. 3 shutdown

ChainFeeds’ July 12 VC roundup highlighted Robinhood Chain’s mainnet launch, Zapper’s planned shutdown, new research on quantum threats to Web3, and a busy week for private fundraising. Robinhood Chain drew sharply different reactions from investors. Syncracy Capital’s Ryan Watkins said he sees little reason for users to replay the same zero-sum trading activity on a 2/3 multisig L2 built around forked protocols, adding that Robinhood could have done more than try to revive a 2024-style trend. He did, however, praise Robinhood’s integration of Morpho and Ethena into the app’s Earn feature. Pantera Capital’s Mason Nystrom said the chain’s sequencer has already reached a revenue run rate of more than $10 million on an annualized basis, assuming recent trading volume holds, and argued that Robinhood’s distribution should not be underestimated. Pantera’s Danning focused on product design, saying the chain offers a smooth way for users to move capital between onchain markets and stocks. The roundup also noted that DeFi portfolio platform Zapper will shut down zapper.xyz, its mobile app, and API services on Aug. 3. Separately, ChainFeeds listed IOSG Ventures’ work on quantum risk, a Variant Fund piece on where new crypto inflows are going during the AI boom, and a Glassnode report saying crypto market bottoming is still incomplete.

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Robinhood Chain launch draws mixed VC views as Zapper sets Aug. 3 shutdown
Pantera Capit
2026-07-11 11:04:10

Pantera Capital says Hyperliquid sits at the center of a shift as perpetuals move into mainstream finance

Pantera Capital argues that perpetual futures are moving well beyond their crypto-native roots and into the core of global market structure, with Hyperliquid emerging as one of the clearest on-chain expressions of that trend. In a lengthy note, the firm says recent moves by the U.S. Commodity Futures Trading Commission mark an important change in Washington’s stance, opening a path for regulated crypto perpetuals under the existing futures framework rather than requiring a brand-new rulebook. The report traces the appeal of perpetuals to their simpler design: no expiry, funding-based price anchoring, easier position management, and round-the-clock trading. Pantera says those traits made digital assets the natural proving ground, citing 2025 centralized exchange perpetual volume of $62 trillion versus roughly $19 trillion in spot volume and $86 trillion in total derivatives volume. Hyperliquid is presented as the main on-chain winner so far. Pantera says the protocol accounts for about 40% of decentralized perpetual volume, with monthly volume above $250 billion and annualized revenue of $800 million. The firm also points to Hyperliquid’s expansion beyond crypto into equities, commodities, indexes, and private companies, alongside growing attention from hedge funds, exchange operators, and public-market vehicles tied to HYPE. At the same time, Pantera flags regulation as the biggest unresolved risk, especially for a permissionless venue without KYC. Its broader argument is that the market has already answered whether perpetuals matter outside crypto; the open question is whether blockchain-based infrastructure can become a major venue for pricing risk across other parts of finance.

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Pantera Capital says Hyperliquid sits at the center of a shift as perpetuals move into mainstream finance