Pantera Capital Management is among shareholders pushing London-listed Satsuma Technology Plc to sell its remaining roughly $50 million in Bitcoin and return capital to shareholders. The effort is one of the clearest signs yet that the once-popular Bitcoin treasury trade is losing support.
The pressure matters because it is aimed at a full exit from Satsuma’s current Bitcoin strategy, not just a partial rebalance. Shareholders are pressing the company to divest its remaining tokens and wind down operations, while Satsuma confirmed that some investors have requested a return of capital without naming them.
For now, the next point to watch is whether Satsuma resists the push, negotiates an alternative, or moves toward a broader unwind. The immediate issue is no longer just Bitcoin exposure, but whether shareholder pressure forces a reversal of the company’s treasury model altogether.
Source: Bloomberg.
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