Pantera Capital is pushing Satsuma Technology to dismantle its bitcoin treasury strategy, calling for the liquidation of its remaining holdings and a return of capital to investors.

The demand comes from Pantera’s DAT Opportunity Fund, which owns about 6.7% of the company and is urging a full exit from Satsuma’s roughly $50 million position in Bitcoin—around 646 BTC. The move follows a near-total collapse in the company’s shares, which have fallen 99% from their peak of 14 pounds ($18.90) last June.

Satsuma acknowledged receiving investor requests to return capital but did not name those involved. Executive Chairman Ranald McGregor-Smith said the company is evaluating potential responses while balancing the interests of its broader shareholder base.

The pressure underscores a sharp reversal from last year, when Satsuma’s bitcoin-focused strategy attracted strong institutional backing. In August 2025, the company raised £164 million ($221 million) through an oversubscribed convertible note supported by Pantera, ParaFi, Kraken, and Digital Currency Group.

Since then, shifting market conditions have weighed heavily on the strategy. After rallying above $126,000, bitcoin retraced roughly 50% to around $60,000 by early February, eroding confidence in firms with significant crypto exposure.

Satsuma’s market capitalization has now dropped below the value of its bitcoin holdings, highlighting the extent of the downturn. The decline has been exacerbated by internal disruption, including a board-level departure in February and the resignation of CEO Henry Elder in March.

Shares of SATS were trading at 21 pence ($0.28), down 12.5% on the day, extending a prolonged and steep selloff.