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Pantera Capital is urging London-listed bitcoin treasury firm Satsuma Technology to sell its remaining $50 million in bitcoin and return the proceeds to investors, according to Bloomberg.
Satsuma Technology, which trades on the London Stock Exchange, raised $218 million in an oversubscribed convertible note round in 2025. Pantera Capital was among the key backers, alongside ParaFi, Kraken, and DCG.
Part of the financing was settled in bitcoin, with subscribers accepting more than $125 million in BTC in lieu of cash. Bloomberg reports that Pantera is now pushing the company to liquidate its bitcoin position entirely.
Bloomberg did not provide the full rationale for Pantera’s push, but the timing coincides with a steep retreat across the bitcoin treasury sector. Cryptoquant data cited in the report shows that non-Strategy bitcoin treasury companies reduced purchases sharply through 2026.
Combined monthly purchases fell 99% from an August 2025 peak of 69,000 BTC to roughly 1,000 BTC.
The report links the shift to the increasing difficulty of holding a concentrated bitcoin position through a listed vehicle as capital costs rise and price appreciation slows.
For Satsuma, the pressure from Pantera appears to reflect a weakening of the core thesis behind its fundraise: that a publicly listed bitcoin treasury structure outside the U.S. could attract sustained institutional support. With the fund now pushing for a sale and capital return, the model appears to be losing backer conviction faster than the market expected.
The contrast with Michael Saylor’s Strategy is highlighted in the report. While smaller treasury firms have struggled to maintain investor appetite, Strategy added 34,164 bitcoin in its most recent purchase.
That brings Strategy’s total holdings to 815,061 BTC, acquired for approximately $61.56 billion.
The Pantera move could have implications beyond Satsuma. If a prominent crypto-native venture fund is pressing a bitcoin treasury company to wind down, it may signal that the window for replicating Strategy’s model on a smaller scale is narrowing.
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