"Pantera Capital is pressing Satsuma Technology to sell its remaining $50 million in bitcoin and return the proceeds to investors, reflecting a significant shift in strategy."
"Satsuma Technology raised $218 million in a convertible note round in 2025, with over $125 million of that amount settled in bitcoin, indicating strong initial investor interest."
"The bitcoin treasury sector has seen a dramatic decline, with non-Strategy companies reducing their monthly purchases from 69,000 BTC in August 2025 to about 1,000 BTC."
"The pressure from Pantera suggests a breakdown in Satsuma's core thesis that a publicly listed bitcoin treasury could attract sustained institutional support."
Pantera Capital is advocating for Satsuma Technology to liquidate its remaining $50 million in bitcoin and return the proceeds to investors. Satsuma raised $218 million in a convertible note round in 2025, with over $125 million settled in bitcoin. The push for liquidation follows a drastic 99% decline in non-Strategy bitcoin treasury purchases since August 2025. This situation indicates a potential failure of Satsuma's initial strategy to attract institutional support for a publicly listed bitcoin treasury structure outside the U.S.
Read at news.bitcoin.com
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