Some shareholders of Satsuma Technology Plc, including Pantera Capital, have asked the London-listed company to sell its Bitcoin holdings and distribute the proceeds to investors. Summary Pantera urged Satsuma to sell 646 BTC and return proceeds to shareholders after mounting pressure. Satsuma confirmed some investors want capital returned as it reviews options for all shareholders carefully. Shares have collapsed while Satsuma’s Bitcoin holdings now exceed the company’s current market valuation level. Bloomberg reported the request on April 23, placing fresh attention on the company’s digital-asset treasury model. Pantera holds about a 7% stake in Satsuma. The request centers on the company’s remaining Bitcoin position, which stands at about 646 BTC. At current market prices, that holding is worth close to $50 million. Satsuma confirms shareholder requests Satsuma confirmed that it had received requests from some shareholders for a return of capital. Executive Chairman Ranald McGregor-Smith said the company is reviewing possible responses while seeking to protect all shareholders. He said the firm is looking at ways to address those requests without taking action that could harm broader shareholder interests. His remarks show that the company has not made a final decision on whether it will sell the Bitcoin or keep the treasury strategy in place. Moreover, Satsuma adopted its Bitcoin treasury approach after raising $220 million in August last year. The strategy placed the company among a growing group of listed firms that use Bitcoin as a reserve asset. That move has faced pressure since then. Bitcoin has fallen nearly 40% from its record high, while Satsuma’s shares have dropped more than 99% from their peak in June last year. The selloff has pushed the company’s market value below the value of the Bitcoin it holds. Satsuma remains a small treasury holder Satsuma currently ranks 57th among Bitcoin treasury companies by holdings. Its 646 BTC position remains small when compared with larger public firms that hold Bitcoin on their balance sheets. Strategy remains the largest corporate Bitcoin holder, with 815,061 BTC. That gap shows how limited Satsuma’s position is within the wider treasury market. Even so, the debate around its holdings has become more visible as shareholders question whether keeping the Bitcoin serves the company better than returning cash to investors.
