• Pantera Capital is pressing LSE-listed Satsuma Technology to sell $50M in bitcoin.
• Satsuma raised $218M in a Pantera-backed round in 2025, with over $125M of the total settled in bitcoin.
• The push follows a 99% drop in non-Strategy bitcoin treasury purchases from its August 2025 peak.

Satsuma Technology, which trades on the London Stock Exchange, raised $218 million in an oversubscribed convertible note round in 2025, with Pantera Capital among its key backers alongside ParaFi, Kraken, and DCG. The round was partly settled in bitcoin, with subscribers accepting over $125 million in BTC in lieu of cash. That same investor is now reportedly pushing the company to reverse course and liquidate its bitcoin position entirely.

Bloomberg’s report does not detail the full rationale behind Pantera’s push, but the timing aligns with a steep and well-documented retreat across the bitcoin treasury sector. According to Cryptoquant, non-Strategy bitcoin treasury companies pulled back sharply through 2026, with combined monthly purchases falling 99% from the August 2025 peak of 69,000 BTC to roughly 1,000 BTC. The math of holding a concentrated bitcoin position through a listed vehicle becomes increasingly difficult when capital costs rise and price appreciation slows.

Image source: X

For Satsuma, the pressure from Pantera seems to signals a breakdown in the core thesis that underpinned its fundraise, i.e. 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 its backer conviction faster than the market expected.

The contrast with Michael Saylor’s Strategy is hard to ignore because while smaller treasury firms have struggled to maintain investor appetite, Strategy added 34,164 bitcoin in its most recent purchase, bringing its total to 815,061 BTC (acquired for approximately $61.56 billion). Furthermore, Strategy’s scale, first-mover status, and equity premium have made it nearly impossible for smaller treasury firms to compete for the same pool of institutional conviction.

The Pantera move could carry implications beyond Satsuma because if one of the more prominent crypto-native venture funds is pressing a bitcoin treasury company to wind down, it signals that the window for replicating Strategy’s model on a smaller scale may be narrowing.

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