Pantera Urges London-Listed Satsuma to Sell $50M Bitcoin

Pantera Capital is urging London-listed Satsuma Technology to sell about $50 million of bitcoin it still holds and return the cash to investors. The request follows Pantera’s participation in Satsuma’s 2025 convertible note raise, a portion of which was settled in bitcoin.

Satsuma completed an oversubscribed convertible note round in 2025 that raised $218 million. Investors that participated in the round included Pantera, ParaFi, Kraken and DCG. More than $125 million of the total was accepted in bitcoin instead of cash; roughly $50 million of that bitcoin remains on Satsuma’s balance sheet.

Market data from CryptoQuant shows combined monthly purchases by non-MicroStrategy listed treasury companies fell about 99% from a peak of roughly 69,000 BTC in August 2025 to about 1,000 BTC by 2026. Over the same period, capital costs increased and price appreciation for bitcoin slowed.

MicroStrategy continued buying bitcoin. The company recently acquired 34,164 BTC, bringing its total to 815,061 BTC, purchased for about $61.56 billion.

If Satsuma converts its remaining bitcoin to cash and distributes the proceeds, the company would change the form of payment that some convertible-note subscribers accepted. For notes partially settled in bitcoin, liquidating the holdings would alter the company’s asset composition and the cash returned to shareholders.

Satsuma and Pantera have not provided a public timetable or detailed next steps for any sale or distribution. Market participants will watch whether Satsuma follows Pantera’s recommendation and how other listed bitcoin treasury firms respond to continued pressure on their purchase programs.