Bitcoin is at the center of a growing dispute at Satsuma Technology Plc as investor pressure intensifies on April 23, 2026. Pantera Capital, which holds roughly a 7% stake, is pushing the London-listed firm to sell its remaining $50 million in Bitcoin.
The proposal also includes returning proceeds directly to shareholders. Sources familiar with the matter indicate that this move reflects growing dissatisfaction with the company’s current direction.
Satsuma’s leadership has acknowledged the pressure. Executive Chairman Ranald McGregor-Smith confirmed that several shareholders have formally requested a return of capital.
The company is now evaluating options to meet these demands while balancing broader shareholder interests. This situation marks a critical moment for the firm, which once positioned itself as a forward-looking BTC treasury player.
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Bitcoin Strategy Faces Harsh Reality
Satsuma previously raised £164 million through a convertible loan to fund an AI-driven BTC treasury strategy. That approach gained traction during a period of strong crypto optimism.
However, market conditions shifted sharply. Bitcoin surged past $126,000 before entering a prolonged downturn that erased nearly 40% of its value.
The overall trend in terms of crypto asset treasuries is no different. Organizations with a hoard of Bitcoin once commanded huge premiums compared to the worth of their investments.
These premiums are no longer there. The stock price of Satsuma itself is an illustration of how things have turned around for the worse. The share price of the company has plummeted by over 99% from its all-time high in June 2025.
Internal Changes and Industry-Wide Impact
Investor discontent with Satsuma grew following the sale of around half of its holdings of Bitcoin in December. The funds were used to pay off note holders who opted out of converting to shares.
This move led to criticism from Pantera and other stakeholders, demanding management restructuring. The fallout led to the resignation of CEO Henry Elder and CFO Andrew Smith in March.
Nevertheless, following these events, there have been reports of cutbacks on costs and acquisition of Bitcoins worth £1.4 million. Despite these steps, uncertainty remains over its long-term strategy.
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