Pantera Capital Presses London-Listed Satsuma to Sell $50 Million Bitcoin Holdings

Investors in Satsuma Technology are facing renewed pressure to liquidate their $50 million bitcoin position after Pantera Capital, a prominent crypto-native venture fund, urged the London-listed firm to sell its remaining cryptocurrency holdings. The move marks a significant shift in strategy for one of the key backers behind Satsuma's 2025 fundraise, which saw the company raise $218 million with over $125 million settled in bitcoin.

While Pantera Capital was among the investors who supported Satsuma's decision to hold onto its bitcoin position, the current market conditions have led the venture fund to reconsider its stance. The decline in non-Strategy bitcoin treasury purchases is a major factor contributing to this change of heart, with combined monthly purchases falling 99% from August 2025's peak.

The move by Pantera Capital may signal that the window for replicating Michael Saylor's Strategy model on a smaller scale is narrowing. While Strategy has maintained its commitment to acquiring and holding bitcoin, smaller treasury firms have struggled to maintain investor appetite in recent months. The pressure on Satsuma Technology highlights the challenges faced by these companies as they navigate the current market environment.