Satsuma Technology, a UK-based digital-asset treasury company, is facing pressure from shareholders to re-evaluate its Bitcoin holdings. The company raised $220 million in funding last August and adopted a Bitcoin strategy, but the price of Bitcoin has fallen significantly since then.
According to Bloomberg, Pantera Capital and other shareholders have asked Satsuma Technology to sell all of its 646 Bitcoin and return the proceeds to investors. This move is expected to dampen investor sentiment and impact the cryptocurrency market, particularly if it leads to a decrease in confidence in the DAT strategy.
The company's shares have slumped more than 99% from their peak in June last year, leaving its market value below the value of the Bitcoin it holds. This has raised concerns about the viability of Satsuma Technology's business model and the impact on the broader cryptocurrency market.