Push to unwind bitcoin hoarder

Shareholders in a UK Bitcoin accumulator are pushing it to sell all its tokens and wind down operations, one of the most dramatic examples of how the once-hot trade has fallen out of favour.

Pantera Capital Management, one of the most prolific crypto venture capital funds, is among investors pushing London-listed Satsuma Technology Plc to divest its remaining $50 million of Bitcoin and return capital to shareholders, according to people familiar with the matter. Satsuma confirmed that some shareholders “have requested a return of capital,” without naming them.

“We are exploring options to facilitate these requests while protecting the interests of all shareholders,” Satsuma Executive Chairman Ranald McGregor-Smith said in an emailed statement to Bloomberg News. A Pantera spokesperson didn’t respond to a request for comment.

Satsuma in August last year said it raised £164 million ($221 million) through a convertible loan note to pursue what it called an “AI-powered” Bitcoin treasury strategy. In early October, Bitcoin hit an all-time high above $126,000 before beginning a months-long swoon that shaved almost 40% off the price.

The crypto bear market has ravaged the so-called digital-asset treasury model Satsuma and hundreds of other companies pivoted to in the months after Donald Trump, an industry champion, returned to the White House. Bitcoin hoarders that traded at many times the value of their holdings at the height of the DAT craze have seen those premiums evaporate, and some — including Satsuma — have sold tokens.

Satsuma’s share price illustrates the strategy’s pitfalls. The stock has fallen more than 99% from a June 2025 peak to trade around 24 pence. Its market capitalization is well below the value of its Bitcoin hoard.

Satsuma ranks 57th among Bitcoin treasury firms with 646 tokens on its balance sheet, according to Bitcointreasuries.net, a database tracking such outfits. It is far smaller than the giants of the trade, led by Michael Saylor’s Strategy Inc., which holds over 815,000 Bitcoin.

Repaying note holders

Pantera runs a fund dedicated to DAT investments and had deployed more than $300 million in the space as of August 2025. It has invested in vehicles including Tom Lee’s Ether-focused Bitmine Immersion Technologies Inc. and Twenty One Capital Inc., the second-largest Bitcoin hoarder. Pantera owns about 7% of Satsuma, according to the treasury firm’s website.

In December, Satsuma announced the sale of almost half of its Bitcoin stash to repay some note holders who hadn’t committed to converting them into ordinary shares.

That move sparked friction with Pantera and some other investors, who called for the ouster of Satsuma managers including its chief executive and chief financial officer, according to the people. Satsuma announced in March that CEO Henry Elder and CFO Andrew Smith had resigned. Early this month, the company said it would cut costs and disclosed the purchase of £1.4 million worth of Bitcoin.

Elder and Smith didn’t immediately respond to LinkedIn messages seeking comment.

As share prices crater and valuation premiums to crypto holdings vanish, signs of DAT fatigue are adding up — even in the Trump family’s orbit.

On Wednesday, Alt5 Sigma Corp., an accumulator of WLFI tokens from Trump-linked World Liberty Financial Inc., said it plans to rebrand as AI Financial Corp. The company in August unveiled a $1.5 billion strategy to accumulate WLFI, which has tumbled almost 70% since it started trading early the following month. Alt5 Sigma didn’t say whether it plans to divest its WLFI tokens.

Zach Witkoff, a co-founder of World Liberty and son of presidential envoy Steve Witkoff, is Alt5 Sigma’s chairman.

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