The DAT collapse: Pantera wants Satsuma to dump its bitcoin as shares crash 99%

Digital asset investment firm Pantera Capital is urging London-listed Satsuma Technology (SATS) to liquidate its remaining bitcoin holdings and return cash to shareholders, marking a sharp turning point for a strategy that once drew strong investor enthusiasm, Bloomberg reported on Thursday.

Pantera’s DAT Opportunity Fund, which owns about 6.7% of the company, is among those pushing for a full wind-down of Satsuma’s roughly $50 million bitcoin position (646 $BTC) with SATS having lost 99% of its value since peaking at 14 pounds ($18.90) last June.

Satsuma acknowledged receiving requests for capital returns but did not disclose which investors were involved. Executive Chairman Ranald McGregor-Smith said the firm is reviewing options to address these demands while balancing the interests of all shareholders, according to Bloomberg.

In August 2025, Satsuma raised 164 million pounds ($221 million) through an oversubscribed convertible note backed by major crypto investors including Pantera, ParaFi, Kraken, and Digital Currency Group.

Bitcoin then surged past $126,000 before falling 50% to $60,000 by early February, eroding confidence in corporate treasury strategies tied heavily to digital assets.

The collapse in Satsuma's share price has left its market value below that of its 646 $BTC holdings. Leadership turmoil has compounded the decline, with a director exiting in February and CEO Henry Elder stepping down in March.

SATS traded at 21 pence ($0.28) on Thursday, a drop of 12.5% on the day.

Neither Satsuma not Pantera immediately responded to CoinDesk's request for comment.