{"id":71549,"date":"2026-04-23T12:57:30","date_gmt":"2026-04-23T12:57:30","guid":{"rendered":"https:\/\/crowdfundjunction.com\/blog\/pantera-capital-urges-london-listed-satsuma-to-offload-50-million-bitcoin-treasury\/"},"modified":"2026-04-23T12:57:30","modified_gmt":"2026-04-23T12:57:30","slug":"pantera-capital-urges-london-listed-satsuma-to-offload-50-million-bitcoin-treasury","status":"publish","type":"post","link":"https:\/\/crowdfundjunction.com\/blog\/pantera-capital-urges-london-listed-satsuma-to-offload-50-million-bitcoin-treasury\/","title":{"rendered":"Pantera Capital Urges London-Listed Satsuma to Offload $50 Million Bitcoin Treasury"},"content":{"rendered":"<p><b>(Originally posted on : Bitcoin News )<\/b><br \/>\n<\/p>\n<div>\n<p><strong>Key Takeaways:<\/strong><\/p>\n<ul>\n<li><span style=\"font-weight:400\">Pantera Capital is pressing LSE-listed Satsuma Technology to sell $50M in <span>bitcoin<\/span>. <\/span><\/li>\n<li><span style=\"font-weight:400\">Satsuma raised $218M in a Pantera-backed round in 2025, with over $125M of the total settled in <span>bitcoin<\/span>. <\/span><\/li>\n<li><span style=\"font-weight:400\">The push follows a 99% drop in non-Strategy <span>bitcoin<\/span> treasury purchases from its August 2025 peak.<\/span><\/li>\n<\/ul>\n<h2><span style=\"font-weight:400\">Backer Turns Against His Own Investment<\/span><\/h2>\n<p><span style=\"font-weight:400\">Satsuma Technology, which trades on the London Stock Exchange, <\/span><a href=\"https:\/\/news.bitcoin.com\/bitcoin-treasury-firm-satsuma-raises-218m-in-oversubscribed-round\/\"><span style=\"font-weight:400\">raised<\/span><\/a><span style=\"font-weight:400\"> $218 million in an oversubscribed convertible note round in 2025, with Pantera Capital among its key backers alongside ParaFi, Kraken, and DCG. The round was partly settled in <span>bitcoin<\/span>, with subscribers accepting over $125 million in <span>BTC<\/span> in lieu of cash. That same investor is now reportedly pushing the company to reverse course and <span>liquidate<\/span> its <span>bitcoin<\/span> position entirely.<\/span><\/p>\n<p><span style=\"font-weight:400\">Bloomberg\u2019s <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2026-04-23\/push-to-unwind-bitcoin-hoarder-shows-once-hot-trade-collapsing\" target=\"_blank\" rel=\"noopener noreferrer\">report<\/a> does not detail the full rationale behind Pantera\u2019s push, but the timing aligns with a steep and well-documented retreat across the <span>bitcoin<\/span> treasury sector. According to Cryptoquant, non-Strategy <span>bitcoin<\/span> treasury companies <\/span><a href=\"https:\/\/news.bitcoin.com\/bitcoin-treasury-companies-pull-back-in-2026-as-strategy-accelerates-purchases-cryptoquant\/\"><span style=\"font-weight:400\">pulled back<\/span><\/a><span style=\"font-weight:400\"> sharply through 2026, with combined monthly purchases falling 99% from the August 2025 peak of 69,000 <span>BTC<\/span> to roughly 1,000 <span>BTC<\/span>. The math of holding a concentrated <span>bitcoin<\/span> position through a listed vehicle becomes increasingly difficult when capital costs rise and price appreciation slows.<\/span><\/p>\n<figure id=\"attachment_808632\" aria-describedby=\"caption-attachment-808632\" style=\"width:737px\" class=\"wp-caption aligncenter\"><figcaption id=\"caption-attachment-808632\" class=\"wp-caption-text\">Image source: X<\/figcaption><\/figure>\n<p><span style=\"font-weight:400\">For Satsuma, the pressure from Pantera seems to signals a breakdown in the core thesis that underpinned its fundraise, i.e. that a publicly listed <a href=\"https:\/\/www.binance.com\/en\/price\/bitcoin\" class=\"lar_link lar_link_outgoing\" target=\"_blank\" rel=\"noopener noreferrer\">bitcoin<\/a> treasury structure outside the U.S. could attract sustained institutional support. With the fund now pushing for a sale and capital return, the model appears to be losing its backer conviction faster than the market expected.<\/span><\/p>\n<h2><span style=\"font-weight:400\">Strategy Pulls Away as Others Retreat<\/span><\/h2>\n<p><span style=\"font-weight:400\">The contrast with Michael Saylor\u2019s Strategy is hard to ignore because while smaller treasury firms have struggled to maintain investor appetite, Strategy <\/span><a href=\"https:\/\/news.bitcoin.com\/strategy-reveals-massive-34164-bitcoin-buy-sending-total-holdings-to-815061-btc\/\"><span style=\"font-weight:400\">added<\/span><\/a><span style=\"font-weight:400\"> 34,164 <a href=\"https:\/\/www.binance.com\/en\/price\/bitcoin\" class=\"lar_link lar_link_outgoing\" target=\"_blank\" rel=\"noopener noreferrer\">bitcoin<\/a> in its most recent purchase, bringing its total to 815,061 <a href=\"https:\/\/www.binance.com\/en\/price\/bitcoin\/\" class=\"lar_link lar_link_outgoing\" target=\"_blank\" rel=\"noopener noreferrer\">BTC<\/a> (acquired for approximately $61.56 billion). Furthermore, Strategy\u2019s scale, first-mover status, and equity premium have made it nearly impossible for smaller treasury firms to compete for the same pool of institutional conviction.<\/span><\/p>\n<p> <!-- --> <\/p>\n<p><span style=\"font-weight:400\">The Pantera move could carry implications beyond Satsuma because if one of the more prominent crypto-native venture funds is pressing a <a href=\"https:\/\/www.binance.com\/en\/price\/bitcoin\" class=\"lar_link lar_link_outgoing\" target=\"_blank\" rel=\"noopener noreferrer\">bitcoin<\/a> treasury company to wind down, it signals that the window for replicating Strategy\u2019s model on a smaller scale may be narrowing.<\/span><\/p>\n<\/div>\n<p><a href=\"https:\/\/news.bitcoin.com\/pantera-capital-urges-satsuma-sell-50-million-bitcoin\/\">Source link <\/a><br \/>\n<br \/><\/p>\n","protected":false},"excerpt":{"rendered":"<p>(Originally posted on : Bitcoin News ) Key Takeaways: Pantera Capital is pressing LSE-listed Satsuma Technology to sell $50M in bitcoin. Satsuma raised $218M in a Pantera-backed round in 2025, with over $125M of the total settled in bitcoin. The push follows a 99% drop in non-Strategy bitcoin treasury purchases from its August 2025 peak. [&hellip;]<\/p>\n","protected":false},"author":3947362404,"featured_media":71550,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"om_disable_all_campaigns":false,"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0},"categories":[32],"tags":[],"_links":{"self":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/posts\/71549"}],"collection":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/users\/3947362404"}],"replies":[{"embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/comments?post=71549"}],"version-history":[{"count":0,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/posts\/71549\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/media\/71550"}],"wp:attachment":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/media?parent=71549"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/categories?post=71549"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/tags?post=71549"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}