London-listed Satsuma Technology is facing shareholder pressure over its bitcoin holdings. As calls are formalised for the company to sell bitcoin and return funds to shareholders, its ability to sustain its financial strategy is being put to the test.

On April 23 local time, blockchain media outlet Cryptopolitan reported that investors led by Pantera Capital are demanding that Satsuma dispose of bitcoin worth about $50.26 million and wind down the business.

The key driver is a gap between market capitalisation and asset value. Satsuma’s market capitalisation is about 24.65 million pounds, below the value of the company’s 645.7 bitcoin holdings, estimated at about $50.26 million. The share price has plunged more than 99 percent from its June 2025 peak and is now trading in the low 20 pence range. With bitcoin around $77,000 versus an average purchase price of $113,512, the unrealised loss is also above 30 percent.

Satsuma adopted an artificial intelligence-based bitcoin treasury strategy in August 2025 and raised funds aggressively. It secured 164 million pounds through loan notes with convertible bond characteristics and expanded bitcoin purchases during a bull market. The market later turned bearish, with bitcoin falling about 40 percent from its peak, while the stock also slid sharply.

Shareholders’ demands have already been confirmed through management. The company said some investors had formally requested a “return of capital”, and Pantera Capital, which holds about a 7 percent stake, is identified as the main source of pressure. A management vacuum has also persisted. Chief Executive Henry Elder (헨리 엘더) and Chief Financial Officer Andrew Smith (앤드루 스미스) stepped down in March 2026, adding to uncertainty.

The Satsuma case is spreading into broader questions about the strategy of building bitcoin as a treasury asset. Some companies are selling to narrow gaps between asset values and share prices. Empery Digital is selling bitcoin to fund share buybacks. It sold 20 bitcoin at an average $74,425 to raise about $1.5 million, and is buying shares to defend the stock price.

Other companies are sticking to the opposite strategy. Strategy, led by Michael Saylor, continues to buy bitcoin. The company recently bought an additional 34,164 bitcoin for about $2.5 billion. It is raising funds through preferred and common share offerings while maintaining an aggressive buying strategy. Its holdings now stand at about 810,000 bitcoin, an overwhelming scale among publicly listed companies.

Market attention is ultimately focusing on how results can diverge sharply even under similar bitcoin treasury strategies, depending on fundraising methods and the ability to defend share prices. Satsuma has entered a phase where it needs to reassess the strategy itself as a low market capitalisation relative to asset value, leadership exits and shareholder liquidation demands converge.