Pantera Advances Shareholder Vote to Force Satsuma's $50M Bitcoin Liquidation

Pantera Capital has escalated its activist push, filing a requisition notice that advanced to a published circular and general meeting for shareholders to vote on liquidating Satsuma Technology's 646 BTC (~$50M at ~$77.5K/BTC) and returning proceeds via dividend, buyback, or distribution. Satsuma raised £164M ($221M) in August 2025 via convertible notes to build its treasury near Bitcoin's $126K peak, but a ~40% BTC drop, prior 579 BTC sales, leadership exits, and 99% share plunge to 21p (~$0.28)—leaving market cap ~$25-33M below holdings—intensified pressure. The move risks near-term BTC selling pressure, contrasting MicroStrategy's aggressive accumulation.