The DAT collapse: Pantera wants Satsuma to dump its bitcoin as shares crash 99%
CoinDesk
Pantera Capital urges Satsuma Technology to sell its bitcoin and return cash as SATS shares have plummeted 99%.Summary
Pantera Capital, through its DAT Opportunity Fund, is pushing London-listed Satsuma Technology (SATS) to liquidate its approximately $50 million in bitcoin holdings and return the cash to shareholders. This comes as Satsuma's shares have crashed by 99% from their peak. Satsuma, which holds 646 BTC, acknowledged the requests for capital returns and stated it is reviewing options. The company had previously raised significant funds from major crypto investors, including Pantera, based on a strategy heavily reliant on digital assets. However, a sharp decline in bitcoin's price, coupled with leadership turmoil, has severely impacted Satsuma's market value and investor confidence.
(Source：CoinDesk)