According to Bloomberg, sources familiar with the matter said that cryptocurrency venture capital firm Pantera Capital Management is urging London-listed Satsuma Technology Plc to sell its remaining approximately $50 million in Bitcoin and return the proceeds to shareholders. Satsuma has confirmed that some shareholders have requested a return of capital, and the company is evaluating potential options. Additionally, sources indicated that the shareholders have also called for a change in management; currently, Satsuma’s CEO Henry Elder and CFO Andrew Smith have resigned. Earlier this month, the company announced plans to cut costs and disclosed its purchase of £1.4 million worth of Bitcoin.
Pantera Capital Urges Satsuma to Sell Bitcoin and Return Funds to Shareholders
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Summary
Bitcoin breaking news: Pantera Capital is urging Satsuma Technology Plc to sell its $50 million in Bitcoin and return the proceeds to shareholders. The London-listed company stated it is reviewing its plans following requests from some investors for a return of capital. Shareholders are also calling for a management overhaul—CEO Henry Elder and CFO Andrew Smith have resigned. Earlier this month, the company announced Bitcoin purchases and cost-reduction measures. Bitcoin news continues to evolve as institutional players advocate for change.
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