I just read about the history of Satsuma — it's just a wild collapse. The company that raised $221 million a year ago with big promises is now on the brink of ruin. Shares have fallen by 99%, and investors, including Pantera Capital, are demanding to liquidate everything.

It all started when Satsuma decided to become a corporate Bitcoin treasury. In August 2025, they raised serious money — 164 million pounds. At the time, it seemed like a brilliant idea: hold Bitcoin and wait for the growth. Investors were thrilled. But then what happens in the cryptocurrency market happened.

Bitcoin soared above 126,000, then dropped 50% to 60,000. This undermined the entire logic of their strategy. Satsuma’s stock price plummeted so much that the company's market capitalization is now lower than the value of its Bitcoin reserves. Can you imagine? A company with 646 Bitcoins is worth less than those Bitcoins themselves.

Pantera Capital, which owns about 7% of the company, is now demanding to sell all remaining Bitcoins and return the money to shareholders. That’s roughly $50 million in Bitcoin. Essentially, investors are giving up. There’s also chaos inside the company — one director left in February, and in March, CEO Henry Elder was fired.

What’s interesting is that this clearly shows the difference between how crypto assets perform in the hands of institutional investors versus retail markets. Bitcoin is rising, Nasdaq is rising, American investors are in the green. But consumer sentiment has fallen to record lows. The gap between Wall Street and Main Street is only widening.

The current price of Satsuma’s shares is 21 pence. That’s just a symbolic price. The whole story looks like a classic example of how a good idea can fall apart due to poor execution and bad timing. Corporate treasuries in cryptocurrencies are not just complicated — they are dangerous.