Push to Unwind Bitcoin Hoarder Shows Once-Hot Trade Failing (1)

Shareholders in a UK Bitcoin accumulator are pushing it to sell all its tokens and wind down operations, one of the most dramatic examples of how the once-hot trade has fallen out of favor.

Pantera Capital Management, one of the most prolific crypto venture capital funds, is among investors pushing London-listed Satsuma Technology Plc to divest its remaining $50 million of Bitcoin and return capital to shareholders, according to people familiar with the matter. Satsuma confirmed that some shareholders “have requested a return of capital,” without naming them.

“We are exploring options to facilitate these requests while protecting the ...