Digital asset investment firm Pantera Capital is urging London-listed Satsuma Technology (SATS) to liquidate its remaining bitcoin holdings and return cash to shareholders, marking a sharp turning point for a strategy that once drew strong investor enthusiasm, Bloomberg reported on Thursday.
Pantera’s DAT Opportunity Fund, which owns about 6.7% of the company, is among those pushing for a full wind-down of Satsuma’s roughly $50 million bitcoin position (646 $BTC) with SATS having lost 99% of its value since peaking at 14 pounds ($18.90) last June.
Satsuma acknowledged receiving requests for capital returns but did not disclose which investors were involved. Executive Chairman Ranald McGregor-Smith said the firm is reviewing options to address these demands while balancing the interests of all shareholders, according to Bloomberg.
In August 2025, Satsuma raised 164 million pounds ($221 million) through an oversubscribed convertible note backed by major crypto investors including Pantera, ParaFi, Kraken, and Digital Currency Group.
Bitcoin then surged past $126,000 before falling 50% to $60,000 by early February, eroding confidence in corporate treasury strategies tied heavily to digital assets.
The collapse in Satsuma’s share price has left its market value below that of its 646 $BTC holdings. Leadership turmoil has compounded the decline, with a director exiting in February and CEO Henry Elder stepping down in March.
SATS traded at 21 pence ($0.28) on Thursday, a drop of 12.5% on the day.
Neither Satsuma not Pantera immediately responded to CoinDesk’s request for comment.
A coalition of U.S. crypto companies and trade groups called on the Senate Banking Committee to proceed with a markup of the Clarity Act, a bill that would create a federal framework for crypto markets.
In a letter to Chairman Tim Scott, Ranking Member Elizabeth Warren Subcommittee Chairwoman Cynthia Lummis and Ranking Member Ruben Gallego, the group argued that action by government agencies alone cannot deliver stable rules.
The letter cites the risk of returning to “regulation by enforcement,” referring to a series of court cases brought by the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC) that defined policy under President Joe Biden.
More than 100 signatories are backing the effort. These include high-profile companies including Coinbase, Circle Internet, Kraken, Ripple, Andreessen Horowitz, Paradigm, Consensys, Anchorage Digital and Galaxy Digital alongside developer groups, state blockchain associations and university chapters of Stand With Crypto.
The coalition flagged six priorities for lawmakers to address. These include preserving consumer rewards tied to payment stablecoins, defining oversight roles for the SEC and CFTC, and protecting developers who build non-custodial tools.
It also called for disclosure rules that are easier to follow and a federal standard that avoids a patchwork of state laws.
Other major jurisdictions, such as the European Union, have already enacted comprehensive cryptocurrency frameworks, and the group warned that the absence of U.S. legislation risks pushing investment, jobs and development offshore.
“America needs clear, comprehensive rules for digital asset markets. It is a global race to the top, and it is important for the U.S. to lead,” Ji Hun Kim, CEO of the Crypto Council for Innovation, in an email.
“The Senate Banking Committee can build on years of bipartisan work and the GENIUS Act’s success by advancing legislation that delivers regulatory clarity, robust consumer protections, and strong safeguards for developers. A markup will move us closer to durable rules that ensure the U.S. sets the global standard for digital asset markets,” Kim said.
Kering’s Women in Motion Awards gala is coming together.
The starry gathering, which takes place during the Cannes Film Festival as an official event with attendance from festival leaders, jury members and others, is set for May 17. It will honor Oscar-winning actress Julianne Moore with a Women in Motion trophy, while Italian auteur Margherita Spampinato will receive an emerging talent award.
The Women in Motion Awards is a ceremony that launched in 2015. Each year, Kering singles out “female artists whose careers and commitment have advanced the role of women both in cinema and in society.” Recipients over the years have included Nicole Kidman, Donna Langley, Jane Fonda, Patty Jenkins, Geena Davis, Susan Sarandon, Viola Davis, Michelle Yeoh and Salma Hayek Pinault. Kering’s Women In Motion activities in Cannes also include live events like talks, podcast recordings and more.
“Julianne Moore fully embodies the spirit of Women in Motion. Through the consistency of her artistic choices, the depth and complexity she brings to her performances, and her longstanding dedication to advancing meaningful representation both on and off screen, she has helped redefine what it means to be a leading woman in cinema,” praised Kering chairman François-Henri Pinault.
Moore, a regular face at the Cannes Film Festival, won an Oscar for her work in Still Alice. Her other credits include Far From Heaven, The Hours, The Kids Are All Right, Boogie Nights, and more recently, May December, Echo Valley, The Room Next Door, Sirens and Mary & George. She next stars in Jesse Eisenberg’s untitled musical comedy for A24. She has received top acting honors at the Berlin, Venice and Cannes film festivals.
Moore said she’s “genuinely grateful” to be recognized by Kering. “Being part of Women In Motion’s legacy is incredibly meaningful to me. I’ve always believed that visibility matters, that the stories we choose to tell can widen the space for women, and for a richer diversity of voices, both on screen and behind the camera. Continuing to work together to amplify female and diverse voices and to support the next generation of creators helps build a cinema that is more open, more representative, while driving real change.”
Cannes Film Festival president Iris Knobloch said Moore “does not use cinema to reassure,” but rather “for 40 years, she has chosen characters who destabilize, who suffer without resolution, who refuse easy sympathy and in doing so, she has claimed territory on screen that did not exist before she walked into it.” Added general delegate Theirry Frémaux: “Julianne Moore is one of the great actresses of contemporary cinema. Across an uncompromising and richly diverse filmography, she has built her work with remarkable intelligence and patience, delivering performances of rare emotional precision. Working with some of the most important filmmakers of our time, she brings to each role a profound sensitivity, an extraordinary sense of nuance, and a fearless engagement with complex characters.”
Spampinato was selected for the emerging talent award by her predecessor, Brazilian filmmaker Marianna Brennand, who received it last year. The honor comes with a grant (50,000 euros) to support a second feature film project, and it comes to Spampinato for her debut Gioia Mia. The film, which premiered at the Locarno Film Festival where it won two prizes, tells the story of a young boy who discovers love, memory and mystery during an unexpected stay in a seaside Sicilian town.
Previously, Spampinato wrote and directed two short films, Tommasina and Segreti. “I am grateful and happy to receive the 2026 Women In Motion Emerging Talent Award,” she said. “It is a great honor to receive it from Marianna Brennand, a director I deeply admire. This award moves me because it supports the creativity and freedom of new female voices in cinema and the arts around the world.”
The firing of US Navy Secretary John Phelan is the latest in a shakeup of the American military during the war on Iran, now in its eighth week.
The Pentagon said Phelan would leave office immediately.
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“On behalf of the Secretary of War and Deputy Secretary of War, we are grateful to Secretary Phelan for his service to the Department and the United States Navy,” said chief Pentagon spokesperson Sean Parnell. “We wish him well in his future endeavours”.
His firing comes at a critical moment, with US naval forces enforcing a blockade on Iranian ports and ships, and maintaining a heavy presence around the Strait of Hormuz, through which 20 percent of the world’s oil and gas passes during peacetime.
Although the Pentagon gave no official reason for the dismissal, reports indicate the decision was linked to internal disputes, including tensions with Defense Secretary Pete Hegseth.
Phelan’s removal is part of a broader pattern of dismissals and restructuring within the US military under President Donald Trump’s administration – including during the current war.
So, who is John Phelan, and what impact could his firing have on US military strategy?
Who is John Phelan?
As the US Navy’s top civilian official, Phelan had various responsibilities, including overseeing recruiting, mobilising and organising, as well as construction and repair of ships and military equipment.
He was appointed in 2024 as a political ally of Trump, despite having no prior military or defence leadership experience.
Before entering government, Phelan was a businessman and investment executive, as well as a major Republican donor and fundraiser — a background that is fairly common among Trump appointees and advisers. The US president’s two top diplomatic negotiators, for instance, are Steve Witkoff — a real estate businessman with no prior diplomatic experience – and Trump’s son-in-law, Jared Kushner.
According to the Reuters news agency, Phelan’s tenure quickly became controversial. He faced criticism for moving too slowly on shipbuilding reforms and for strained relationships with key Pentagon figures, including Hegseth and his deputy, Steve Feinberg.
rump with U.S. Marine Corps Lieutenant General Michael Borgschulte and Secretary of the Navy John Phelan (R) before the game between the Navy Midshipmen and the Army West Point Black Knights at M&T Bank Stadium [File: Tommy Gilligan/Imagn Images/Reuters]
In addition, Phelan was reportedly under an ethics investigation, which may have weakened his standing in the administration.
Navy Undersecretary Hung Cao, who was also reported to have a difficult relationship with Phelan, has become acting secretary. Fifty-four-year-old Cao is a 25-year Navy veteran who previously ran as a Republican candidate for the US Senate and House of Representatives in 2022 and 2024 respectively, but was unsuccessful on both occasions.
Democrats have criticised Phelan’s removal, calling it “troubling”.
“I am concerned it is yet another example of the instability and dysfunction that have come to define the Department of Defense under President Trump and Secretary Hegseth,” said Senator Jack Reed, the top Democrat on the Senate Armed Services Committee.
Who else has the Trump administration fired since the war with Iran began?
Phelan’s removal is the latest in a series of senior military leaders being fired or are leaving during the US-Israeli war on Iran, in addition to others since Trump was re-elected.
Among the most notable dismissals was Army Chief of Staff General Randy A. George, in the first week of April. George was appointed in 2023 under former US President Joe Biden.
According to reports, Hegseth also fired the head of the Army’s Transformation and Training Command, a unit concerned with modernising the army, and the Army’s chief of chaplains. The Pentagon has not confirmed their dismissal.
Why is Phelan’s dismissal significant?
The 62-year-old’s removal comes during a fragile ceasefire with Iran, as the US continues to move more naval assets into the region.
The Navy is central to enforcing Trump’s blockade of Iranian ports to restrict Iran’s oil exports and apply economic pressure on Tehran, as the US president looks eager to wrap up the war, which is deeply unpopular to many Americans.
However, there are no indications that Trump is willing to end the blockade or other naval operations in the Strait of Hormuz, as negotiations between Washington and Tehran have come to a standstill.
Tensions have escalated in recent days after the US military seized an Iranian container ship. The US claimed it was attempting to sail from the Arabian Sea through the Strait of Hormuz to the Iranian port of Bandar Abbas.
Tehran responded by describing the attack and hijack as an act of “piracy”.
Iran has since captured two cargo ships and fired at another.
The Oscar-nominated actor, director, producer and screenwriter was last in Venice in 2021 with her directorial debut “The Lost Daughter,” an adaptation of the Elena Ferrante novel of the same name starring Jessie Buckley, Olivia Colman, Dakota Johnson and Peter Sarsgaard, which won the fest’s best screenplay award.
Gyllenhaal more recently directed “The Bride!,” a feminist take on the “Frankenstein” myth starring Buckley, Christian Bale, Penélope Cruz, Sarsgaard, Annette Bening and Jake Gyllenhaal that recently released in the U.S.
Gyllenhaal is the third woman to head the Lido jury in the past five years, following Isabelle Huppert (2024), Julianne Moore (2022) and Cate Blanchett (2020).
“I am thrilled to accept the invitation to lead this year’s Venice Film Festival jury,” Gyllenhaal said in a statement. “Venice has always supported truthful, singular voices and I am honored to play a part in continuing that brave and necessary tradition. I will not be standing in judgement, but in curiosity, admiration and excitement.”
Commented Venice chief Alberto Barbera: “Maggie Gyllenhaal embodies an artistic path of uncommon consistency, constructed over time with intelligence and courage. An actress who is able to portray disturbing and multifaceted characters, she also reinvented herself as a director with ‘The Lost Daughter.’”
He continued, “Her perspective on cinema — both intellectual and visceral — has found further confirmation in the recent film ‘The Bride!,’ which consolidates her stature as an original filmmaker. Having her as the president of our jury means being able to rely on an authoritative and independent voice, animated by that authentic passion for arthouse cinema which has always represented the heart of the festival.”
In her illustrious acting career, Gyllenhaal broke out in 2002 with Steven Shainberg’s “Secretary” opposite James Spader, for which she won a National Board of Review award and earned Golden Globe and Independent Spirit Award nominations. She followed that with Laurie Collyer’s “Sherrybaby,” which earned her a second Golden Globe nomination. In 2009, she starred opposite Jeff Bridges in “Crazy Heart,” which earned her an Oscar nomination.
Gyllenhaal’s other notable film performances include “Donnie Darko,” “Mona Lisa Smile,” “Stranger Than Fiction,” “The Dark Knight,” “Nanny Mcphee Returns,” “Frank” and “The Kindergarten Teacher,” among others.
The 84th edition of Venice will run Sept. 2-12, with the festival’s lineup being announced July 23.
With the rise of AI performers such as Tilly Norwood and recent news of Doug Limon’s upcoming AI-generated feature “Bitcoin: Killing Satoshi,” an initiative aimed at giving filmmakers a way of celebrating human artistry behind and in front of the camera has now launched.
The Human Made Mark, which was first established last year, is set to appear as an ident before a verified film and as a certified Trust Mark in the end credits, indicating that a project has not been made with the help of AI. The idea behind the initiative is to give audiences the opportunity to make a decision in their viewing habits — much like the FairTrade label on food — and goes beyond studios adding their own un-independently verified disclaimer with regards to AI use.
For the official launch, the initiative’s founders William Grave and Eric Gruber traveled to the site of one of the world’s earliest human-made marks — the 29,000-year-old Pech Merle cave paintings in France.
“It has been a beautiful experience to come with my co-founder Eric to Pech Merle in France and officially celebrate the launch of our trust mark here,” said Grave. “Going back to our ancient past, it reminds us how creativity and expression is so innately human.”
Even before The Human Made Mark launch, it had gathered early supporters from film creatives, including Oscar-winning production designer Tamara Deverell, three time Oscar-nominated cinematographer Dan Laustsen and Oscar-winning costume designers Ruth E. Carter and Deborah L. Scott. Deverell said that the initiative’s “mission to help protect the human village on a film set is vital for the future of our industry.”
To gain certification, a producer, director or production company representative must submit evidence such as call sheets, behind the scenes photos, credit lists, a private viewing link for the team to review, and sign a legal declaration. The Human Made Mark bills itself as the first initiative of its kind to introduce this level of verification. The current model supports both live‑action and stop‑motion animation productions, with the ambition to expand certification to additional animation techniques in the future.
“We proudly set the bar high for certification, said Gruber. “The Human Made Mark is the Michelin Star of human craft. By doing so, we can create a premium for human made work, while inspiring the next generation of artists coming through. The future isn’t written yet. What we do now as filmmakers, industry stakeholders and as an audience, can change everything.”
Aanchal Kapoor, the lawyer who set up the contractual framework behind The Human Made Mark’s verification platform, described the project as a “pioneering use of law to protect the filmmaking industry” in the face of the threat posed by AI.
“In a climate of rising AI encroachment in creative professions, the industry is asking itself: How can the law protect artistic ecosystems?. As a lawyer and filmmaker myself, I believe the legal architecture of this verification scheme is defining a boundary across creative industries against AI which says, whilst it can be a tool used by a human artist; it cannot be at the cost of replacing a human artist,” she added.
The Human Made Mark also recently collaborated with Kodak Film to create a visual love letter to filmmakers that was released on Valentine’s Day across social platforms. The film — voiced by “Bridgerton” actor Ruby Barker — gained momentum, surpassing 200,000 views.
“When I was first approached by the Human Made Mark, I researched their work, their values and their vision and I was so thrilled to get involved with the project,” said Barker. “I feel it is so vital to stand our ground as artists and champion Human Made art. Film making has been such an important part of my life and without the countless Human artists I’ve encountered on my acting journey, who became friends and cherished colleagues, I wouldn’t be who I am today.”
Tesla still doesn’t have a solid pathway for how to give Hardware 3 cars Full Self-Driving (FSD) capabilities, based on what Elon Musk said during the company’s latest earnings call. The automaker has known for quite a while that its vehicles equipped with Hardware 3 aren’t capable of unsupervised FSD, even though the company built the system specifically to give its cars the ability. Tesla used Hardware 3 on cars manufactured from 2019 until early 2023 before Hardware 4 shipped.
During an earlier earnings call back in January 2025, Musk admitted that the company was “going to have to upgrade people’s Hardware 3 computer for those that have bought Full Self-Driving.” At Tesla’s latest earnings call, Musk said that Hardware 3 “simply does not have the capability to achieve unsupervised FSD.” Tesla thought it would be able to at one point, but Hardware 3 apparently has 1/8th the memory bandwidth of Hardware 4. Musk explained that memory bandwidth is “one of the key elements” needed for unsupervised FSD.
Tesla will be offering to upgrade and replace the computers and cameras on older vehicles, but it doesn’t have a concrete plan in place yet. “I do think over time it’s going to make sense for us to convert all Hardware 3 cars to Hardware 4,” he said. To do so at service centers would be extremely slow, Musk has admitted. Around 4 million cars or so have Hardware 3, though not everyone has paid for FSD. Still, to be able to replace its vehicles’ hardware efficiently, Musk said Tesla is going to have to set up “microfactories or small factories in major metropolitan areas.” He didn’t give any indication that Tesla has already started building those microfactories, though, or even that construction is already scheduled to begin. He did say that in the meantime, the company is going to be releasing FSD version 14 for Hardware 3 around the end of June.
Musk also said during the same earnings call that Tesla’s Fremont factory will start manufacturing the company’s humanoid Optimus robots in late July or August. The Tesla CEO is known for announcing highly optimistic and aggressive timelines. Tesla made the decision to kill off its Model X and S cars earlier this year, so that it can convert its Fremont facility into an Optimus factory. The last Model S and X vehicles will be rolling off the production line in May, which gives the company just a few months to dismantle the facility’s current equipment and put new ones in place.
Bitcoin ($BTC) continued its upward trend last night, briefly climbing above $79,300. However, this was short-lived, and Bitcoin failed in its attempt to break the critical $80,000 resistance level. The $BTC price retreated to around $77,800.
While it is stated that the rise could continue if Bitcoin surpasses $80,000, Julio Moreno, head of research at CryptoQuant, evaluated the recent upward movement in Bitcoin.
Accordingly, Moreno concluded that the rise in Bitcoin was driven by the futures market.
In his latest analysis, a CryptoQuant analyst stated that the recent rise in Bitcoin price was driven entirely by demand in the perpetual futures market rather than spot demand. The analyst added that spot demand has not yet recovered.
At this point, the analyst issued a warning. Because the recent rise in Bitcoin is being driven more by the derivatives market than spot demand, there is a risk of a correction in the coming days.
“The recent rise in Bitcoin prices is entirely driven by demand in the perpetual futures market. Demand in the spot market is still showing a downward trend.”
Moreno noted that this situation is similar to when Bitcoin reached its peak of $98,000 in January. According to Moreno, at that time, strong demand in the futures market triggered the price increase, but a correction followed because the rise wasn’t supported by spot demand.
Moreno concluded by warning that if short-term investors also take profits during a period of weak spot demand, it could put downward pressure on prices.
“Currently, there is a possibility of a price correction if investors engage in profit-taking. Downward pressure could intensify, especially if the contraction in spot demand continues.”
Cryptocurrency venture capital company Blockchain Capital is raising $700 million for two new funds, Bloomberg reported on Thursday.
The San Francisco-based firm is raising for its seventh early-stage fund and second growth fund, which are expected to be completed in the next five to six months, according to the report, citing a person familiar with the matter.
The firm did not respond to CoinDesk’s request for comment.
Blockchain Capital, run by two co-founders and managing partners, Bart Stephens and Brad Stephens, has previously raised around $1 billion for crypto investment, with digital asset giants such as Coinbase, Circle and Tether in its portfolio.
The company’s last major raise came in 2023 when it drew $580 million for its sixth early-stage fund and one late-stage fund.
Blockchain Capital’s limited partners largely come from a traditional financial (TradFi) background, including university endowments, sovereign wealth funds, U.S. pension plans and the like. The firm manages already manages $2 billion in fee-bearing assets and a total portfolio worth more than $6 billion, according to Bloomberg.
Maggie Gyllenhaal (The Lost Daughter, The Bride!, Crazy Heart) will be the president of the international jury of the competition at the 83rd Venice International Film Festival, running Sept. 2-12. Organizers unveiled the U.S. director, actress, screenwriter and producer as the head of the jury, which will decide the Golden Lion for best film and others awards this year.
The decision was made by the board of directors of La Biennale di Venezia based on the recommendation of the director of the Venice Film Festival, Alberto Barbera.
Gyllenhaal said: “I am thrilled to accept the invitation to lead this year’s Venice Film Festival jury. Venice has always supported truthful, singular voices and I am honored to play a part in continuing that brave and necessary tradition. I will not be standing in judgement, but in curiosity, admiration and excitement.”
Said Barbera: “Maggie Gyllenhaal embodies an artistic path of uncommon consistency, constructed over time with intelligence and courage. An actress who is able to portray disturbing and multifaceted characters, she also reinvented herself as an author with The Lost Daughter, which won the Best Screenplay award here in Venice in 2021. Her perspective on cinema – both intellectual and visceral – has found further confirmation in the recent film The Bride! (2026), which consolidates her stature as an original filmmaker. Having her as the president of our jury means being able to rely on an authoritative and independent voice, animated by that authentic passion for arthouse cinema which has always represented the heart of the festival.”
Venice organizers touted Gyllenhaal as “an Academy Award-nominated actress, director, producer, and screenwriter whose career is full of thought-provoking and groundbreaking work.”
They added: “Gyllenhaal moved into television with BBC/Sundance’s THE HONOURABLE WOMAN (2014), for which she won a Golden Globe Award and received SAG and Emmy nominations. And in 2019, Gyllenhaal concluded her three-season run as the sex worker Candy who becomes a film director in the HBO drama THE DEUCE, which she also produced.”
