Satsuma Technology, a London-listed tech firm, has secured £163.66 million (around $217.6 million) in gross proceeds during its second convertible loan note round. Notably, nearly $125 million of that was received in Bitcoin. This fresh capital will bolster the company’s ongoing Bitcoin treasury strategy.
The round, which closed on July 28, exceeded its $129 million target by over 63%. This surge was fueled by growing interest from both crypto-native investors and traditional institutions.
“This moment represents a landmark validation of our core belief: that fusing a Bitcoin-native treasury with decentralised AI is a paradigm shift in corporate value creation,” said Satsuma CEO Henry Elder.
The company revealed that 1,097.29 Bitcoin was accepted instead of $125 million in cash. “The fact that many chose to subscribe in the first-ever Bitcoin subscription in London speaks to their trust in our ability to innovate and execute,” Elder added.
Top-tier crypto funds backed the raise, including ParaFi Capital, Pantera Capital, Arrington Capital, Blockchain.com, Kraken, Digital Currency Group (DCG), and Kenetic Capital. Additionally, several equity funds based in London — managing over £300 billion collectively — joined the investment round.
Satsuma plans to convert the loan notes into equity at $0.013 per share, pending shareholder and regulatory approvals. The raised funds will cover operational expenses like hiring developers and expanding Bitcoin reserves via its Singapore-based subsidiary, Satsuma Pte.
Previously in June, Satsuma raised $135 million to kickstart its Bitcoin accumulation. As of now, it holds 1,126 BTC — worth around $128.66 million — purchased since July 14. The company’s average acquisition cost per Bitcoin is $115,149. This places it at a small unrealized loss of 0.76%, according to BitcoinTreasuries.NET.
Beyond treasury moves, Satsuma operates validator nodes and a Subnet Task Marketplace through its Bittensor-based AI infrastructure. Bittensor is a decentralized AI platform, and Satsuma plays a key role by developing AI agents and systems for this ecosystem.
Meanwhile, the broader crypto treasury space is heating up. Last week alone, firms revealed more than $7.8 billion in planned crypto buys. Ethereum led the way, with over $3 billion in public company commitments. However, Bitcoin remained a strong contender.
For instance, Strategy (formerly MicroStrategy) raised $2.5 billion to purchase 21,021 BTC. The UK’s Smarter Web Company invested $26.5 million to buy 225 BTC. Japanese firm Metaplanet added 780 BTC worth $92 million to its balance sheet.
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