Satsuma Technology Secures $218M in Landmark Bitcoin-Focused Fundraise

Satsuma secures $218M, including $125M in BTC, to advance Bitcoin strategy

Satsuma Technology secured $217.6 million in its latest raise, with over half settled in Bitcoin, drawing support from top crypto funds and UK institutional investors. London-listed tech firm Satsuma Technology has locked in 163,660,000 British pounds ($217.6 million) in gross proceeds from its second convertible loan note round, with nearly $125 million settled in Bitcoin, to boost its Bitcoin treasury strategy. The raise, which closed on July 28, overshot its minimum $129 million target by more than 63%, driven by strong interest from crypto-native and traditional institutional investors, the company said in a Wednesday announcement. "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 (BTC) 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. Related: 10 Public Companies You Didn't Know Are Stacking Bitcoin Investors backing the round include top crypto funds like ParaFi Capital, Pantera Capital, Arrington Capital, Blockchain.com, Kraken, DCG and Kenetic Capital, alongside several London-based equity funds managing over 300 billion pounds in combined assets. The loan notes will convert to equity at $0.013 per share, pending shareholder approval and regulatory clearance. Funds will be split between operating expenses, including developer hiring and Bitcoin holdings via Satsuma Pte, its Singapore-registered subsidiary. The fundraising builds on Satsuma's earlier announcement in June, when it raised $135 million to begin building its Bitcoin treasury. Satsuma Technology runs, funds and launches its own Bittensor (TAO) subnets, providing validator nodes and a Subnet Task Marketplace. Bittensor is a decentralized AI marketplace, and Satsuma Technology builds infrastructure and AI agents for this ecosystem. Satsuma holds 1,126 BTC valued at approximately $128.66 million, having acquired the asset since July 14. The company's average cost per Bitcoin stands at $115,149, placing its current position at a slight unrealized loss of 0.76%, according to BitcoinTreasuries.NET data. Related: Bitcoin treasuries add 630 BTC while ETFs shed $300M Last week, crypto treasury firms announced over $7.8 billion in planned crypto purchases, with Ethereum emerging as the dominant asset of choice. At least five public companies either bought or promised to purchase over $3 billion worth of ETH. Bitcoin also remained a popular choice for crypto treasury firms such as Strategy, with seven companies proposing or buying a total of $2.7 billion in Bitcoin.

Satsuma Raises $217M, Aims To Become The UK's Largest Bitcoin Treasury Company

London-based Satsuma Technology SATS has secured £163.6 million ($217.6 million) in a heavily oversubscribed funding round, drawing strong institutional interest and marking the largest Bitcoin treasury-related raise by a UK public company to date. What Happened: The convertible note round, which concluded on July 28, was led by ParaFi Capital and included participation from Pantera Capital, DCG, Kraken, Arrington Capital, Borderless Capital, and several London-based equity investment funds. The raise exceeded its £100 million minimum target by over 60%, with nearly half of the proceeds, 1,097.29 BTC, or approximately £96.8 million, settled directly in Bitcoin BTC/USD, using a fixed 24-hour pricing window. The digital asset settlement aligns with Satsuma's strategy of building a Bitcoin-native treasury. The notes are expected to convert into ordinary shares priced at £0.01 each, pending shareholder approval and the publication of a formal prospectus with the UK Financial Conduct Authority. A general meeting will soon be convened to ratify the transaction. Despite the successful fundraise, Satsuma's share price tumbled over 20% on the London Stock Exchange following the announcement, according to data from Benzinga Pro. The stock has now fallen more than 50% since the company first unveiled its Bitcoin treasury strategy in June, currently trading at £4.06. Satsuma, formerly known as Streaks AI and later Tao Alpha, is also building decentralized AI infrastructure on Bittensor TAO/USD, a protocol for open-source machine learning networks. In addition to investing in emerging AI subnets, the firm develops revenue-generating agents tailored for decentralized models. Also Read: Bitcoin Back Above $114,000: Is The Bottom In? The latest funding will support operational expansion, ensure at least three months of working capital is held in cash, and allocate the rest to its BTC reserves under its Singapore-based subsidiary, Satsuma Pte. Get StartedTrade Bitcoin, Ethereum, and More Instantly -- No Wallets, No Hassle Speculate on price movements, claim up to $200 in bonuses, and start with risk-free paper trading with crypto futures on Plus500. Get StartedDisclosure: 82% of retail CFD accounts lose money CEO Henry K. Elder, previously of UTXO Management, called the raise a "landmark validation" of Satsuma's vision to merge decentralized AI and a Bitcoin-native balance sheet. "To have our initial target so significantly oversubscribed is a profound vote of confidence," Elder said, adding that the BTC-denominated participation reflects trust in the firm's ability to execute and innovate from a London base. What's Next: Elsewhere in the UK, Bitcoin treasury companies are beginning to gain traction. The Smarter Web Company TSWCF, listed on Aquis Exchange, currently holds 2,050 BTC (~$235M) and leads the domestic market. On the same day as Satsuma's announcement, Smarter Web revealed it raised an additional $21 million via a Bitcoin-backed convertible bond. Satsuma's emergence has sparked debate within the UK crypto community, particularly over UTXO's support. Some investors have voiced concerns on X, accusing the firm of backing multiple treasury companies in a single market and undermining prior commitments. Other notable UK-listed Bitcoin holders include Phoenix Digital Assets (247 BTC) and Coinsilium CINGF (124 BTC). Crypto asset manager CoinShares, headquartered in Jersey, also holds 236 BTC. Read Next: Michael Novogratz Says Bitcoin, Ethereum Treasury Frenzy May Be Over -- What Now? Image: Shutterstock $BTCBitcoin - United States dollar$114328.490.19%Stock Score Locked: Edge Members Only Benzinga Rankings give you vital metrics on any stock - anytime. Unlock RankingsEdge RankingsMomentum89.34Price TrendShortMediumLongOverview$TAOBittensor - United States dollar$343.020.25%CINGFCoinsilium Group Ltd$0.09030.38%SATSEchoStar Corp$26.820.34%TSWCFTHE SMARTER WEB CO PLC by The Smarter Web Company PLC$2.72-1.98%Market News and Data brought to you by Benzinga APIs