Tech firm’s Bitcoin-native treasury model draws major crypto and UK institutional backing
In a bold bet on the fusion of decentralized AI infrastructure and Bitcoin-native finance, London-listed Satsuma Technology has secured £163.66 million ($217.6 million) in gross proceeds through its latest convertible loan note raise—more than half of which was settled in Bitcoin.
According to the company, the raise closed on July 28, surpassing its minimum target by 63%. A total of 1,097.29 BTC, equivalent to $125 million, was accepted from investors in place of traditional fiat payments. This marks the first-ever Bitcoin-based fundraising subscription for a listed firm in London, signaling growing investor trust in crypto-native capital structures.
“This is a landmark validation of our core thesis—that combining a Bitcoin treasury with decentralized AI is a breakthrough model for value creation,” said Satsuma CEO Henry Elder.
Investors in the round included high-profile crypto funds such as Pantera Capital, Arrington Capital, Blockchain.com, and Kraken, alongside several UK-based institutional asset managers overseeing over £300 billion collectively.
The raised funds will be divided between operating expenses—including developer hiring—and the expansion of Satsuma’s Bitcoin holdings via its Singapore entity, Satsuma Pte.
This follows Satsuma’s $135 million round in June, which initiated its Bitcoin treasury strategy. Since July 14, the firm has accumulated 1,126 BTC, valued at approximately $128.66 million, with an average purchase price of $115,149 per BTC—putting the company at a minor unrealized loss of 0.76%, according to data from BitcoinTreasuries.NET.
The loan notes are expected to convert to equity at $0.013 per share, pending regulatory and shareholder approvals.
Satsuma is actively building validator nodes and AI agents for the Bittensor ecosystem, operating a Subnet Task Marketplace that supports decentralized machine learning models.
Amid a wave of institutional crypto treasury announcements, Satsuma’s model is gaining attention for offering a hybrid of cutting-edge AI and hard digital assets.
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