Satsuma Technology, a tech company listed in London, has secured a total of £163.6 million ($217.6 million) in its second round of convertible loan note financing, with nearly $125 million settled in Bitcoin to advance its Bitcoin treasury strategy.
This round of financing concluded on July 28, exceeding the minimum target of $129 million by over 63%, driven by strong interest from both crypto-native and traditional institutional investors, the company stated in a Wednesday announcement.
"This moment represents a milestone validation of our core belief: that merging a Bitcoin-native treasury with decentralized AI is a paradigm shift in enterprise value creation," said Satsuma CEO Henry Elder.
The company revealed that it accepted 1,097.29 Bitcoin (BTC) instead of $125 million in cash. "The fact that many chose to subscribe to the first Bitcoin offering in London reflects their trust in our innovation and execution capabilities," Elder added.
Investors supporting this round of financing include top crypto funds such as ParaFi Capital, Pantera Capital, Arrington Capital, Blockchain.com, Kraken, DCG, and Kenetic Capital, as well as several London equity funds managing a total of over £300 billion in assets.
The loan notes will convert to equity at a price of $0.013 per share, pending shareholder approval and regulatory permission. The funds will be allocated to operational expenses, including hiring developers and holding Bitcoin through its Singapore-registered subsidiary, Satsuma Pte.
This financing builds on Satsuma's earlier announcement in June, when it raised $135 million to begin building its Bitcoin treasury.
Satsuma Technology operates, funds, and launches its own Bittensor (TAO) subnet, providing validation nodes and subnet task markets. 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 $128.6 million, and has been acquiring this asset since July 14. According to data from BitcoinTreasuries.NET, the company's average cost per Bitcoin is $115,149, and its current position is at a slight unrealized loss of 0.76%.
Last week, crypto treasury companies announced plans to purchase over $7.8 billion in cryptocurrencies, with Ethereum being the primary asset of choice. At least five publicly listed companies have either purchased or committed to buying over $3 billion in ETH.
Bitcoin remains a popular choice for crypto treasury companies like Strategy, with seven companies proposing or purchasing a total of $2.7 billion in Bitcoin.
Strategy (formerly MicroStrategy) purchased 21,021 Bitcoin after raising $2.5 billion from its fourth preferred stock, STRC. The Smarter Web Company in the UK spent approximately $26.5 million to acquire 225 Bitcoin, while Metaplanet spent $92 million to buy 780 Bitcoin.
Related: 8,000 Bitcoins buried in a landfill for 13 years are hard to recover; a British man aims to get rich through tokens.
Original article: “Satsuma Secures $218 Million Financing, Including $125 Million in Bitcoin (BTC) to Advance Treasury Strategy”
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