London-listed technology company Satsuma Technology has secured 163,660,000 British pounds ($217.6 million) in total proceeds from its second convertible loan note initiative, with nearly $125 million settled in Bitcoin, to enhance its Bitcoin treasury approach.
The funding round, which concluded on July 28, exceeded its minimum $129 million goal by more than 63%, propelled by high demand from both crypto-native and traditional institutional investors, the organization announced on Wednesday.
“This moment signifies a significant affirmation of our fundamental belief: that integrating a Bitcoin-native treasury with decentralized AI represents a transformation in corporate value generation,” stated Satsuma CEO Henry Elder.
The firm disclosed that 1,097.29 Bitcoin (BTC) was accepted rather than $125 million in cash. “The fact that many opted to contribute in the first-ever Bitcoin subscription in London highlights their confidence in our capacity to innovate and deliver,” Elder remarked.
Related: 10 Public Companies You Didn’t Realize Are Accumulating Bitcoin
Leading crypto funds support Satsuma’s funding
Investors participating in this round include prominent crypto funds like ParaFi Capital, Pantera Capital, Arrington Capital, Blockchain.com, Kraken, DCG, and Kenetic Capital, alongside various London-based equity funds managing over 300 billion pounds in collective assets.
The loan notes will transition to equity at $0.013 per share, subject to shareholder endorsement and regulatory approval. Funds will be allocated for operational costs, including recruiting developers and Bitcoin holdings via Satsuma Pte, its Singapore-registered subsidiary.
This capital raise bolsters Satsuma’s previous announcement in June, when it raised $135 million to initiate the establishment of its Bitcoin treasury.
Satsuma Technology operates, 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 develops infrastructure and AI agents for this environment.
Satsuma possesses 1,126 BTC valued at approximately $128.66 million, having obtained the asset since July 14. The firm’s average purchase price per Bitcoin is $115,149, resulting in a slight unrealized loss of 0.76%, according to BitcoinTreasuries.NET data.
Related: Bitcoin treasuries accumulate 630 BTC while ETFs shed $300M
Companies aim for $7.8 billion in crypto
Last week, crypto treasury firms disclosed over $7.8 billion in intended crypto acquisitions, with Ethereum emerging as the preferred asset. At least five public companies either purchased or committed to buying over $3 billion worth of ETH.
Bitcoin also remained a favored choice for crypto treasury firms like Strategy, with seven companies proposing or acquiring a total of $2.7 billion in Bitcoin.
Strategy, previously MicroStrategy, purchased 21,021 Bitcoin after raising $2.5 billion from its fourth preferred stock, STRC. The UK’s The Smarter Web Company additionally invested about $26.5 million on 225 Bitcoin, and Metaplanet acquired 780 Bitcoin for roughly $92 million.
Magazine: Bitcoin OG Willy Woo has sold most of his Bitcoin — Here’s why
