British tech firm Satsuma Technology has secured £163.66 million ($217.6 million) in gross proceeds from its second convertible loan note round, with nearly $125 million of the total settled in Bitcoin — a move aimed at deepening its Bitcoin treasury strategy.
The raise, which concluded on July 28, surpassed its £97.1 million ($129 million) minimum target by more than 63%, driven by significant interest from both crypto-native and traditional institutional investors, the company said in a Wednesday announcement. Satsuma’s CEO, Henry Elder, called the raise a “landmark validation” of the company’s mission to fuse Bitcoin-native treasuries with decentralized AI infrastructure.
“This moment represents a landmark validation of our core belief,” Elder said, adding that the willingness of investors to subscribe using Bitcoin — totalling 1,097.29 BTC — underscores confidence in the company’s innovation and execution.
The round attracted support from high-profile crypto investors including ParaFi Capital, Pantera Capital, Arrington Capital, Kraken, Blockchain.com, DCG, and Kenetic Capital. Several London-based equity funds managing over £300 billion in assets also participated.
The notes will convert to equity at a price of $0.013 per share, subject to shareholder and regulatory approval. Proceeds will fund operations such as developer recruitment and Bitcoin acquisition through its Singapore-based entity, Satsuma Pte.
This marks Satsuma’s second major raise this year. In June, the firm pulled in $135 million to begin building its Bitcoin treasury. As of August, the company holds 1,126 BTC valued at approximately $128.66 million, with an average acquisition cost of $115,149 — placing it at a marginal unrealized loss of 0.76%, according to BitcoinTreasuries.NET.
Satsuma operates and funds subnets within Bittensor, a decentralized AI marketplace, and develops infrastructure and validator nodes for the network. It also runs a Subnet Task Marketplace supporting AI agent development.
The fundraising comes amid a broader wave of crypto treasury activity. According to a recent report by Galaxy Research, traditional firms increasingly integrate digital assets into their balance sheets.
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