Paul Johnson UK-based Satsuma bitcoin treasury secures $218 million in oversubscribed convertible note round backed by ParaFi, Kraken, and Pantera. Investors embrace bitcoin settlement in landmark funding.
UK-listed bitcoin treasury firm Satsuma Technology has made headlines after raising £163.6 million, approximately $218 million, in a heavily oversubscribed convertible note round. The funding round was led by ParaFi Capital, with participation from Pantera Capital, Kraken, DCG, Arrington Capital, Opportunity Fund, and Borderless Capital. Several London-based institutional equity funds also contributed to the record-breaking raise, marking one of the largest capital infusions for a UK bitcoin treasury firm to date.
The convertible note round, which began on June 24 and closed on July 28, exceeded the minimum target of £100 million by 63.7 percent. Investors will have their notes converted into ordinary shares at £0.01 each after shareholders approve the necessary resolutions and a prospectus is submitted to the Financial Conduct Authority. A general meeting is expected soon to formalize the approvals.
Satsuma Technology, formerly known as Streaks AI and then Tao Alpha, has been steadily building its reputation as a leader in decentralized AI and bitcoin treasury management. The company intends to use the newly raised funds to expand operations, maintain at least three months of working capital in cash, and allocate a significant portion to its bitcoin treasury managed by its Singapore subsidiary, Satsuma Pte.
Despite the impressive fundraising, Satsuma’s stock experienced a decline of over 25 percent in early trading on the London Stock Exchange, reflecting ongoing volatility since the company announced its bitcoin treasury strategy in June. Shares are now trading at approximately £3.70, down more than 50 percent from their pre-bitcoin treasury levels.
Bitcoin Settlement Highlights Investor Confidence
In a historic move, a significant number of investors opted to subscribe to the convertible notes using bitcoin. Satsuma accepted 1,097.29 BTC, equivalent to £96.9 million, in lieu of cash. The board approved the bitcoin settlement as part of the company’s broader treasury strategy. BTC amounts were calculated using a fixed daily rate over a 24-hour subscription window to ensure accuracy and transparency.
This approach builds on Satsuma’s previous bitcoin acquisitions, including the purchase of 28.56 BTC for $3.4 million in July following a £5 million seed round. The firm’s CEO, Henry K. Elder, emphasized that combining a bitcoin-native treasury with decentralized AI represents a paradigm shift in corporate value creation. Elder added that the oversubscription validates investor confidence and positions Satsuma as a leading player in London’s growing bitcoin treasury market.
UK Bitcoin Treasury Landscape Expands
While US firms such as MicroStrategy continue to dominate corporate bitcoin acquisitions, the UK is witnessing a rise in public companies adopting bitcoin treasury strategies. Satsuma Technology is now allocating up to two-thirds of its reserves to bitcoin. The Smarter Web Company, listed on Aquis, leads the UK public bitcoin treasury with 2,050 BTC valued at $235 million and also announced a $21 million raise via a bitcoin-denominated convertible bond.
Other notable UK public bitcoin treasury firms include Phoenix Digital Assets, holding 247 BTC, and Coinsilium with 124 BTC. Jersey-based crypto asset manager CoinShares manages 236 BTC, showcasing a growing adoption of bitcoin treasury strategies among British firms.
The emergence of Satsuma and other UK bitcoin treasury firms signals that London is becoming a key hub for firms integrating digital assets with corporate finance strategies. The success of the Satsuma bitcoin treasury round highlights investor appetite for bitcoin-denominated investment products and sets a precedent for future corporate fundraising in digital assets.
Satsuma Technology Sets Benchmark for UK Bitcoin Treasury Firms
By securing $218 million in an oversubscribed convertible note round and accepting bitcoin as settlement, Satsuma Technology has demonstrated the growing maturity of UK-listed bitcoin treasury firms. Investors are increasingly recognizing the strategic value of bitcoin holdings combined with innovative decentralized AI initiatives.
As Satsuma prepares to deploy its capital into operations and bitcoin reserves, the company reinforces London’s position as a global center for innovative corporate finance strategies. The success of the Satsuma bitcoin treasury round may inspire other firms to adopt similar models, driving wider adoption of bitcoin and decentralized AI across the corporate sector.
Conclusion
Satsuma Technology’s landmark convertible note round signals a significant milestone for UK bitcoin treasury firms. With backing from top institutional investors, a historic bitcoin subscription, and plans to expand its AI and treasury operations, Satsuma is poised to become a global leader in combining bitcoin treasury management with decentralized AI innovation. The Satsuma bitcoin treasury initiative not only strengthens investor confidence but also sets a new standard for corporate adoption of digital assets in London and beyond.
Disclaimer: Parts of this article were generated with the assistance from AI tools and reviewed by our editorial team to ensure accuracy and adherence to our standards.
