Satsuma Raises $218M With $125M in Bitcoin to Power Treasury Expansion

     

UK tech firm completes record-breaking raise backed by top crypto funds and Bitcoin-first investors

Satsuma Technology has secured $217.6 million in gross proceeds through its second convertible loan note offering, with more than half of the investment – roughly $125 million – settled in Bitcoin. The raise attracted major backing from crypto-native funds and institutional players across the UK.

The London-listed company said the round, which closed on July 28, exceeded its minimum target by over 63%, highlighting strong investor confidence in Satsuma’s Bitcoin-centric corporate strategy.

“This moment represents a landmark validation of our core belief: that fusing a Bitcoin-native treasury with decentralised AI is a paradigm shift in corporate value creation,” said CEO Henry Elder. Satsuma accepted 1,097.29 BTC in lieu of cash, in what it called the first-ever Bitcoin subscription round in London.

Leading Crypto Funds Join the Round as Satsuma Grows BTC Stack

Major investors participating in the raise include ParaFi Capital, Pantera Capital, Arrington Capital, Blockchain.com, Kraken, DCG, and Kenetic Capital. Several large UK equity funds, managing over £300 billion collectively, also backed the round.

Loan notes will convert into equity at $0.013 per share, subject to shareholder and regulatory approval. Proceeds will support operations – including developer hires – and expand Bitcoin reserves through Satsuma Pte, its Singapore-based subsidiary.

The raise builds on Satsuma’s prior $135 million round in June, which marked the start of its aggressive Bitcoin treasury buildup.

Satsuma, a key player in the decentralized AI space, develops and deploys infrastructure for the Bittensor ecosystem – including subnets, validator nodes, and a Subnet Task Marketplace.

To date, Satsuma holds 1,126 BTC worth roughly $128.66 million, acquired since mid-July. The firm’s average cost per BTC stands at $115,149, placing it slightly underwater with an unrealized loss of 0.76%, per BitcoinTreasuries.NET.

Corporate Demand for Crypto Soars With $7.8B in New Treasury Allocations

Satsuma’s announcement comes amid a broader surge in corporate crypto adoption. In the past week alone, companies announced more than $7.8 billion in planned crypto purchases – with Ethereum leading the charge.

At least five public firms disclosed or completed ETH acquisitions totaling over $3 billion. Bitcoin also remains a key asset, with seven firms committing or acquiring $2.7 billion worth of BTC.

Among them, Strategy – formerly MicroStrategy – purchased 21,021 BTC after raising $2.5 billion via its STRC stock issuance. Other notable buyers include Metaplanet, which added 780 BTC for $92 million, and The Smarter Web Company, which bought 225 BTC for $26.5 million.