Bitcoin News Today: Satsuma Secures £163.66M Fundraising With 1,097.29 BTC Payment

Satsuma Technology, a London-listed company specializing in decentralized AI infrastructure and Bitcoin treasury management, has secured £163.66 million ($217.6 million) in gross proceeds from its second convertible loan note round [1]. Nearly $125 million of the total amount was received in Bitcoin, marking the first-ever London-based subscription settled in BTC [1]. The fundraising, which closed on July 28, exceeded its minimum target of $129 million by over 63% and attracted participation from both crypto-native and traditional institutional investors [1].

CEO Henry Elder described the raise as a “landmark validation” of Satsuma’s vision to integrate Bitcoin treasury management with decentralized AI development [1]. The company accepted 1,097.29 BTC in lieu of cash, reflecting investor confidence in its ability to execute its long-term strategy [1]. The move aligns with Satsuma’s ongoing efforts to build out its AI infrastructure via its Bittensor (TAO) subnets and its Subnet Task Marketplace, a platform that supports AI validation and development [1].

The funds will be allocated toward operating expenses and the expansion of Satsuma’s Bitcoin holdings through its Singapore-based subsidiary, Satsuma Pte [1]. The company previously raised $135 million in June to initiate its Bitcoin treasury strategy and now holds a total of 1,126 BTC, valued at approximately $128.66 million [1]. The average cost per Bitcoin is $115,149, with the current position showing a minor unrealized loss of 0.76% [1].

Investor support came from top crypto funds such as ParaFi Capital, Pantera Capital, Arrington Capital, Blockchain.com, Kraken, DCG, and Kenetic Capital, as well as several London-based equity funds managing over £300 billion in combined assets [1]. The convertible loan notes will convert into equity at $0.013 per share, subject to shareholder and regulatory approvals [1].

This development is part of a broader trend where public companies are increasingly incorporating Bitcoin into their capital structures. In the same week, crypto treasury firms across the globe announced over $7.8 billion in planned crypto purchases, with Ethereum being the dominant asset of choice [1]. However, Bitcoin remains a key component for companies like Satsuma and Strategy (formerly MicroStrategy), which have collectively allocated over $2.7 billion in BTC [1].