Satsuma’s landmark $218m capital haul, with $125m settled in Bitcoin, represents more than funding success. It represents the moment UK institutional investors formally embraced crypto’s reserve asset as a legitimate treasury holding.
Summary
- Satsuma Technology raised $218M, with $125 million settled directly in Bitcoin, marking the UK’s first large-scale institutional BTC subscription.
- Traditional London-based institutions joined crypto-native firms in the oversubscribed round, signaling growing mainstream confidence in Bitcoin as a treasury asset.
According to a press release shared with crypto.news on August 6, Satsuma Technology PLC has closed its latest fundraising round with £163.6 million ($217.6 million) in commitments, which is 63% above its original target.
The convertible note deal, which closed July 28, saw participation from both crypto-native heavyweights, including Pantera Capital, DCG, and Kraken, and traditional London-based institutions managing over £300 billion in combined assets, the company said.
Notably, investors allocated 1,097 Bitcoin (BTC), worth roughly $125 million, directly into the raise instead of cash, marking the first large-scale Bitcoin subscription for a UK-listed company.
“The fact that many chose to subscribe in the first-ever bitcoin subscription in London speaks to their trust in our ability to innovate and execute. We are now fully equipped, deeply motivated, and more convinced than ever that London is the preeminent market from which to execute on our vision and build a global leader that will define this new category,” Henry K. Elder, CEO of Satsuma Technology, said.
Satsuma’s corporate Bitcoin playbook
According to the statement, the convertible loan notes will transform into equity at $0.013 per share, pending shareholder and regulatory approval, effectively giving institutional backers skin in the game beyond just debt exposure. This structure, uncommon for Bitcoin-focused raises, suggests investors see long-term value in Satsuma’s hybrid model of decentralized AI development paired with Bitcoin treasury management.
Satsuma’s conviction in its Bitcoin strategy stems from what CEO Henry Elder calls a “paradigm shift in corporate value creation.” The company views Bitcoin not just as a store of value, but as the foundational layer for its AI operations, a hedge against fiat volatility while building decentralized infrastructure.
This latest raise builds on momentum from June, when Satsuma secured $135 million to seed its Bitcoin treasury, demonstrating consistent demand for its unique positioning at the intersection of two of crypto’s most compelling narratives.
Per BitcoinTreasuries.NET, Satsuma now holds 1,126 BTC worth approximately $128.66 million, acquired at an average price of $115,149 per coin. While currently at a marginal unrealized loss, the company’s willingness to maintain its accumulation strategy mirrors the playbook of firms like Strategy, doubling down on Bitcoin as a core reserve asset regardless of short-term price fluctuations.
