Satsuma Technology has successfully raised $217.6 million, with over half of the funds settled in Bitcoin, marking a significant milestone in corporate treasury strategies.
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Satsuma’s fundraising overshot its target by 63%, driven by strong institutional interest.
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Investors included top crypto funds and traditional equity firms managing over £300 billion.
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Satsuma’s Bitcoin treasury strategy aims to fuse Bitcoin with decentralized AI for enhanced corporate value.
Satsuma Technology has raised $217.6 million, primarily in Bitcoin, to boost its innovative treasury strategy, attracting significant institutional interest.
| Investment Round | Amount Raised | Bitcoin Accepted |
|---|---|---|
| Convertible Loan Notes | $217.6 million | 1,097.29 BTC |
What is Satsuma Technology’s Bitcoin Treasury Strategy?
Satsuma Technology’s Bitcoin treasury strategy involves integrating Bitcoin into its corporate finance model, enhancing liquidity and innovation. This approach aims to leverage Bitcoin’s value while supporting decentralized AI initiatives.
How Did Satsuma’s Fundraising Perform?
The recent fundraising round closed with £163.66 million ($217.6 million) in gross proceeds, exceeding its minimum target by over 63%. This success reflects the growing confidence in Bitcoin as a viable asset for corporate treasury management.
Frequently Asked Questions
What companies are backing Satsuma’s fundraising?
Top crypto funds like ParaFi Capital and Pantera Capital, along with several London-based equity funds, are backing Satsuma’s fundraising efforts.
How does Satsuma plan to use the raised funds?
The funds will be allocated to operational expenses, including developer hiring and expanding Bitcoin holdings through its Singapore subsidiary.
Key Takeaways
- Satsuma Technology raised $217.6 million: This funding is pivotal for its Bitcoin treasury strategy.
- Institutional interest is growing: The fundraising attracted significant backing from top crypto and equity funds.
- Innovative corporate finance: Satsuma aims to integrate Bitcoin with decentralized AI, setting a new standard in corporate value creation.
Conclusion
Satsuma Technology’s recent fundraising marks a transformative moment in corporate finance, emphasizing the integration of Bitcoin into treasury strategies. As institutional interest continues to rise, companies may increasingly adopt similar models, paving the way for innovative financial practices.
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Satsuma Technology secured $217.6 million in its latest raise, with over half settled in Bitcoin, drawing support from top crypto funds and UK institutional investors.
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London-listed tech firm Satsuma Technology has locked in 163,660,000 British pounds ($217.6 million) in gross proceeds from its second convertible loan note round, with nearly $125 million settled in Bitcoin, to boost its Bitcoin treasury strategy.
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The raise, which closed on July 28, overshot its minimum $129 million target by more than 63%, driven by strong interest from crypto-native and traditional institutional investors, the company said in a Wednesday announcement.
Satsuma Technology secured $217.6 million in its latest raise, with over half settled in Bitcoin, drawing support from top crypto funds and UK institutional investors.
Satsuma shares drop 14% after the announcement. Source: Yahoo Finance
Related: 10 Public Companies You Didn’t Know Are Stacking Bitcoin
Top crypto funds back Satsuma’s raise
Investors backing the round include top crypto funds like ParaFi Capital, Pantera Capital, Arrington Capital, Blockchain.com, Kraken, DCG and Kenetic Capital, alongside several London-based equity funds managing over 300 billion pounds in combined assets.
The loan notes will convert to equity at $0.013 per share, pending shareholder approval and regulatory clearance. Funds will be split between operating expenses, including developer hiring and Bitcoin holdings via Satsuma Pte, its Singapore-registered subsidiary.
The fundraising builds on Satsuma’s earlier announcement in June, when it raised $135 million to begin building its Bitcoin treasury.
Satsuma Technology runs, funds and launches its own Bittensor (TAO) subnets, providing validator nodes and a Subnet Task Marketplace. Bittensor is a decentralized AI marketplace, and Satsuma Technology builds infrastructure and AI agents for this ecosystem.
Satsuma holds 1,126 BTC valued at approximately $128.66 million, having acquired the asset since July 14. The company’s average cost per Bitcoin stands at $115,149, placing its current position at a slight unrealized loss of 0.76%, according to BitcoinTreasuries.NET data.
Satsuma holds 1,126 BTC. Source: BitcoinTreasuries.NET
Related: Bitcoin treasuries add 630 BTC while ETFs shed $300M
Firms target $7.8 billion in crypto
Last week, crypto treasury firms announced over $7.8 billion in planned crypto purchases, with Ethereum emerging as the dominant asset of choice. At least five public companies either bought or promised to purchase over $3 billion worth of ETH.
Bitcoin also remained a popular choice for crypto treasury firms such as Strategy, with seven companies proposing or buying a total of $2.7 billion in Bitcoin.
Strategy, formerly MicroStrategy, bought 21,021 Bitcoin after raising $2.5 billion from its fourth preferred stock, STRC. The UK’s The Smarter Web Company also spent about $26.5 million on 225 Bitcoin, and Metaplanet bought 780 Bitcoin for around $92 million.
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