UK-based tech firm Satsuma Technology has raised $217.6M in gross proceeds from its second convertible loan note round, with nearly $125M contributed in Bitcoin.
The round, which closed on July 28, exceeded its minimum target by over 63%, attracting strong participation from both crypto-native and traditional institutional investors. Investors subscribed using 1,097 BTC in what the company claims is London’s first-ever Bitcoin-settled fundraising.
CEO Henry Elder called the milestone a “landmark validation” of Satsuma’s belief in merging Bitcoin-native treasuries with decentralized AI. Notable backers included ParaFi, Pantera, Kraken, Arrington Capital, Blockchain.com, DCG, and several UK equity funds managing £300B+ in assets.
The loan notes will convert to equity at $0.013 per share pending shareholder and regulatory approval. The company plans to use proceeds for operations, hiring developers, and acquiring more Bitcoin via its Singapore-based Satsuma Pte subsidiary. This follows its $135M raise in June, deepening its commitment to Bitcoin as a strategic treasury reserve.
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