Unlock the Secrets of Ethical Hacking!
Ready to dive into the world of offensive security? This course gives you the Black Hat hacker’s perspective, teaching you attack techniques to defend against malicious activity. Learn to hack Android and Windows systems, create undetectable malware and ransomware, and even master spoofing techniques. Start your first hack in just one hour!
Enroll now and gain industry-standard knowledge: Enroll Now!
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.
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.
“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 Satsuma CEO Henry Elder.
The company revealed that 1,097.29 Bitcoin (BTC) was accepted instead of $125 million in cash. “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,” Elder added.
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.
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.
Magazine: Bitcoin OG Willy Woo has sold most of his Bitcoin — Here’s why
Unlock the Secrets of Ethical Hacking!
Ready to dive into the world of offensive security? This course gives you the Black Hat hacker’s perspective, teaching you attack techniques to defend against malicious activity. Learn to hack Android and Windows systems, create undetectable malware and ransomware, and even master spoofing techniques. Start your first hack in just one hour!
Enroll now and gain industry-standard knowledge: Enroll Now!
0 Comments