1 week ago
London-listed tech steadfast Satsuma Technology has locked successful 163,660,000 British pounds ($217.6 million) successful gross proceeds from its 2nd convertible indebtedness enactment round, with astir $125 cardinal settled successful Bitcoin, to boost its Bitcoin treasury strategy.
The raise, which closed connected July 28, overshot its minimum $129 cardinal people by much than 63%, driven by beardown involvement from crypto-native and accepted organization investors, the institution said successful a Wednesday announcement.
“This infinitesimal represents a landmark validation of our halfway belief: that fusing a Bitcoin-native treasury with decentralised AI is simply a paradigm displacement successful firm worth creation,” said Satsuma CEO Henry Elder.
The institution revealed that 1,097.29 Bitcoin (BTC) was accepted alternatively of $125 cardinal successful cash. “The information that galore chose to subscribe successful the first-ever Bitcoin subscription successful London speaks to their spot successful our quality to innovate and execute,” Elder added.
Satsuma shares driblet 14% aft the announcement. Source: Yahoo FinanceRelated: 10 Public Companies You Didn’t Know Are Stacking Bitcoin
Top crypto funds backmost Satsuma’s raise
Investors backing the circular see apical crypto funds similar ParaFi Capital, Pantera Capital, Arrington Capital, Blockchain.com, Kraken, DCG and Kenetic Capital, alongside respective London-based equity funds managing implicit 300 cardinal pounds successful combined assets.
The indebtedness notes volition person to equity astatine $0.013 per share, pending shareholder support and regulatory clearance. Funds volition beryllium divided betwixt operating expenses, including developer hiring and Bitcoin holdings via Satsuma Pte, its Singapore-registered subsidiary.
The fundraising builds connected Satsuma’s earlier announcement successful June, erstwhile it raised $135 million to statesman gathering its Bitcoin treasury.
Satsuma Technology runs, funds and launches its ain Bittensor (TAO) subnets, providing validator nodes and a Subnet Task Marketplace. Bittensor is simply a decentralized AI marketplace, and Satsuma Technology builds infrastructure and AI agents for this ecosystem.
Satsuma holds 1,126 BTC valued astatine astir $128.66 million, having acquired the plus since July 14. The company’s mean outgo per Bitcoin stands astatine $115,149, placing its existent presumption astatine a flimsy unrealized nonaccomplishment of 0.76%, according to BitcoinTreasuries.NET data.
Satsuma holds 1,126 BTC. Source: BitcoinTreasuries.NETRelated: Bitcoin treasuries adhd 630 BTC portion ETFs shed $300M
Firms people $7.8 cardinal successful crypto
Last week, crypto treasury firms announced implicit $7.8 cardinal successful planned crypto purchases, with Ethereum emerging arsenic the ascendant plus of choice. At slightest 5 nationalist companies either bought oregon promised to acquisition implicit $3 cardinal worthy of ETH.
Bitcoin besides remained a fashionable prime for crypto treasury firms specified arsenic Strategy, with 7 companies proposing oregon buying a full of $2.7 cardinal successful Bitcoin.
Strategy, formerly MicroStrategy, bought 21,021 Bitcoin aft raising $2.5 cardinal from its 4th preferred stock, STRC. The UK’s The Smarter Web Company also spent about $26.5 cardinal connected 225 Bitcoin, and Metaplanet bought 780 Bitcoin for astir $92 million.
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