Significant Achievement for London Tech Scene
In a significant achievement for the London tech scene, Satsuma Technology, an artificial intelligence company, has successfully secured £100 million (approximately $135 million) for its Bitcoin treasury. This fundraising effort sets a new benchmark in the United Kingdom for Bitcoin treasury collections, as detailed in a recent announcement released on Thursday.
Satsuma Technology indicated that the capital raised far exceeded its initial target of $135 million, with all funds expected to be fully received within two weeks.
Potential Impact on Bitcoin Holdings
Should the complete amount be allocated to Bitcoin purchases, Satsuma would emerge as the second-largest corporate holder of Bitcoin in the UK, only trailing The Smarter Web Company, which possesses 1,600 BTC valued around $190 million according to data from BitcoinTreasuries.NET. Currently, the second spot is held by Phoenix Digital Assets, with 247 BTC valued at roughly $29 million.
Notably, this anticipated acquisition could represent the largest single transaction of Bitcoin ever made by a UK firm, as The Smarter Web Company accrued its assets through numerous purchases, while Satsuma aims to obtain a large portion in a singular transaction.
Fundraising Strategy and Leadership Insights
The fundraising employed a secured convertible loan note strategy, with Fortified Securities leading the charge for non-US investors, and Dawson James Securities handling the US investor segment as the appointed broker for private offerings to accredited investors.
Satsuma Technology’s chairman, Matt Lodge, noted that the influx of capital will not only expedite their business operations but also solidify their position within London’s burgeoning Bitcoin ecosystem.
Henry Elder, CEO of Satsuma Technology, remarked on the importance of this funding round, emphasizing its role in advancing both the firm and the broader London market. He explained that the capital raise was initiated to explore how receptive institutional investors are to the company’s vision of integrating corporate treasury operations with decentralized AI technology.
Innovative Technology and Market Trends
Satsuma Technology is involved in managing and operating its own Bittensor subnets, which facilitate validator nodes and a Subnet Task Marketplace, contributing to a decentralized market for AI. Alongside their efforts, Satsuma’s TAO subnets generate alpha tokens that are associated with TAO in liquidity pools, with their values fluctuating based on the market performance of each subnet.
This notable development comes at a time of rising interest from institutions in crypto treasury management, as more UK businesses explore the intersection of digital currencies and innovative technologies, particularly AI.
