Catenaa, Saturday, August 16, 2025- UK-listed Satsuma Technology, a bitcoin treasury and decentralized AI firm, has raised $217.6 million (£163.6 million) through a heavily oversubscribed secured convertible note round led by ParaFi Capital, the company announced Wednesday.
Other backers include Pantera Capital, Kraken, DCG, and several London-based institutional funds. Notably, investors subscribed with 1,097 BTC, valued at $96.9 million, in lieu of cash, marking the first-ever bitcoin subscription of its kind on the London Stock Exchange.
Satsuma will convert the notes into ordinary shares pending shareholder approval and a published prospectus. Funds will support operational expansion, cash reserves, and the firm’s bitcoin treasury, managed by its Singapore subsidiary.
Despite the successful round, 63.7% above its minimum target, shares of Satsuma (SATS) plunged more than 25% early Wednesday. Since announcing its bitcoin treasury strategy in June, SATS stock has fallen over 50%, now trading at £3.70.
CEO Henry K. Elder called the raise a “landmark validation” of the firm’s strategy to merge decentralized AI and bitcoin treasuries. “To have our target so significantly oversubscribed is a profound vote of confidence,” Elder said.
The move further positions Satsuma among a growing cohort of U.K. firms building bitcoin treasuries. While The Smarter Web Company leads locally with 2,050 BTC, Satsuma’s bold expansion marks the largest single fundraise for a U.K. firm tied to bitcoin reserves.
