The Bitcoin treasury management and decentralized artificial intelligence (AI) company, Satsuma Technology, has completed a private offering aimed at raising £100 million (approximately $135 million). The firm will use the proceeds of the secured convertible loan notes to buy bitcoins (BTC) for its treasury.
According to an announcement from Satsuma, the offering concluded with participation from high-profile funds in the UK and the United States. While the details of the participants are to be confirmed in due course, Satsuma expects all committed funds to arrive within the next two weeks.
UK Firm Raises £100M For BTC Treasury
Satsuma said its board of directors has decided to adjust the minimum subscription for strategic accredited U.S. investors from the previously announced $1 million to a pool of not more than £10 million ($13.5 million).
The company will open a short-term third funding round for key strategic accredited U.S. investors, expected to close by July 28. Satsuma's U.S. placement agency, Dawson James Securities, will handle the offering, which will accept a minimum investment of $100,000. Notably, the third round will have identical terms to the second round.
"We launched this offering to test the institutional appetite for our vision-a future where corporate treasury and decentralized AI are deeply intertwined-and we have been truly overwhelmed by the response. We are now exceptionally well-positioned and thrilled to collaborate with our world-class institutional partners in London and worldwide as we build the UK's flagship bitcoin and decentralised AI company," commented Satsuma's CEO, Henry Elder.
The Single Largest BTC Purchase?
It is worth mentioning that Satsuma raised more than its target during the private offering, although the company did not mention the exact amount.
"This validation confirms the UK market's confidence in Satsuma's strategic direction and our leadership team's execution capabilities," remarked the firm's Chief Bitcoin Strategist, Mark Moss.
Alongside acquiring more bitcoins, the firm will also use the proceeds to accelerate its business growth. The goal remains promoting the future of decentralized infrastructure in London by providing a platform that supports local businesses on their Bitcoin journey.
If Satsuma spends all of the proceeds on acquiring BTC, the company would have executed the largest single BTC purchase in the UK. Additionally, the firm will become the second-largest corporate holder of BTC in the UK, trailing behind The Smarter Web Company, which holds 1,600 BTC worth approximately $190 million. Data from BitcoinTreasuries.Net shows Satsuma is currently the fifth-largest, with a portfolio of 29 BTC.
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