Satsuma Raises $217M, Boosts Bitcoin Treasury with 1,097 BTC
Satsuma Technology closed a £163.6 million ($217.6 million) oversubscribed convertible note round on July 28, securing participation from crypto funds (Pantera Capital, ParaFi, Arrington, Blockchain.com, Kraken, DCG) and UK institutions. Over half the proceeds—1,097 BTC (≈$125 million)—were allocated directly to its Bitcoin treasury. Notes convert at $0.013 per share pending shareholder and regulatory approval. Funds will support operations, developer hiring and further Bitcoin purchases via its Singapore arm, following a June $135 million raise to build its treasury. Satsuma now holds 1,126 BTC at an average cost of $115,149 (≈0.76% unrealized loss). It operates the Bittensor (TAO) subnet, a decentralized AI infrastructure. This milestone underscores growing institutional crypto fundraising, corporate Bitcoin treasury adoption and the synergy with decentralized AI.
Bullish
This news is bullish for BTC. A £163.6 million ($217.6 million) oversubscribed convertible note round—with 1,097 BTC allocated—demonstrates strong institutional demand and confidence in Bitcoin treasury strategies. The direct BTC purchase adds price support and underscores a growing trend of corporate treasury adoption. In the short term, demand from crypto funds and institutions may drive trading volume and upward price pressure. Over the long term, Satsuma’s commitment to holding Bitcoin at an average cost above current levels suggests sustained buy-and-hold behavior, reducing circulating supply. Combined with its decentralized AI infrastructure (Bittensor), this signals continued institutional interest in BTC as a strategic asset, reinforcing bullish market sentiment.