London, UK – August 6, 2025 — Satsuma Technology has secured a significant $217.6 million in its latest funding round, with over half of the total raised—nearly $125 million—contributed in Bitcoin. The move highlights growing institutional confidence in crypto-backed business models, especially those blending blockchain with artificial intelligence.
In a statement on Wednesday, the London-listed technology company announced it had surpassed its $129 million target by more than 63% during its second convertible loan note raise, which closed on July 28. The round drew participation from leading crypto investment firms and heavyweight UK-based institutional investors.
“This moment represents a landmark validation of our core belief: that fusing a Bitcoin-native treasury with decentralised AI is a paradigm shift in corporate value creation,” said Henry Elder, CEO of Satsuma Technology.
Rather than opting for traditional fiat, several investors subscribed using Bitcoin, totaling 1,097.29 BTC. Elder described the Bitcoin-first approach as a testament to investor confidence in the firm’s innovation and execution. This marks the first-ever Bitcoin-based subscription to a convertible loan note in London.
Backing from Industry Giants
Among the major crypto funds supporting the round were ParaFi Capital, Pantera Capital, Arrington Capital, Kraken, Blockchain.com, DCG, and Kenetic Capital. Institutional backing also included London equity firms collectively managing over £300 billion in assets.
The convertible loan notes are expected to be converted into equity at $0.013 per share, subject to shareholder and regulatory approval. Proceeds will support operating expenses, talent acquisition, and expanding Satsuma’s Bitcoin reserves, held via its Singapore-based arm, Satsuma Pte.
The raise follows Satsuma’s $135 million round in June, part of a broader strategy to anchor its treasury in Bitcoin. As of early August, the company holds 1,126 BTC—valued at approximately $128.66 million—acquired since mid-July at an average price of $115,149 per coin. That puts the firm at a modest unrealized loss of less than 1%, according to BitcoinTreasuries.NET.
Bridging Bitcoin and Decentralized AI
Satsuma develops infrastructure and AI agents within the Bittensor ecosystem, a decentralized marketplace for artificial intelligence. The firm operates its own validator nodes and a Subnet Task Marketplace, positioning itself at the intersection of blockchain and machine learning innovation.
Broader Crypto Treasury Momentum
Satsuma’s announcement comes amid a wave of crypto treasury activity. In just the past week, companies have revealed plans to purchase over $7.8 billion in digital assets. Ethereum led the pack, but Bitcoin remained a core asset for major players. Strategy (formerly MicroStrategy) bought 21,021 BTC following a $2.5 billion raise, while other firms like The Smarter Web Company and Metaplanet also disclosed substantial Bitcoin purchases.
Satsuma’s bold embrace of Bitcoin—not just as a reserve asset but as a cornerstone of its capital strategy—marks a notable shift in how tech firms approach funding and innovation. With strong institutional backing and a growing Bitcoin treasury, the company is betting big on the future of decentralized AI powered by crypto-financed infrastructure.
