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Quick take:
ParaFi Capital led the round with participation from Arrington Capital, FalconX, DCG, Blockchain.com, Borderless Capital, Kraken, Pantera Capital, and Kinetic Capital, among others.
The notes will convert into ordinary shares of £0.001 each in the capital of the Company at £0.01 per share.
The company plans to use the net proceeds to invest in decentralized AI and establish a strategic Bitcoin treasury.
Satsuma Technology PLC (LSE: SATS) has closed a convertible note offering initiated on June 24, 2025. The company raised £163.6 million ($217.6 million) in gross proceeds, 63.66% over the minimum target, as of the reported closing date on July 28.
This is the company’s second secured convertible loan note, and is aimed at investing in decentralised AI and establishing a strategic Bitcoin reserve portfolio.
ParaFi Capital led the round with participation from Arrington Capital, FalconX, DCG, Blockchain.com, Borderless Capital, Kraken, Pantera Capital, and Kinetic Capital, among others.
According to the press release seen by NFTgators, the notes will convert into ordinary shares of £0.001 each in the capital of the Company at £0.01 per share.
“The net proceeds of the Fundraising will be used to cement Satsuma’s position at the forefront of decentralised AI and bitcoin treasury strategies by growing the existing operations (such as through the hiring of developers), with further capital representing not less than three months’ of working capital being retained in cash,” Satsuma wrote in the announcement on Wednesday. The balance will be retained for the company’s strategic Bitcoin treasury.
Henry K. Elder, CEO of Satsuma Technology, commented: “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. To have our initial target so significantly oversubscribed is a profound vote of confidence, resulting in the largest fundraise for a London company with a bitcoin treasury by a significant margin.”
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