This event, which closed on July 28, marks the first known large-scale Bitcoin-denominated capital raise by a publicly listed company in London. With the move, Satsuma’s total Bitcoin holdings now stand at 1,126 BTC, worth over $128 million at current rates, and the BTC is held by Satsuma Pte, the company’s Singapore-registered subsidiary.
Henry K. Elder, CEO of Satsuma Technology, noted that the proceeds will be used to grow its decentralized AI infrastructure and bolster its digital asset reserves. It also noted transparency and that regular reporting on its BTC holdings will be part of its operational structure moving forward.
Satsuma may still be in the early stages of its Bitcoin journey, but the nature of its financing, taking in BTC directly rather than converting fiat post-raise, is a strategy that even MicroStrategy has not employed.
MicroStrategy typically raises funds through bond offerings or stock sales and later deploys the capital into BTC. Satsuma, on the other hand, is accepting Bitcoin at the funding stage. The most recent fundraising round, which was led by ParaFi Capital, attracted support from major crypto companies such as Pantera Capital, Digital Currency Group (DCG), and Kraken.com. It also brought in backing from leading UK equity market participants managing a combined £300 billion in assets under management.
