UK-based Satsuma Technology Secures $135 Million Investment for Speeding Up Bitcoin Acquisitions
Satsuma Technology Raises £100 Million, Set to Become Second-Largest UK Corporate Bitcoin Holder
London-based Bitcoin treasury management and AI-driven decentralized finance (DeFi) firm, Satsuma Technology, has successfully raised more than £100 million (approximately $135 million) in a private offering of a secure convertible loan note. The fundraising round was led by a group of high-profile funds and institutional participants, although specific names have not been disclosed.
Currently, Satsuma Technology holds 29 BTC, ranking fifth among the UK’s largest corporate Bitcoin holders. However, if the entire raise is converted into Bitcoin, the firm is expected to move up to second place, surpassing Phoenix Digital Assets with 247 BTC and trailing only The Smarter Web Company, which leads with 1,600 BTC.
The UK government is also taking steps to establish a comprehensive regulatory framework for cryptocurrencies, following in the footsteps of the US. Reform UK leader Nigel Farage has proposed creating a strategic Bitcoin reserve within the Bank of England and has introduced a bill seeking to reduce capital gains tax on cryptocurrencies from 24% to 10%.
Meanwhile, UK-based gold mining firm Bluebird Mining Ventures has announced plans to adopt Bitcoin as its primary treasury reserve asset. These developments indicate a growing interest in cryptocurrencies within the UK, positioning the country as a potential global cryptocurrency hub.
At the time of writing, Bitcoin trades at £118,339, with a 0.6% increase in the past 24 hours. The proceeds from the fundraising round will be used to support Satsuma Technology’s BTC treasury strategy, helping the firm continue its growth in the rapidly evolving world of cryptocurrencies.
[1] The Smarter Web Company is the current leading UK corporate Bitcoin holder with 1,600 BTC. [2] Phoenix Digital Assets follows in second place with 247 BTC. [3] Fortified Securities acted as the lead broker for non-US investors, while Dawson Jones handled US distribution.
With the £100 million raise, Satsuma Technology aims to become the second-largest UK corporate Bitcoin holder, surpassing Phoenix Digital Assets, as it moves up from fifth place. This growth is a testament to the increasing interest in decentralized finance (DeFi) and cryptocurrency within the UK's finance sector, driven by advancements in technology.
