Satsuma Technology Secures $218 Million With $125 Million Settled in Bitcoin

London-listed technology firm Satsuma Technology secured £163.66 million ($217.6 million) in gross proceeds from its second convertible loan note round. The funding round closed on July 28 and exceeded its minimum $129 million target by more than 63%. reports that nearly $125 million of the total was settled directly in Bitcoin.

The company accepted 1,097.29 Bitcoin instead of £96.875 million in cash from subscribers who chose to pay with cryptocurrency. ParaFi Capital led the investment round, with participation from major crypto funds including Pantera Capital, Arrington Capital, Blockchain.com, Kraken, DCG and Kenetic Capital. Several London-based equity funds managing over £300 billion in combined assets also participated.

CEO Henry Elder stated that the round 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." The loan notes will convert to equity at $0.013 per share, pending shareholder approval and regulatory clearance. Satsuma now holds 1,126 Bitcoin valued at approximately $128.66 million, with an average cost per Bitcoin of $115,149.

Why This Direct Bitcoin Settlement Matters

The $125 million Bitcoin settlement represents the first instance of investors directly paying subscription amounts in cryptocurrency for a London-listed company's funding round. This payment method eliminates traditional conversion processes and demonstrates institutional investor confidence in holding digital assets long-term. The approach allows both the company and investors to maintain Bitcoin exposure throughout the transaction.

notes that Satsuma's stock fell approximately 25% on the London Stock Exchange following the announcement, reflecting market uncertainty about Bitcoin treasury strategies. Despite this decline, the oversubscribed nature of the round indicates strong investor appetite for Bitcoin-focused corporate strategies.

The funding builds upon Satsuma's earlier $135 million raise in June, which established the company as the UK's second-largest corporate Bitcoin holder. We previously reported that StarkWare created a strategic Bitcoin reserve while expanding Bitcoin capabilities, demonstrating how blockchain companies increasingly adopt Bitcoin treasury policies to align with their technological focus.

Industry Transformation Through Corporate Bitcoin Adoption

Satsuma's Bitcoin-heavy funding round reflects broader corporate treasury transformation occurring across global markets. research shows over 90 public companies now hold Bitcoin on their balance sheets, with the United States leading corporate and government adoption trends. This institutional movement has accelerated significantly throughout 2025.

Corporate Bitcoin holdings have grown substantially, with companies adding over 244,991 Bitcoin in the first half of 2025 according to industry data. The number of companies holding more than 1,000 Bitcoin increased by 45.8% this year, indicating accelerated institutional adoption beyond traditional treasury management approaches.

Traditional financial institutions are adapting to this trend through new service offerings. Deutsche Bank announced plans for cryptocurrency custody services in 2026, while major asset managers expand Bitcoin ETF products to meet institutional demand. This infrastructure development creates additional pathways for corporations to integrate Bitcoin into treasury operations while maintaining regulatory compliance and operational security standards.