UK’s Satsuma Technology is making its move to create of the largest BTC treasuries in the country’s corporate ecosystem. The AI firm has announced that it has raised GBP 100 million (roughly $135 million) to create a BTC treasury. As per reports, Satsuma’s fund raise for a BTC treasury has set a record high in the U.K.
In an announcement shared on Tuesday, July 24, the London-headquartered firm said the committed funds are expected to credit into its accounts within the next two weeks. For now, the names and details of the participants who helped raise this capital for the AI firm remains undisclosed.
In order to raise these funds, the company had launched a private offering of a secured convertible loan note (CLN). A CLN, as explained by the British Business Bank, is a form of business finance that allows investors to convert their debt into company ownership at a later time.
“We launched this offering to test the institutional appetite for our vision-a future where corporate treasury and decentralized AI are deeply intertwined-and we have been truly overwhelmed by the response,” said company CEO Henry Elder as commenting on the development. He also noted that the company’s future plans aims at positioning it as the U.K’s flagship Bitcoin and decentralised AI company.”
London-based fintech firm Fortified Securities was onboarded by Satsuma to act as the broker for non-U.S. investors. Meanwhile, Dawson James Securities was partnered to assist U.S.-based investors.
“With this expanded capital base, we anticipate providing a platform within London to promote the future of decentralized infrastructure, accelerating both our Bitcoin accumulation strategy and our role in driving institutional Bitcoin adoption across Europe,” Mark Moss, the chief Bitcoin strategist at Satsuma Technologies noted.
At present, Satstuma is estimated to own 29 BTC tokens, data by on-chain data analytics firm BitcoinTreasuries.net shows. This presently makes the company the fifth largest BTC holding firm in the U.K. With 1,600 BTC tokens, The Smarter Web Company is the largest BTC-holding corporate in the U.K.
Phoenix Digital Assets, Vinanz, Vaultz, and Tap Global are among other British corporations that have allocated some portions of their funds into accumulating BTC tokens.
At present, the U.S. leads all other countries in terms of housing companies that are investing in BTC. Data by BitcoinTreasuries.net estimates that 52 public companies, 22 private companies, and two government entities currently own BTC. Firms based in Canada, Germany, and Japan are also increasing their adoption of the oldest, most expensive cryptocurrency as a long-term value asset.