London-based Satsuma Technology (LSE: SATS) has secured £163.6 million ($217.6 million) in a heavily oversubscribed funding round, drawing strong institutional interest and marking the largest Bitcoin treasury-related raise by a UK public company to date.
What Happened: The convertible note round, which concluded on July 28, was led by ParaFi Capital and included participation from Pantera Capital, DCG, Kraken, Arrington Capital, Borderless Capital, and several London-based equity investment funds.
The raise exceeded its £100 million minimum target by over 60%, with nearly half of the proceeds, 1,097.29 BTC, or approximately £96.8 million, settled directly in Bitcoin (CRYPTO: BTC), using a fixed 24-hour pricing window.
The digital asset settlement aligns with Satsuma’s strategy of building a Bitcoin-native treasury.
The notes are expected to convert into ordinary shares priced at £0.01 each, pending shareholder approval and the publication of a formal prospectus with the UK Financial Conduct Authority.
A general …