London-based AI Firm Eyes Major BTC Purchase
Satsuma Technology, an artificial intelligence company based in London, has raised £100 million ($135 million) to establish one of the largest Bitcoin treasuries in the UK. The company’s announcement, made on Thursday, revealed that the fundraising closed “materially in excess” of the initial target, with all committed funds expected to arrive within two weeks.
If fully converted to Bitcoin, this acquisition would make Satsuma the second-largest corporate BTC holder in the country. Currently, The Smarter Web Company leads with 1,600 BTC worth around $190 million, while Phoenix Digital Assets ranks second with 247 BTC valued at $29 million. Satsuma’s planned buy could potentially surpass Phoenix and even become the biggest single Bitcoin purchase by a UK company, as The Smarter Web Company acquired its holdings over several transactions.
Convertible Note Used for Fundraising
To secure the capital, Satsuma utilised a secured convertible loan note offering. Fortified Securities acted as the lead broker for non-US investors, while Dawson James Securities handled the offering in the US. In the United States, the raise was structured as a private placement limited to accredited investors.
The company’s chairman, Matt Lodge, stated that the funding would not only support the firm’s operational expansion but also help position Satsuma at the centre of London’s growing Bitcoin ecosystem.
Merging Artificial Intelligence and Bitcoin
Satsuma’s bold treasury move reflects a broader ambition that goes beyond holding Bitcoin. Chief Executive Officer Henry Elder described the raise as a pivotal moment for both the firm and the London financial market. He said the offering served to test institutional appetite for a future where “corporate treasury and decentralised AI are deeply intertwined.”
The firm operates within the Bittensor ecosystem, a decentralised AI marketplace, where it develops validator nodes and a Subnet Task Marketplace. Satsuma builds both infrastructure and AI agents to support this network.
Expanding Bittensor Subnets and Token Ecosystem
Through its TAO subnets on Bittensor, Satsuma issues alpha tokens that are paired with TAO in liquidity pools. The value of these tokens is reportedly linked to the adoption and perceived market worth of each subnet. As adoption grows, the value of the corresponding alpha tokens is also expected to increase.
This dual focus on digital assets and decentralised AI places Satsuma at a unique intersection of two rapidly growing sectors. With its latest raise, the firm is setting a new benchmark for corporate crypto engagement in the UK.
Rising Institutional Interest in Crypto Treasuries
Satsuma’s record-breaking move highlights a broader trend of increasing institutional interest in cryptocurrency holdings, particularly within the UK. More firms are looking to integrate Bitcoin into their corporate strategies while exploring synergies with emerging technologies such as AI.
