Satsuma Technology completed a funding round, raising $218 million, significantly surpassing the initial goal of $129 million.
Successful Funding Round Completion
The funding round was completed on July 28. The company highlighted that $125 million was raised in Bitcoin, marking a substantial addition to its current assets.
Support from Major Crypto Firms
Investors included major crypto firms such as Pantera, Kraken, ParaFi, and Blockchain.com, along with several large UK equity funds. The funding was secured through convertible loan notes, which will be used for developer hiring and Bitcoin accumulation through Satsuma’s Singapore unit.
Current Assets and Market Impact
Currently, Satsuma holds 1,126 BTC, purchased at an average price of $115,149. Following the funding announcement, the company's shares dropped by 14%. This move comes in the context of a broader trend of corporate crypto accumulation, with public firms recently disclosing plans to acquire over $7.8 billion in crypto assets.
Satsuma Technology's fundraising highlights the growing interest in Bitcoin and cryptocurrencies among corporate investors, potentially impacting the market significantly in the future.
