UK-based Satsuma Technology has raised £163.6 million through a secured convertible note round, highlighting the growing interest in digital assets.
Fundraising Exceeds Expectations
Satsuma's fundraising round ran from June 24 to July 28 and attracted support from both major crypto funds and institutional investors based in London. Investors included Pantera Capital, Digital Currency Group, Kraken, and more.
The total raised was £163.6 million, far exceeding the original goal of £100 million. The loan notes will convert into ordinary shares at £0.01 per share after approvals from shareholders and regulators.
Growing Interest in UK Bitcoin Treasuries
While U.S.-based companies still lead in corporate Bitcoin holdings, the UK is making strides. Satsuma previously purchased 28.56 BTC in July after raising £5 million in seed funding in June.
The company plans to allocate up to two-thirds of its reserves to Bitcoin, though it does not hold the leading position. That title belongs to Smarter Web Company, which holds 2050 BTC.
Market Response to Successful Fundraising
While some investors expressed concerns regarding UTXO Management's support for both Satsuma and Smarter Web, viewing it as a conflict, the successful fundraising suggests high investor confidence.
Following the announcement, Satsuma's stock (SATS) dropped more than 25%, currently priced at around £3.70.
Satsuma's success in raising funds through convertible notes underscores the increasing interest in digital assets in the UK, despite some market fluctuations.
