A new candidate has joined the conversation Institutional Bitcoin adoptionand that’s not from Silicon Valley. London-listed Satsuma Technology, formerly Tao Alpha, has completed a £163.6 million ($218 million) convertible memo loan round, but has given an unexpected twist.
According to In the recent announcement, A total of 1,097 BTC is listed in the company’s books, worth around £96.9 million at the time of transaction.
Satsuma settles convertibles listed in Bitcoin
The event, which was closed on July 28th, marks the capital raises that London’s public companies first caused by known large-scale Bitcoin. With this move, Satsuma’s Bitcoin Holdings is now at 1,126 BTC, worth more than $128 million at its current rate, with BTC being held by Satsuma Pte, a registered Singapore subsidiary.
According to data from bitcointreasuries.net, satsuma is the second largest company holder of Bitcoin in the UK Behind the smarter web company. Its BTC holdings were purchased at an average cost basis of $115,149.
Satsuma Technology CEO Henry K. Elder said it will be used to expand decentralized AI infrastructure and strengthen digital asset reserves using revenue. It also said that transparency and regular reporting on its BTC holdings will be part of the moving forward operational structure.
Step into MicroStrategy’s shadow
Scale and structure of Satsuma’s BTC acquisition can be compared to MicroStrategy’s BTC acquisition. Under the leadership of co-founder Michael Saylor, the US intelligence agency and software company are well-known for turning it into a semi-Bitcoin ETF. MicroStrategy began a Bitcoin acquisition trend in 2020, beginning to acquire 21,454 BTC, worth $250 million at the time. Since then, MicroStrategy has accumulated over 628,791 BTC, with a total cost of $3.3139 billion.
Satsuma may still be in the early stages of its Bitcoin journey, but the nature of funding that directly employs BTC, rather than converting Fiat after registration, is a strategy that even micro-tactics have not adopted.
MicroStrategy usually raises funds through bond offerings or stock sales, and later deploys capital to BTC. Meanwhile, Satsuma accepts Bitcoin during the fundraising phase. The latest funding round led by Parafi Capital has attracted support from major crypto companies such as Pantera Capital, Digital Currency Group (DCG) and Kraken.com. It also brought support from major UK stock market participants who manage the management’s total assets of £300 billion.
The Satsuma move comes as UK regulatory attitudes begin to show signs of softening towards digital assets. If successful, this move can open doors for other publicly traded companies. Europe and beyond Start incorporating Bitcoin into your balance sheet. At the time of writing, 3,658 BTC is held by public UK companies, while 88 BTC is held by private companies.
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