Satsuma Technology, a London-based artificial intelligence firm, has raised £100 million ($135 million) to establish the largest corporate Bitcoin treasury in UK history. The company confirmed it exceeded its funding target through a secured convertible loan note offering, with Fortified Securities and Dawson James Securities brokering non-US and US investor allocations respectively. All funds are expected within two weeks.
Upon full conversion to Bitcoin, this investment would position Satsuma as the UK's second-largest corporate BTC holder behind The Smarter Web Company (1,600 BTC worth ~$190M), surpassing Phoenix Digital Assets' 247 BTC ($29M). Notably, this would constitute the largest single BTC purchase by any UK firm to date.
CEO Henry Elder described the raise as a "pivotal moment" for both the company and London's financial market, emphasizing Satsuma's vision to merge Bitcoin treasury strategy with decentralized AI via its Bittensor (TAO) ecosystem operations. The company runs validator nodes and a Subnet Task Marketplace within TAO's network, issuing alpha tokens whose value correlates with subnet adoption rates.
This development occurs amid accelerating corporate crypto adoption in the UK, where public companies globally now hold 847,000 BTC (4% of total supply). However, regulatory challenges persist under the Financial Conduct Authority's framework, which deems most crypto assets unregulated. Analysts caution that only disciplined treasury strategies will endure market volatility.