London-based artificial intelligence firm Satsuma Technology has raised 100 million British pounds ($135 million) for its new Bitcoin treasury, setting a national record for BTC treasury raises.
According to a Thursday announcement, Satsuma Technology said it “has successfully closed the book on the raise materially in excess of” the $135 million target. The company expects all committed funds to arrive within the next two weeks.
If the full amount is converted into Bitcoin, the purchase would make Satsuma the second-largest corporate Bitcoin (BTC) holder in the UK, behind The Smarter Web Company, which holds 1,600 BTC worth approximately $190 million, according to BitcoinTreasuries.NET data. Currently, Phoenix Digital Assets holds second place with 247 BTC valued at $29 million.
The planned acquisition could also mark the largest single Bitcoin purchase by a UK firm, as The Smarter Web Company accumulated its holdings through multiple transactions. Satsuma could acquire more than half of its total in a single buy.
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Firm raised funds via convertible note
Satsuma Technology performed the raise through a secured convertible loan note offering, with Fortified Securities acting as the lead broker for non-US investors and Dawson James Securities as the mandated broker for US investors. In the US, the raise was a private offering to accredited investors.
“The funding will enable us to both accelerate the growth of our business operations as well as position us at the forefront in London of the Bitcoin community,” said the firm’s chairman Matt Lodge.
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A fusion of Bitcoin and artificial intelligence
“This successful capital raise marks a pivotal moment, not just for Satsuma, but for the London market,” said Satsuma Technology CEO Henry Elder. He explained that the firm launched its offering to “test the institutional appetite for our vision-a future where corporate treasury and decentralized AI are deeply intertwined.”
Satsuma Technology runs, funds and launches its own Bittensor (TAO) subnets, providing validator nodes and a Subnet Task Marketplace. Bittensor is a decentralized AI marketplace, and Satsuma Technology builds infrastructure and AI agents for this ecosystem.
Satsuma Technologies’ TAO subnets issue alpha tokens that are paired with TAO in liquidity pools, with their price purportedly depending on the subnet’s market value. “As subnet adoption grows, so does the value of its corresponding alpha tokens,“ it said.
The announcement comes amid growing institutional interest in crypto treasuries, as UK firms increasingly blend digital assets with emerging technologies like AI.
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