Satsuma Technology, a London-based Bitcoin (BTC) treasury management and AI-driven decentralized finance (DeFi) firm, announced today that it has raised more than 100 million British pounds – approximately $135 million.
UK Firm Raises Funds For Bitcoin Acquisition
Earlier today, Satsuma Technology – formerly known as TAO Alpha PLC – confirmed the successful completion of a $135 million fundraising round, led by a group of high-profile funds and institutional participants. The proceeds will be used to support the firm’s BTC treasury strategy.
The raise was executed through a private offering of a secure convertible loan note. Fortified Securities acted as the lead broker for non-US investors, while Dawson Jones handled US distribution – available only to accredited investors.
If Satsuma converts the entire raise into BTC, it would propel the firm to second place among the UK’s largest corporate BTC holders. According to data from bitcointreasuries.net, Satsuma Technology currently holds 29 BTC, ranking fifth on the list.
Leading the UK’s corporate Bitcoin treasury rankings is web development and digital marketing firm The Smarter Web Company, which holds 1,600 BTC – worth approximately $190 million at current prices. Phoenix Digital Assets follows in second place with 247 BTC, valued at around $29.34 million.
Commenting on the raise, Mark Moss, Chief Bitcoin Strategist at Satsuma Technology, said the funding reflects strong investor confidence in the firm’s strategic direction. He added:
With this expanded capital base, we anticipate providing a platform within London to promote the future of decentralized infrastructure, accelerating both our Bitcoin accumulation strategy and our role in driving institutional Bitcoin adoption across Europe.
BTC Adoption Gains Ground In The UK
While the US has taken major steps to establish itself as a global cryptocurrency hub – through initiatives like forming a strategic BTC reserve and rolling out multiple favorable regulations – other countries are beginning to follow suit.
The UK has recently shifted from a historically cautious stance on digital assets. In May, the UK government released draft legislation aimed at establishing a comprehensive regulatory framework for cryptocurrencies.
In a notable political development, Reform UK leader Nigel Farage recently proposed creating a strategic BTC reserve within the Bank of England if elected. He also introduced a bill seeking to reduce capital gains tax on cryptocurrencies from 24% to 10%.
Separately, UK-based gold mining firm Bluebird Mining Ventures recently announced plans to adopt BTC as its primary treasury reserve asset. At press time, BTC trades at $118,339, up 0.6% in the past 24 hours.
Featured image from Unsplash.com, charts from Yahoo! Finance, bitcointreasuries.net, and TradingView.com
Editorial Process for bitcoinist is centered on delivering thoroughly researched, accurate, and unbiased content. We uphold strict sourcing standards, and each page undergoes diligent review by our team of top technology experts and seasoned editors. This process ensures the integrity, relevance, and value of our content for our readers.
