Satsuma Technology Smashes UK Bitcoin Record with $135 Million Treasury Purchase

Satsuma Technology successfully raised £100 million ($135 million) to fund what will become one of the largest single Bitcoin treasury acquisitions by a British firm.

The company announced on Thursday that it had closed the funding round “materially in excess” of its £100 million target through a secured convertible loan note offering. All committed funds are expected to arrive within two weeks, with the full amount designated for Bitcoin purchases.

Company Transformation and Leadership

Satsuma Technology, formerly known as TAO Alpha PLC, recently completed a strategic rebrand that signals its commitment to the Bitcoin ecosystem. The name “Satsuma” directly references “satoshi,” Bitcoin’s smallest unit, highlighting the company’s focus on digital currency innovation.

The firm appointed Henry Elder as its new full-time CEO in July 2025. Elder brings significant experience from his previous role at UTXO Management, where he managed $1.5 billion in digital asset portfolios and advised major blockchain companies including Polygon and Cardano.

“the new Chief Executive Officer of @Satsuma_UK”Source: @HenryElderBTC

“This successful capital raise marks a pivotal moment, not just for Satsuma, but for the London market,” Elder said. “We launched this offering to test the institutional appetite for our vision — a future where corporate treasury and decentralized AI are deeply intertwined — and we have been truly overwhelmed by the response.”

UK Bitcoin Treasury Rankings

When Satsuma converts its raised funds to Bitcoin, it will likely become the second-largest corporate Bitcoin holder in the UK. Currently, The Smarter Web Company leads with 1,600 BTC worth approximately $190 million, while Phoenix Digital Assets holds second place with 247 BTC valued at $29 million.

The planned acquisition may also represent the largest single Bitcoin purchase by a UK company. While The Smarter Web Company accumulated its holdings through multiple transactions over several months, Satsuma’s purchase would involve acquiring over 1,000 BTC in one transaction.

This move positions Satsuma among the top 25 public Bitcoin treasury companies globally, joining a growing list of corporations that view Bitcoin as a strategic asset for their balance sheets.

AI and Bitcoin Convergence

Satsuma operates in the emerging intersection of artificial intelligence and cryptocurrency. The company builds infrastructure and develops AI agents for the Bittensor network, a decentralized AI marketplace that connects machine learning models using blockchain technology.

The firm runs validator nodes and operates a Subnet Task Marketplace within the Bittensor ecosystem. These AI subnets issue alpha tokens paired with TAO (Bittensor’s native token) in liquidity pools, with prices reflecting each subnet’s market value.

Satsuma generates revenue through multiple channels: subnet infrastructure investment, alpha token management, and direct revenue from AI agent services deployed across the Bittensor network. This diversified approach balances long-term infrastructure growth with immediate revenue generation.

In July, the company purchased £2.5 million worth of Bitcoin (28.56 BTC) through its Singapore subsidiary at an average price of £87,532 per coin, demonstrating its commitment to a “treasury-first” model where AI revenue gets systematically converted to Bitcoin.

Growing UK Corporate Interest

The funding success reflects broader institutional interest in cryptocurrency across the UK, despite unclear regulatory frameworks. Several British companies have recently adopted Bitcoin treasury strategies, following the lead of US firms like MicroStrategy.

Fortified Securities served as lead broker for non-US investors, while Dawson James Securities handled US placements. The raise included participation from high-profile funds and strategic investors, with some becoming notifiable shareholders upon conversion.

The company trades on the London Stock Exchange under ticker SATS and the Frankfurt Exchange under NM1.

Market Implications

Satsuma’s approach represents a new model for corporate Bitcoin adoption, combining treasury management with operational revenue from emerging technologies. Unlike traditional companies that simply hold Bitcoin as a store of value, Satsuma actively generates income through its AI infrastructure that then gets converted to Bitcoin.

This strategy could attract institutional investors interested in both cryptocurrency exposure and AI technology growth. The successful funding round suggests strong market appetite for companies that can demonstrate practical applications linking Bitcoin with other innovative technologies.

The company’s success may encourage other UK firms to consider similar strategies, potentially accelerating corporate Bitcoin adoption across Britain despite regulatory uncertainty.

What This Means for the Industry

Satsuma’s record-breaking raise demonstrates that institutional investors are willing to back innovative approaches to corporate treasury management. The combination of Bitcoin holdings with operational AI revenue creates a unique investment proposition that appears to resonate with both crypto enthusiasts and traditional investors.

The company’s success in raising funds significantly above its target suggests strong confidence in its leadership team and business model. With Elder’s expertise in Bitcoin treasury strategies and the firm’s established position in the Bittensor ecosystem, Satsuma appears well-positioned to execute its ambitious growth plans.