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Bitcoin Treasury Firm Satsuma Adds Over 1,000 BTC to Its Balance Sheet Following New Convertible Note Round
In a recent announcement, London-based AI-focused blockchain company Satsuma Technology has revealed that it will be adding an impressive amount of Bitcoin (BTC) to its balance sheet following a successful convertible note round. According to reports, the firm secured a staggering $218 million in funding from prominent crypto firms and global investors.
As part of this significant raise, a portion of the funds was settled in Bitcoin, with investors contributing 1,097 BTC worth approximately £96.9 million. This substantial influx of capital has seen Satsuma’s Bitcoin holdings soar to an astonishing 1,126 BTC, valued at around $128 million.
The company plans to use the majority of these funds to expand its operations and digital asset holdings. This growth strategy will enable Satsuma to further develop its AI capabilities for blockchain ecosystems, hire new developers, and strengthen its overall presence in the market.
CEO Henry Elder expressed his excitement about the fundraising success, stating that it validated the firm’s core thesis on integrating a Bitcoin-native treasury with decentralized AI. He also emphasized the company’s commitment to transparency by providing regular financial updates to stakeholders.
As Satsuma’s CEO, Elder highlighted the significance of this raise, saying it sets a new benchmark for London-based firms in the sector. The fact that numerous investors chose to participate in the offering speaks to their trust in Satsuma’s ability to innovate and execute its vision effectively.
Satsuma’s decision to invest heavily in Bitcoin treasury has sparked interest among industry experts, who see this as an innovative approach in corporate finance.
Source: cryptobriefing.com
