Chip stocks fall with Nvidia after data center rev disappointment
LONDON - Satsuma Technology Plc (LSE:SATS) has raised £163.6 million ($217.6 million) through its second secured convertible loan note offering that closed on July 28, the company announced Wednesday.
The fundraising exceeded the company’s minimum target of £100 million by 63.66%. The convertible loan notes will convert into ordinary shares at £0.01 per share, subject to shareholder approval and publication of a prospectus.
According to the company statement, the offering attracted investments from specialist digital asset funds and institutional equity investors. Notable participants included ParaFi Capital as lead investor, along with Arrington Capital, DCG, Kraken.com, and Pantera Capital among others.
Satsuma, which describes itself as a company focused on decentralized AI and Bitcoin treasury strategy, accepted 1,097.29 Bitcoin in lieu of £96,875,000 in cash from subscribers who requested to invest using the cryptocurrency.
The company plans to use the net proceeds to expand its operations, including hiring developers, while maintaining at least three months of working capital in cash. The remaining funds will be held in Bitcoin through its Singapore-registered subsidiary, Satsuma Technology Pte Ltd.
"This moment represents a landmark validation of our core belief: that fusing a Bitcoin-native treasury with decentralised AI is a paradigm shift in corporate value creation," said Henry K. Elder, CEO of Satsuma Technology, in the press release.
The loan notes have been secured by first-ranking security granted by Satsuma and its Singapore subsidiary. This security will be automatically released following conversion of the notes.
Satsuma plans to publish unaudited interim financial statements for the period ending August 6, 2025, and intends to release monthly unaudited financial updates going forward.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.