London-listed tech firm Satsuma Technology locked in 163,660,000 British pounds ($217.6 million) in gross proceeds from its second convertible loan note round, with nearly $125 million settled in Bitcoin, to boost its Bitcoin treasury strategy.

The raise, which closed on July 28, overshot its minimum $129 million target by more than 63%, driven by strong interest from crypto-native and traditional institutional investors, the company said in a Wednesday announcement.

“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 Satsuma CEO Henry Elder.

The company revealed that 1,097.29 Bitcoin (BTC) was accepted instead of $125 million in cash. “The fact that many chose to subscribe in the first-ever Bitcoin subscription in London speaks to their trust in our ability to innovate and execute,” Elder added.

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Top crypto funds back Satsuma’s raise

Investors backing the round included top crypto funds like ParaFi Capital, Pantera Capital, Arrington Capital, Blockchain.com, Kraken, DCG and Kenetic Capital, alongside several London-based equity funds managing over 300 billion British pounds in combined assets.

The loan notes will convert to equity at $0.013 per share, pending shareholder approval and regulatory clearance. Funds will be split between operating expenses, including developer hiring and Bitcoin holdings via Satsuma Pte, its Singapore-registered subsidiary.

The fundraising builds on Satsuma’s earlier announcement in June, when it raised $135 million to begin building its Bitcoin treasury.

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 holds 1,126 BTC valued at about $128.66 million, having acquired the asset since July 14. The company’s average cost per Bitcoin stands at $115,149, placing its current position at a slight unrealized loss of 0.76%, according to BitcoinTreasuries.NET data.

Related: Bitcoin treasuries add 630 BTC while ETFs shed $300M

Firms target $7.8 billion in crypto

Last week, crypto treasury firms announced over $7.8 billion in planned crypto purchases, with Ethereum emerging as the dominant asset of choice. At least five public companies either bought or promised to purchase over $3 billion worth of ETH.

Bitcoin also remained a popular choice for crypto treasury firms such as Strategy, with seven companies proposing or buying a total of $2.7 billion in Bitcoin. 

Strategy, formerly MicroStrategy, bought 21,021 Bitcoin after raising $2.5 billion from its fourth preferred stock, STRC. The UK’s The Smarter Web Company spent about $26.5 million on 225 Bitcoin and Metaplanet bought 780 Bitcoin for $92 million.

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