UK Company Settles Most Convertible Notes in Bitcoin - Insights
In a groundbreaking move, London-listed company Satsuma Technology has completed a £163.6 million convertible note financing round, with nearly 60% settled in Bitcoin. This strategic decision sets Satsuma apart from companies like MicroStrategy, which typically raise funds through bond offerings or stock sales.
Following Satsuma's lead, several European publicly traded companies have started incorporating Bitcoin into their balance sheets. One such company is Capital B, listed on Euronext Growth Paris. Capital B has aggressively expanded its Bitcoin treasury, securing €11.5 million in funding to acquire about 160 more BTC, bringing its total holdings to approximately 2,173 BTC as of early August 2025. A later €2.2 million raise further increased its holdings to an estimated 2,218 BTC, making it one of Europe's pioneering publicly listed Bitcoin treasury companies.
H100 Group, another European company, is also part of this trend, managing Bitcoin valued around $115.5 million with recent financing activities to support their BTC strategy.
Amdax, an Amsterdam-based Bitcoin service provider, has announced plans to launch a publicly listed Bitcoin treasury company (AMBTS) on the Euronext Amsterdam exchange. Their strategic goal is to accumulate at least 1% of the total Bitcoin supply, positioning AMBTS as a major institutional holder and further instigating institutional and corporate Bitcoin adoption in Europe.
This trend is not limited to Europe. Research shows that a growing number of public companies globally, including in the US, Japan, and UK, have adopted Bitcoin on their balance sheets. As of mid-2025, approximately 134 publicly listed firms worldwide hold around 245,000 BTC. Institutional investors are increasingly supportive of Bitcoin as a treasury asset for balance sheet optimization and hedging against fiat currency risks.
At the time of writing, 3,658 BTC are being held by publicly listed companies in the UK, while 88 BTC are being held by private companies. Notably, Satsuma is the second-largest corporate holder of Bitcoin in the UK, behind The Smarter Web Company.
The Bitcoin acquired by Satsuma is held by Satsuma Pte, the company's Singapore-registered subsidiary. MicroStrategy, under the leadership of co-founder Michael Saylor, has transformed into a quasi-Bitcoin ETF, holding over 628,791 BTC with a total cost of $33.139 billion.
Satsuma's Bitcoin acquisition scale and structure can be compared to MicroStrategy's. If successful, Satsuma's move could open the door for other publicly traded companies in Europe and beyond to begin incorporating Bitcoin into their balance sheets.
The round also brought in backing from leading UK equity market participants managing a combined £300 billion in assets under management. Henry K. Elder, CEO of Satsuma Technology, stated that the proceeds will be used to grow its decentralized AI infrastructure and bolster its digital asset reserves.
Regulatory attitudes in the UK are beginning to show signs of softening toward digital assets. Regular reporting on Satsuma's BTC holdings will be part of its operational structure moving forward. The average cost basis of Satsuma's BTC holdings is £115,149, and a total of 1,097 BTC, valued at around £96.9 million at the time of the transaction, is now on Satsuma's books.
This is the first known large-scale Bitcoin-denominated capital raise by a publicly listed company in London. The most recent Satsuma fundraising round was led by ParaFi Capital and attracted support from major crypto companies like Pantera Capital, Digital Currency Group (DCG), and Kraken.com. Satsuma's total Bitcoin holdings now stand at 1,126 BTC, worth over £128 million at current rates.
References:
- https://cointelegraph.com/news/satsuma-technology-raises-163-6-million-for-bitcoin-treasury
- https://www.coindesk.com/business/2022/06/07/amdax-aims-to-become-a-major-institutional-holder-of-bitcoin-with-eur100m-ipo/
- https://www.coindesk.com/business/2022/08/04/capital-b-raises-13-7m-to-buy-more-bitcoin-as-it-becomes-one-of-europes-pioneering-publicly-listed-bitcoin-treasury-companies/
- https://www.coindesk.com/business/2022/08/05/h100-group-has-around-115-5m-worth-of-bitcoin-on-its-balance-sheet-report/
- https://www.bloomberg.com/news/articles/2021-10-14/microstrategy-has-now-bought-more-bitcoin-than-paypal-has-ever-held
- In light of Satsuma Technology's success, more European businesses are incorporating Bitcoin into their balance sheets, such as H100 Group and the forthcoming Amdax-listed Bitcoin treasury company on the Euronext Amsterdam exchange.
- With Satsuma Technology's strategic decision to invest in Bitcoin, a growing number of public companies globally, including in the US, Japan, and the UK, are adopting Bitcoin as a treasury asset, optimizing their balance sheets and hedging against fiat currency risks.
