A new contender has entered the conversation About institutional bitcoin adoptionAnd it is not from Silicon Valley. The London-list satsuma technology, in the east Tao Alpha, has completed 163.6 million ($ 218 million) convertible note financing round, but with an unexpected turn: it was disposed of about 60% BTC.
As For a recent announcement, A total of 1,097 BTC value of 96.9 million days at the time of transaction is now sitting on the company’s books.
Satsuma resides converted into bitcoin
The phenomenon, which is closed on 28 July, has a publicly conversion by a publicly listing company in London is largely large-scale bitcoin-dyneminated capital. With MOT, the total bitcoin holdings of the satsuma are now standing at 1,126 BTC, priced more than $ 128 million at current rates, and BTC is placed by the company’s Singapore-Wisdian Assistant Company Satsuma PTE.
For data from Bitcointreasuries.net, Satsuma is the second-big corporate holder of bitcoin in UK Behind the smart web companyIts BTC holdings were purchased at the announcement cost of $ 115,149.
Henry, CEO of Satsuma Technology. Elder, not that procedures will be used to glorify its infrastructure and increase your digital asset racers. It also noted transparency and regular reporting on its BTC holdings would be part of its operational structure.
Step in the shadow of the microstrate
Close Measure and structure BTC acquisition of satsuma can be compared to microstrate. Under the leadership of its co-fonder, Michael Surer, US Intelligence and Software Firm have renowned themselves into a semi-bitCoine ETF. The microstrate began its bitcoin acquisition in 2020 with the acquisition of 21,454 BTC at that time. Since then, Microstrati has deposited more than 628,791 BTC with a total cost of $ 33.139 billion.
The satsuma may still occur in the early stages of its bitcoin journey, but the nature of its finance, BTC, is a strategy, rather than changing the post-raise directly, which is not even microstrati. Planned.
Microstrategy usually raises funds through offers or stock sales and later deploys capital to BTC. On the other hand, the satsuma funding is working as bitcoin on the stage. The most recent fundamental era, headed by Parafi Capital, attracted support from major crypto companies such as Pantera Capital, Digital Currency Group (DCG) and Crackon.com. It also brought support from UK equity markets managing £ 300 billion combined in assets under management.
At such a time, satsuma motors are going to show signs of signs of softening towards digital assets in the UK. When successful, the count counts the door to other publicly trading companies. Europe and beyond To begin to include bitcoin in their balance sheet. At the time of writing, 3,658 BTC is being publicly given by listing companies in UK, which is being given by 88 BTC private companies.
Specially displayed image from Pixabay, chart from TradingView.com
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