Satsuma Technology has announced the appointment of a new chief financial officer as part of its strategy to strengthen its senior team.
The London-listed firm, which specialises in subnet infrastructure and the development of specialised AI agents, has named Andrew Smith as its new finance head, as reported by .
Smith brings with him a wealth of experience, having served as the chief financial officer for FTSE 250 company Playtech for nearly six years, as well as a five-year tenure at Deutsche Bank in corporate broking.
Henry K. Elder, the company's chief executive, expressed his delight at the appointment, stating: "I am thrilled to welcome Andy to the Satsuma board. Building the º£½ÇÊÓƵ's premier institutional Bitcoin treasury requires leadership with an impeccable track record in the public markets."
He further added: "Andy's time in investment banking and his tenure as CFO of a FTSE 250 technology firm, where he raised billions in debt and equity issuances and navigated complex global M&A, gives him the precise experience we need. He shares my belief in London's potential to create a global leader in Bitcoin innovation, and his appointment is a significant step towards realising that goal."
Satsuma's bitcoin bet
This announcement follows the bitcoin treasury firm's successful raising of $218m (£164m) through a secured convertible note. This type of short-term debt instrument allows an investor to provide a loan to a company with the option to convert the principal amount and any accrued interest into equity (shares) at a later date.
In a notable move, Satsuma accepted 1,097.29 BTC in exchange for $96.9m in cash, responding to the requests of a significant number of subscribers.
The company stated its intention to utilise the funds to enhance operations, whilst maintaining a minimum of three months' working capital in cash. The remaining amount is set to be allocated to its bitcoin treasury, managed by its Singapore subsidiary, Satsuma Pte.
The company unveiled its Bitcoin Treasury Policies on 17 June, accompanied by a £5m fundraising effort. Shares surged following the announcement, reaching highs of 14p in the subsequent days, but have since plummeted to approximately 1p.
