Satsuma Technology named its new chief financial officer on Tuesday as part of a plan to beef up its top team.
The London-listed group – which provides subnet infrastructure and develops specialised AI agents – appointed Andrew Smith as its new finance boss.
Smith had served as chief financial officer for FTSE 250 firm Playtech for nearly six years and had a five year stint at Deutsche Bank in corporate broking.
Henry K. Elder, the firm’s chief executive, said: “I am thrilled to welcome Andy to the Satsuma board. Building the UK’s premier institutional Bitcoin treasury requires leadership with an impeccable track record in the public markets.
“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
It follows the bitcoin treasury firm raising $218m (£164m) in a secured convertible note, which refers to a type of short-term debt instrument that allows an investor to provide a loan to a company with the right to convert the principal amount and any accrued interest into equity (shares) at a later date.
Satsuma accepted 1,097.29 BTC in exchange for $96.9m in cash at the request of a significant number of subscribers.
The firm said it planned to use the funds to beef up operations, whilst retaining at least three months’ working capital in cash. The remainder was to be allocated to its bitcoin treasury held by its Singapore subsidiary, Satsuma Pte.
The firm announced the launch of its Bitcoin Treasury Policies on June 17, with a £5m fundraise. Shares hot up on the news are reached highs of 14p in the days following but have since tumbled to around 1p.