UK Bitcoin Treasury Firms Surge: Meet the 2025 Market Leaders Dominating Crypto Finance

London's financial fog lifts—replaced by the neon glow of Bitcoin treasuries. The UK's crypto custody race just hit hyperdrive, with institutional players scrambling to claim their slice of the digital gold rush.

Who's winning the cold storage arms race?

Forget vaults—these firms are building digital Fort Knoxes. The frontrunners aren't just hodling; they're rewriting corporate treasury playbooks with multisig solutions that make Swiss banks blush.

Regulatory chess moves

The FSA's watching like a hawk that just discovered blockchain analytics. Meanwhile, traditional asset managers quietly update their LinkedIn bios to include 'digital asset strategist'—better late than never, right?

One hedge fund manager we spoke to put it best: 'We used to laugh at Bitcoin maximalists. Now we're paying them $500/hr to explain UTXOs.' The irony's thicker than a legacy banking system's fee structure.

As yields on traditional instruments flatline, CFOs are discovering what crypto natives knew years ago—when the monetary system's a joke, you might as well stack the punchlines.

The Smarter Web Company

The technology firm specializing in web design and online marketing, listed on the Aquis Stock Exchange (SWC), has announced the launch of a new financial product called “Smarter Convert”, developed in partnership with TOBAM.

This will be an interest-free capital-raising initiative designed as a convertible bond, denominated in Bitcoin. This instrument has been completely subscribed (bought out) by TOBAM, an asset management company that has been engaged with the leading digital asset since 2016, for $21 million.

Smarter Convert’s structure is meant to align incentives for stakeholders while also providing downside protection. The asset manager used three of its funds for the purchase, and it projects that future bonds could be issued to other investors, including TOBAM, at future market prices using the same method.

The “Reference Share Price” for the initial tranche of Smarter Convert is set to £1.95, which is the closing price of the company’s stock as of yesterday. Some key terms for the product include:

• Conversion Share Price: Equity by investors can be converted at a 5% premium to the Reference Share Price, with a 1.3288 GBP/USD conversion rate
• Downside Protection: If bonds are not converted within 1 year, the firm will repay 98% of the value to investors

This instrument provides the opportunity to raise funds at a premium to current market prices, while also enabling the enterprise to increase its BTC holdings. However, the maximum amount attainable via this method will be capped at around 30% of the existing unburdened stash.

The Smarter Web Company has a bitcoin balance of 2,050 coins, currently valued at $233.31 million, with an average purchasing cost of $110,040. They joined the treasury race around the end of April this year, and are positioned in 27th place on the BitcoinTreasuries site.

Satsuma Technology PLC

The London Stock Exchange-listed (SATS.L) AI-focused software development company, which recently adopted a treasury strategy, has completed its second loan note capital raise, reaching £163.7M ($217.6 million), which is over 63% of its minimum target of £100 million ($133M).

The loan notes obtained from the fundraiser will be converted into ordinary shares of £0.001, subject to shareholder approval and the issuance of a prospectus by the company.

Renowned global fund managers, exchanges, and various institutions, including Kraken, Pantera Capital, DCG, and Borderless Capital, among others, backed the funding, which netted the company 1,097 BTC for which they paid £96.8M ($128 million) in cash.

Some of the proceeds from the raise will be used to expand current operations, further solidifying their focus on AI and DeFi. At the same time, the remainder will be allocated to bolster the Bitcoin coffers.

The company embarked on its treasury journey in mid-July and already holds 1,126 bitcoins, currently valued at $128.54 million, with an average purchase price of $115,149 per coin, according to the most recent data obtained from BitcoinTreasures. They are currently ranked 35th on the site’s leaderboard.