Jānis Sprenne launches Sats Inc — the first bitcoin treasury company in the Baltics. The company has raised €200,000 and is seeking an additional €400,000 to complete a pre-seed round.
Sats Inc is designed for institutional capital. Following an initial capital contribution in stablecoins (USDC) — the first of its kind in Latvian history — all future fundraising will be conducted in euro.
The trend of holding bitcoin as a corporate reserve asset was pioneered by US-based MicroStrategy, which since 2020 has built a position of over 767,000 bitcoin. In the Nordics, Sweden in particular has emerged as a hub: H100 is a Swedish company with a significant Norwegian investor base, BTC AB follows the same model, and Norway-based K33 is listed on the Stockholm stock exchange. Sats Inc is an early attempt to bring the same logic to the Baltics.
Sats Inc does not measure returns in fiat, but in growth of bitcoin per share — how much bitcoin each share represents, and whether that share is increasing over time. The model distinguishes the company from passive exposure through exchange-traded funds, and positions it within the emerging category of bitcoin treasury companies.
The company structures its balance sheet into three layers. A core reserve consisting of bitcoin held unencumbered and not used for trading. A liquidity buffer covering operational needs and protecting the reserve from operational volatility. A third layer — called a productivity engine — designed to contribute to the gradual accumulation of bitcoin within strict risk constraints.
"We treat bitcoin as a reserve asset. The challenge is not buying bitcoin — it's designing a structure that can accumulate it over time, survive across cycles, and access capital markets without diluting bitcoin per share," says Jānis Sprenne, founder of Sats Inc.
The company holds 1.139 bitcoin and aims for the current phase to demonstrate governance discipline — that the structure performs as intended before larger capital is deployed. Infrastructure is already live, and the company is now seeking €400,000 to complete this initial phase.