Adam Back leads $2.2M raise for Swedish health firm’s Bitcoin buys

H100 Group AB, a Swedish health tech company, secured a 21 million Swedish krona ($2.2 million) funding round led by Blockstream CEO Adam Back to bolster its Bitcoin acquisition strategy. The funding, secured via interest-free convertible loans maturing June 15, 2028, will enable H100 to significantly increase its Bitcoin holdings. Back personally invested approximately $1.4 million, with the remaining $800,000 contributed by investment firms Morten Klein, Alundo Invest AS, Race Venture Scandinavia AB, and Crafoord Capital Partners.

This investment allows H100 to purchase roughly 20.18 Bitcoin, adding to the 4.39 Bitcoin already acquired on May 22nd, bringing its total Bitcoin holdings to approximately 24.57 Bitcoin at current market prices. The loans are convertible into shares at a rate of 1.3 Swedish krona (11 US cents) per share. Conversion is mandatory if the volume-weighted average share price surpasses the conversion price by over 33% for 60 cumulative trading days. A full conversion would result in approximately 16,153,900 new shares, representing roughly 12% dilution.

The announcement of H100’s Bitcoin acquisition strategy, made on May 22nd, immediately impacted its share price, causing a 37% jump. The following day saw a further 5.33% increase, reaching 1.29 SEK (14 US cents). This strategic move positions H100 as potentially the first public company in Sweden and among the first in Europe to adopt a Bitcoin treasury policy. This aligns with a growing trend; currently, 112 public companies globally hold Bitcoin as a treasury asset, with ten of those based in Europe.

H100’s CEO, Sander Andersen, explained the rationale behind the Bitcoin acquisition. He highlighted the synergy between the company’s focus on individual sovereignty in healthcare and the decentralized nature of Bitcoin. He believes the values resonate well with H100’s customer base and community. The company offers health tools designed for individuals seeking alternatives to traditional healthcare systems, emphasizing self-reliance and control—values mirroring the ethos of the Bitcoin community.