H100 Group AB Raises $2.2 Million to Expand Bitcoin Treasury Holdings

Adam Back, the CEO of Blockstream, has led a significant funding round for H100 Group AB, a Swedish health technology company. The investment amounts to approximately 21 million Swedish Krona, or about $2.2 million USD. This funding round is specifically aimed at expanding H100's Bitcoin treasury holdings, making it the first public company in Sweden to hold Bitcoin in its corporate treasury.

H100 announced its decision to acquire Bitcoin on May 25, 2025, following a strategic move on May 22. Adam Back was one of the earliest supporters of this initiative, contributing the equivalent of $1.4 million. Other investors in the last fundraising round included Morten Klein, Alundo Invest AS, Race Venture Scandinavia AB, and Crafoord Capital Partners, who collectively contributed 800,000 USD.

The capital was raised through a series of interest-free convertible loans, with a maturity date set for June 15, 2028. These loans can be converted into shares at a rate of 1.3 Swedish kronor per share. A full conversion would result in the creation of 16,153,846 new shares, diluting the value of existing shareholders by 12%.

The newly obtained funds will be used by H100 to purchase approximately 20.18 Bitcoin. Following the acquisition of 4.39 Bitcoin on May 22nd, the company now holds a total of 24.57 Bitcoins. This move is part of H100's strategy to build a stronger balance sheet using digital assets.

H100 offers health tools that provide options for individuals who prefer not to rely on standard healthcare services. The company's CEO, Andersen, noted that H100's mission aligns with the Bitcoin community's values of self-control and autonomy. This shared value is expected to resonate with H100's clients and the communities it serves.

H100 is part of a small group of European companies that have chosen to work with Bitcoin. There are 112 public companies worldwide with Bitcoin holdings, but only 10 of those are located in Europe. This makes H100 one of the first institutions in the region to adopt this technology.

With a convertible loan, investors have the option to convert their investments into equity at a fixed conversion rate. The company can enforce conversion on H100’s stock if its price rises by 33% above the conversion price for 60 trading days. This structure provides investors with flexibility and supports H100’s strategy with Bitcoin.

After considering options like a rights issue, the Board of H100 chose convertible loans because they were deemed simpler and more cost-effective. The conversion price was set after discussions about market conditions and demand.

Adam Back's involvement in this funding round underscores his commitment to expanding the use of Bitcoin. As a pioneer in cryptography and the creator of Hashcash, Back has long supported the potential of Bitcoin. His investment in H100 demonstrates his belief in the company’s plans and the growing trend of companies adopting Bitcoin.