Blockstream CEO Adam Back led a funding round of 21 million Swedish Krona (approximately 2.2 million USD) raised by Swedish health tech company H100 Group AB, which announced last week that it will begin purchasing Bitcoin.
H100 stated on May 25 that the funds obtained through a 0% interest convertible loan will be used to purchase Bitcoin, aligning with its strategic shift towards Bitcoin purchases announced on May 22.
As a long-time Bitcoin cypherpunk, Back contributed approximately 1.4 million USD, with the remaining 800,000 USD coming from investment firms Morten Klein, Alundo Invest AS, Race Venture Scandinavia AB, and Crafoord Capital Partners.
At current market prices, this funding will enable H100 to purchase about 20.18 Bitcoins, bringing its total holdings to approximately 24.57 Bitcoins when combined with the 4.39 Bitcoins already purchased on May 22.
Source: H100
H100 stated that this convertible loan is interest-free and will mature on June 15, 2028. The loan can be converted into shares at any time at a conversion rate of 1.3 Swedish Krona (approximately 11 cents) per share.
If H100's stock price maintains a volume-weighted average price more than 33% above the conversion price for a cumulative 60 trading days, H100 has the right to require the loan to be forcibly converted into equity.
Full conversion would result in the issuance of approximately 16.15 million new shares, equivalent to about 12% equity dilution.
Bloomberg data shows that H100's stock price surged 37% after the announcement on May 22, and rose another 5.33% the next day to 1.29 Swedish Krona (approximately 14 cents).
H100's sales target health tools for individuals who are unwilling to rely on "passive health systems," as stated by the company's CEO Sander Andersen in a post on the X platform on May 22.
Andersen believes that "the highly present personal sovereignty values in the Bitcoin community align closely with the philosophy we are building for H100 platform users and the community, and will attract these groups."
According to H100, this move makes it the first publicly listed company in Sweden to adopt a Bitcoin treasury policy, and one of the earliest companies in Europe to take such action.
Data from BitcoinTreasuries.NET shows that the number of companies purchasing Bitcoin as treasury assets is growing, with 112 publicly listed companies currently holding this cryptocurrency.
Among these corporate Bitcoin holders, ten are located in Europe, making H100 one of the earliest adopters of this trend in the region.
Related: Bitcoin (BTC) price targets $112,000 as risk assets "ignore negative unemployment news"
Original article: “Adam Back leads $2 million funding round to help Swedish medical company allocate Bitcoin (BTC)”
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