Swedish health technology company H100 Group AB has secured $2.2 million in funding led by Blockstream CEO Adam Back to expand its Bitcoin treasury holdings.
According to a May 25 announcement, the Stockholm-headquartered firm raised 21 million Swedish krona (approximately $2.2 million) through 0% interest convertible loans. The funds will be used to purchase Bitcoin as part of H100’s broader pivot toward holding the asset on its balance sheet.
Investment firms, including Morten Klein, Alundo Invest AS, Race Venture Scandinavia AB, and Crafoord Capital Partners, contributed a combined $800,000 to the round. The largest share came from Back, a British cryptographer and known Bitcoin advocate, who invested $1.4 million.
The loans are set to mature on June 15, 2028, and can be converted into equity at a rate of 1.3 SEK (about 11 US cents) per share.
Under the loan terms, H100 may mandate conversion to equity if its share price maintains a volume-weighted average of 33% above the conversion rate for 60 trading days. Full conversion would issue roughly 16.15 million new shares, resulting in a 12% dilution.
The latest capital raise will allow the company to purchase approximately 20.18 Bitcoin at current market rates, adding to the 4.39 Bitcoin it acquired on May 22.
That earlier purchase, valued at around $490,000, marked H100’s initial foray into Bitcoin and cemented its name as the first publicly listed company in Sweden to adopt Bitcoin as a treasury asset and one of the first in Europe.
H100 shares rallied 39% after the news broke, pushing H100’s market value over $14 million.
At the time, H100 said the move is part of a long-term Bitcoin treasury strategy, which aims to diversify its reserves without deviating from its core focus on health technology.
Bitcoin’s role as a corporate treasury asset continues to gain momentum, with several public healthcare companies making significant acquisitions this month.
On May 16, Singapore-based Basel Medical Group announced a strategic purchase agreement to acquire up to 10,000 BTC, valued at approximately $1 billion, by issuing ordinary shares.
In the United States, KindlyMD, a provider of integrated healthcare services, secured shareholder approval for its proposed merger with Nakamoto Holdings Inc., a Bitcoin-native holding company.
Meanwhile, Canadian healthcare provider SRx Health Solutions has announced plans to diversify its financial assets by purchasing Bitcoin, following a previous investment of $1.5 million in Solana tokens.