Swedish tech firm H100 Group rallied almost 40% on news of its $490,000 Bitcoin purchase aimed at diversifying company reserves.
As more tech firms turn to Bitcoin as a treasury asset, Sweden’s health tech company H100 Group AB has followed suit, with a $490,000 buy that sent its shares soaring almost 40%.
In a press release, the Stockholm-headquartered company said it had acquired 4.39 Bitcoin (BTC) at a price of 1,138,737 NOK each.
The company said the allocation is part of a “long-term Bitcoin Treasury Strategy,” adding that the decision “doesn’t affect H100’s core operations, which remain focused on delivering technology solutions to health providers” as it reflects a “strategic deployment of excess liquidity to strengthen the company’s financial position.”
“This addition to H100’s Bitcoin Treasury Strategy follows an increasing number of tech-oriented growth companies holding Bitcoin on their balance sheet, driven by the view that it’s in the company’s interest to hold a more diversified treasury portfolio than just cash.”
H100 Group CEO Sander Andersen
After the purchase, H100 Group’s shares on the Nordic Growth Market surged 39.27% to 1.22 Swedish Krona (about $0.13), boosting the company’s market value to approximately $14.84 million.
In mid-April, two Swedish lawmakers urged the country’s finance minister to consider adding Bitcoin to Sweden’s reserves. Sweden Democrat Member of the Riksdag Dennis Dioukarev and MP Rickard Nordin have issued open letters to Finance Minister Elisabeth Svantesson, pushing for a national strategy that embraces Bitcoin as part of the country’s future financial planning.
Dioukarev’s letter, submitted on April 14, proposed that Sweden begin accumulating Bitcoin using confiscated crypto assets. He pointed to similar efforts in other countries, notably the United States, which recently launched a national Bitcoin reserve funded through seized funds.