Blockstream’s Adam Back Leads $2.2M Round For Sweden’s H100 Group

HomeNews* Blockstream CEO Adam Back led a $2.2 million fundraising round for Sweden‘s H100 Group AB.

• H100 Group will use the funds, raised through zero-interest convertible loans, to purchase Bitcoin as part of its new treasury strategy.
• Back contributed about $1.4 million, with the rest coming from investors including Morten Klein and several Nordic investment firms.
• The funding will allow H100 to buy about 20 Bitcoin, adding to the 4.4 Bitcoin it bought earlier, for a total holding of nearly 25 Bitcoin.
• H100 claims to be the first public company in Sweden to hold Bitcoin on its balance sheet, joining a growing trend among European corporations. Blockstream CEO Adam Back has led a $2.2 million funding round in Swedish health technology firm H100 Group AB. H100 Group announced it will use the new funds to acquire Bitcoin, following its commitment to shift part of its treasury into the cryptocurrency.

• Advertisement - The company secured the funds by issuing zero-interest convertible loans. Back contributed approximately $1.4 million, while the remaining $800,000 came from investment groups Morten Klein, Alundo Invest AS, Race Venture Scandinavia AB, and Crafoord Capital Partners. H100 Group stated in a May 25 statement that these funds would be used to buy Bitcoin under its new treasury policy announced on May 22.

With the recent funding, H100 Group plans to purchase about 20 Bitcoin at current market prices. This addition will build on the 4.4 Bitcoin it bought on May 22, bringing its total holdings to around 25 Bitcoin. The convertible loans carry no interest and are set to mature on June 15, 2028. Investors have the option to convert these loans into shares at a fixed conversion rate.

The company highlighted that if H100 Group’s share price stays at least 33% above the conversion rate over 60 trading days, it can require the conversion of the loans into equity. A full conversion could result in about 16 million new shares, causing a 12% dilution of existing shares.

H100 Group’s stock price surged 37% when it first announced its Bitcoin purchase plan, and rose another 5% the following day, according to Bloomberg data. CEO Sander Andersen said on X that the company sells health products designed for those who do not want to rely on traditional healthcare systems. He noted, “the values of individual sovereignty highly present in the Bitcoin community aligns well with, and will appeal to, the customers and communities we are building the H100 platform for.”

According to H100 Group, this move makes it the first public company in Sweden—and one of the first in Europe—to adopt a Bitcoin treasury policy. Data from BitcoinTreasuries.NET shows 112 public firms now hold Bitcoin, with 10 based in Europe.

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