Blockstream CEO Backs Sweden’s First Bitcoin Firm with $2.2M

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Sweden’s Bitcoin Bonanza: You Won’t Believe Who’s Cashing In! 💰😲

  • Sweden’s first public firm adopts Bitcoin treasury policy. 
  • Adam Back invests $1.4M in H100’s convertible loan round.

In a twist that could only be scripted by the finest of playwrights, the Swedish health tech marvel, H100 Group AB, has managed to raise a staggering twenty-one million Swedish kronor—roughly two million two hundred thousand USD, if you’re counting—in a round led by none other than Adam Back, the illustrious CEO of Blockstream. This newfound fortune will be promptly funneled into the acquisition of Bitcoin, as per their shiny new treasury plan. H100 has now donned the crown of being the first company listed on the Swedish stock exchange to embrace Bitcoin in its treasury reserve. Quite the feather in their cap, wouldn’t you say?

On the 25th of May, 2025, H100 made the grand announcement of their Bitcoin acquisition, having decided to take the plunge just three days prior. Adam Back, ever the early bird, swooped in with a contribution of one point four million dollars. The last fundraising round, which was a veritable buffet for investors, saw Morten Klein, Alundo Invest AS, Race Venture Scandinavia AB, and Crafoord Capital Partners walk away with a cool 800,000. Not too shabby!

Now, let’s talk about the funding structure, shall we? A series of interest-free convertible loans were employed to gather this capital, with a maturity date set for June 15, 2028. For a mere 1.3 Swedish kronor per share, these loans can be converted into shares. A full conversion would mean creating a whopping 16,153,846 new shares, which, if my math serves me right, would reduce the value of existing shareholders by a delightful 12%. Cheers to that!

H100 Bolsters Bitcoin Holdings with New Funds

The freshly minted funds will allow H100 to procure approximately 20.18 Bitcoin. Following their earlier acquisition of 4.39 Bitcoin on May 22nd, the corporation now boasts a total of 24.57 Bitcoins. H100 is clearly on a mission to fortify its balance sheet with these digital assets. Who needs traditional assets when you can have Bitcoin, right?

The company, bless its heart, offers health tools for those who prefer to steer clear of conventional healthcare services. Andersen, the CEO of H100, has noted that their mission aligns splendidly with the Bitcoin community’s penchant for self-control. He’s convinced that this shared value will resonate with H100’s clients and the communities they serve. A match made in crypto heaven!

H100 finds itself among a select few European companies that have opted to tango with Bitcoin. According to the esteemed BitcoinTreasuries.NET, there are 112 public companies worldwide with Bitcoin holdings, but only a paltry 10 of those are located in Europe. Thus, H100 is strutting its stuff as one of the pioneers in the region to embrace this technology. Bravo!

Funding Structure and Market Impact

With a convertible loan, investors can transform 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. It’s a clever little mechanism that allows investors to manage their investments while supporting H100’s Bitcoin strategy. Quite the win-win!

After mulling over options like a rights issue, the Board of H100 decided that convertible loans were the way to go, deeming them simpler and more cost-effective. To set the conversion price, those involved in the transaction had a good old chinwag about market conditions and demand. A riveting discussion, I’m sure!

Adam Back’s involvement is a testament to his unwavering commitment to expanding Bitcoin’s user base. As the mastermind behind Hashcash and a luminary in cryptography, Back has always championed Bitcoin’s potential. His investment in H100 is a clear signal that he believes in the company’s vision and the burgeoning trend of businesses adopting Bitcoin. A round of applause for Mr. Back, if you please!

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2025-05-26 21:36