Swedish health tech firm H100 Group raises $10M to buy more Bitcoin

Health technology company H100 Group AB has raised over $10 million to accelerate its Bitcoin treasury strategy through a mix of share issues and convertible loans. According to a June 11 announcement from the Swedish firm, the raise consisted of two directed share issues totaling 69.65 million Swedish krona ($7.3 million) and a 31.35 million krona ($3.29 million) convertible loan tranche. Bitcoin plans draw broad participation The financing drew participation from key Bitcoin advocates and investment firms, including Blockstream CEO Adam Back, UTXO Management, and several Nordic investors such as Race Ventures Scandinavia and Crafoord Capital Partners. The convertible loan component, labeled Tranche 1, was increased from a previously announced 21 million krona. The loans are interest-free and will mature in five years, with shareholders having the option to convert them into equity at a price of 1.75 krona per share. Investors will also be required to convert their holdings if H100’s share price maintains a 33% premium above the conversion rate for 20 consecutive trading days. Net proceeds from the share issues and loan agreements will be used to purchase additional Bitcoin, with estimates suggesting H100 could acquire roughly 67.1 BTC at current market prices. This would bring the company’s total holdings to approximately 81.85 BTC, including the 13.95 BTC it has already acquired. H100’s Bitcoin treasury strategy H100 Group’s commitment to Bitcoin began on May 22 with a $490,000 purchase of 4.39 BTC, its first foray into crypto reserves and a landmark moment that made H100 the first listed Swedish firm to embrace Bitcoin on its balance sheet. Shortly after, on May 25, it raised an additional $2.2 million in a funding round led by Adam Back. The funds, secured through 0% interest convertible loans, allowed the company to purchase roughly 20.18 more Bitcoins. That tranche featured a conversion price of 1.3 krona per share and represented an estimated 12% dilution upon full conversion. H100 views its Bitcoin strategy as a means to strengthen its reserves without diverting from its core business in health and longevity technologies. According to CEO Sander Andersen, the “values of individual sovereignty highly present in the Bitcoin community align well with, and will appeal to, the customers and communities” that H100 plans to serve through its health and longevity-focused platform. Investor response has been noteworthy. Shares of H100 surged 39% after its initial Bitcoin acquisition and have since climbed 280%, closing at 4.64 krona on June 11. The company is listed on the Nordic Growth Market exchange. H100 joins a growing list of health and med-tech firms adding Bitcoin to their balance sheets. Some notable names include Semler Scientific , Basel Medical Group, and KindlyMD . The post Swedish health tech firm H100 Group raises $10M to buy more Bitcoin appeared first on Invezz

Source: Invezz