In an exciting development for the intersection of health technology and cryptocurrency, Adam Back, the CEO of Blockstream, has led a significant funding round of 21 million Swedish krona (approximately $2.2 million) for the Swedish health technology firm, H100 Group AB. This funding aims to support H100’s newly announced initiative to purchase Bitcoin, marking a pivotal shift in its business strategy.
On May 25, H100 revealed that the funds, which were raised through 0% interest convertible loans, will be utilized to acquire Bitcoin in line with their pivot announced just days earlier on May 22. Back contributed around $1.4 million of the total, while the rest came from notable investment firms including Morten Klein, Alundo Invest AS, Race Venture Scandinavia AB, and Crafoord Capital Partners.
The funding secured through this round will enable H100 to purchase an estimated 20.18 Bitcoin at current market prices, adding to the 4.39 Bitcoin already acquired on May 22 and bringing their total holdings to around 24.57 Bitcoin. The structure of the convertible loans allows for repayment in shares by June 15, 2028, at a conversion rate aimed at minimizing financial risk.
The initial announcement triggered a remarkable response in the market, with H100’s shares jumping by 37% following the Bitcoin acquisition news on May 22 and rising by an additional 5.33% the following day, climbing to 1.29 SEK (around 14 US cents).
H100 Group sells innovative health tools designed for consumers who prefer not to fall back on traditional reactive health systems. CEO Sander Andersen emphasized that the core values of individual sovereignty embodied within the Bitcoin community align seamlessly with their clientele’s interests. This strategic move positions H100 as not just a healthcare provider, but also a pioneer in cryptocurrency adoption within the public market sector in Sweden and potentially in Europe.
As the appetite for Bitcoin treasuries expands, H100 stands as the first public company in Sweden to adopt such a policy, joining the ranks of over 112 companies globally that now hold Bitcoin as a treasury asset. This trend illustrates a growing recognition of cryptocurrency’s potential within traditional business frameworks and highlights a future where health tech may increasingly integrate with blockchain technology.
In summary, with Adam Back’s backing and the funds secured, H100 Group is poised to become a trailblazer in leveraging Bitcoin to enhance their operational capabilities and financial stability. The growing intersection of health technology and cryptocurrency could pave the way for similar initiatives across various sectors.
