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Blockstream CEO and Bitcoin pioneer Adam Back has spearheaded a $2.2 million (21 million SEK) funding round to support a bold move by Swedish health tech company H100 AB. The firm recently Reveal a shift in its financial strategy to include Bitcoin as part of its treasury reserves, becoming one of the first public companies in Sweden — and one of the early adopters in Europe — to do so.
The funding round marks a significant moment for Bitcoin adoption in the corporate space, especially in the health tech industry. Adam Back, known as one of the original cypherpunks and a key figure in Bitcoin’s development, contributed approximately $1.4 million to the raise. The remaining $800,000 came from investment firms including Morten Klein, Alundo Invest AS, Race Venture Scandinavia AB, and Crafoord Capital Partners.
Bitcoin Becomes a Strategic Asset for H100 AB
H100 AB made headlines on May 22 when it declared its decision to begin buying Bitcoin as part of a new financial strategy. Just days later, it confirmed the successful raise of 21 million SEK through zero-interest convertible loans. These funds are earmarked specifically for purchasing Bitcoin, reflecting the company’s belief in the digital asset’s long-term value.
As of now, H100 has already acquired 4.39 BTC and plans to use the newly raised funds to purchase an additional 20.18 BTC at current prices, bringing its total holdings to approximately 24.57 BTC.
Zero-Interest Loans with Bitcoin Intent
The structure of the investment is unusual and favorable for H100. The funds were raised through convertible loans with zero percent interest, which mature on June 15, 2028. These loans are convertible into shares at a fixed rate of 1.3 SEK (around $0.11) per share.
There’s also a clause that gives H100 the right to force conversion if its stock price maintains a 33% premium over the conversion price for 60 cumulative trading days. Should full conversion occur, approximately 16.15 million new shares would be issued, resulting in a 12% dilution for existing shareholders.
Stock Market Responds to Bitcoin Strategy
The market response to H100’s Bitcoin pivot has been overwhelmingly positive. On May 22, when the company Reveal its Bitcoin strategy, its share price surged by 37%. The following day saw an additional 5.33% rise, pushing the price to 1.29 SEK ($0.14).
Investors clearly see value in H100’s new direction, especially given the growing interest in Bitcoin from institutional players and public companies globally. With over 112 public firms already holding Bitcoin on their balance sheets, H100 is now part of an exclusive and rapidly expanding group.
Aligning Bitcoin Values with Health Tech Vision
H100 CEO Sander Andersen highlighted the philosophical alignment between the Bitcoin ethos and the company’s mission. In a social media post, Andersen noted that Bitcoin’s values of individual sovereignty and decentralization mirror H100’s goal of empowering people to take control of their health.
H100 focuses on selling health tools that enable people to move away from traditional, reactive healthcare systems. This approach aligns well with Bitcoin’s promise of financial independence and self-custody — values that resonate strongly with the Bitcoin community.
A First for Sweden and a Milestone for Europe
H100’s Reveal makes it the first public company in Sweden to adopt a formal Bitcoin treasury policy. It is also among the first in Europe, signaling that the trend of Bitcoin as a corporate reserve asset is spreading beyond the United States and Canada.
This move is likely to inspire other companies in Europe to consider Bitcoin not just as a speculative investment, but as a strategic financial asset. Given the increasing volatility in traditional currencies and growing concerns about inflation, more firms may follow H100’s lead.
A Growing Trend
Data from shows that a growing number of companies are holding Bitcoin on their balance sheets, including giants like MicroStrategy, Tesla, and Square. Now, H100 joins the list, not as a tech company, but as a health-focused firm, adding a new dimension to the corporate adoption narrative.
With support from prominent investors like Adam Back, H100’s Bitcoin strategy could set a precedent for other small-to-mid-sized companies looking to diversify and future-proof their treasuries.
