Swedish health technology company H100 Group AB saw its stock price rise by 37% after announcing its first purchase of Bitcoin (BTC) as part of a new strategy. Meanwhile, Chinese electric vehicle retailer Jiuzi Holdings disclosed plans to accumulate 1,000 Bitcoins over the next year through a combination of issuing new shares and cash purchases.
H100 stated on May 22 that the company spent 5 million Norwegian Krone (approximately $490,830) to purchase 4.39 Bitcoins, with an average purchase price of about $111,785.
According to Bloomberg data, the company's stock price rose 37% to 1.22 Swedish Krona (approximately $0.13) at the close of trading on May 22 on the Nordic Growth Market after the announcement of the Bitcoin purchase.
This strong trading day made up for some losses over the past two months, during which the company's stock price had fallen by more than 46%.
Company CEO Sander Andersen expressed his belief that "the individual sovereignty values highly embodied in the Bitcoin community align very well with the customers and community we are building for the H100 platform, and will attract them."
In another post on X, Andersen stated that H100 sells health tools aimed at individuals who do not wish to rely on "passive health systems."
Andersen marked the initial Bitcoin announcement and purchase as "Phase One," suggesting that more purchases will follow in the future.
Meanwhile, on May 22, Nasdaq-listed Chinese electric vehicle retailer Jiuzi Holdings announced that its board had approved a plan to purchase 1,000 Bitcoins over the next year through a combination of issuing new shares and cash purchases.
CEO Tao Li acknowledged the volatility associated with investing in Bitcoin but expressed hope that this move would enhance the company's asset structure, risk resistance, and profitability.
According to Google Finance data, Jiuzi Holdings (JZXN) saw its stock price rise by 7.3% to $3.09 on May 22—a relatively modest increase compared to other recently announced Bitcoin purchases by listed companies.
Using Bitcoin as a reserve asset has become an increasingly popular trend in recent years. According to data from BitcoinTreasuries.NET, there are currently 109 publicly traded companies holding this cryptocurrency on their balance sheets.
Related: Michigan lawmaker proposes four cryptocurrency bills concerning retirement funds, central bank digital currency, and mining
Original article: “Swedish health tech company H100's stock soars 37% after first Bitcoin (BTC) purchase, electric vehicle retailer Jiuzi Holdings plans to buy 1,000 BTC”
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