Swedish health technology company H100 Group AB announced on Wednesday that it has raised 101 million Swedish kronor (approximately 10.6 million USD), leading to a 45% increase in its stock price, to accelerate the company's Bitcoin reserve strategy.
H100's closing price on the Nordic Growth Market stock exchange was 4.64 kronor (approximately 0.49 USD). According to MarketWatch data, since announcing its Bitcoin (BTC) strategy on May 22, its stock price has increased by 280%.
This 10.6 million USD financing is nearly five times the previous 2.2 million USD funding led by Bitcoin cryptopunk Adam Back.
H100's latest round of financing is intended for purchasing more Bitcoin, reflecting the growing trend among global publicly traded companies to add Bitcoin to their balance sheets.
According to data from BitcoinTreasuries.NET, a total of 126 companies have taken this step, including 14 companies added in the past three weeks.
The financing is divided into two parts: two rounds of stock issuance valued at 69.65 million kronor (approximately 7.31 million USD) and a convertible loan valued at 31.35 million kronor (approximately 3.29 million USD).
H100 stated that the net proceeds from these two rounds of stock issuance will be used to accelerate the company's Bitcoin reserve strategy.
This could enable the health and longevity-focused company to purchase approximately 67.1 Bitcoin, adding to its existing 13.95 BTC, bringing the total holdings to 81.85 BTC.
The stock issuance was supported by Adam Back, Bitcoin investment firm UTXO Management, and several Nordic investment companies including Race Ventures Scandinavia and Crafoord Capital Partners.
These convertible loans are interest-free and have a term of five years. H100 stated that investors can convert the loans into equity at a price of 1.75 kronor per share.
This financing is referred to as "Tranche 1," initially agreed upon for 21 million kronor, later increased to 31.35 million kronor.
H100 sells health tools aimed at individuals who do not wish to rely on a "reactive health system." The company's CEO Sander Andersen stated on May 22 when H100 announced its first Bitcoin purchase:
"The highly embodied values of personal sovereignty in the Bitcoin community align very well with the customers and community we are building for the H100 platform, and it will attract them," Sander said.
Sweden's first health company with Bitcoin Treasury strategy @H100Group Supporting the sovereign individual and preventive health providers 🤝 pic.twitter.com/FSIxQZ81mJ
Related: OneBalance raises 20 million USD to simplify cryptocurrency experience for developers
Original article: “Sweden's H100 Soars 45% After Raising 10 Million USD for Bitcoin (BTC) Reserves”
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