Sweden's H100 Group Rallies Another 30% After Raising $10M for Bitcoin Treasury Strategy
Sweden-based H100 Group, a publicly-traded health and longevity company that recently adopted a bitcoin BTC strategy, said it has raised $10.5 million (SEK 101 million) from a group of crypto-focused investors including Blockstream CEO Adam Back, UTXO Management, and several family offices.
According to a Wednesday press release, the fundraising was split between SEK 69.65 million in two share issues and SEK 31.35 million in convertible loans.
The share issues saw participation from a mix of crypto investors and Nordic family offices. The convertible loans carry no interest and mature in five years. Investors can convert the loans into equity at SEK 1.75 per share.
H100 shares advanced another 30% in the Wednesday session, and have now gained nearly 400% since the firm's first BTC purchase on May 22.
This was the first tranche of a broader funding plan first announced earlier and could grow further in future rounds, the company said. H100's stated aim is to use the capital to bolster its BTC treasury strategy.
H100 Group, led by CEO Sander Andersen, is part of a growing trend of public firms raising funds via share and debt issuances to buy cryptocurrencies to their balance sheets, a playbook popularized by Michael Saylor's Strategy (MSTR).
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