Swedish health firm raises $10M to buy Bitcoin, stock jumps 45%

H100 Group’s shares surged after the Swedish health firm announced it had raised $10.6 million to stack more Bitcoin.

Swedish health tech firm H100 Group AB rose 45% on Wednesday after announcing it raised 101 million Swedish krona ($10.6 million) to accelerate the firm’s Bitcoin treasury strategy.

H100 closed at 4.64 krona ($0.49) on the Nordic Growth Market stock exchange, bringing its share price growth to 280% since announcing its Bitcoin (BTC) strategy on May 22, MarketWatch data shows.

The $10.6 million raise is nearly five times larger than its previous $2.2 million raise led by Bitcoin cypherpunk Adam Back on May 25.

More companies are becoming Bitcoin companies by the week

H100’s latest raise to buy more Bitcoin reflects a rising trend among publicly traded firms around the world that are adding Bitcoin to their balance sheets.

A total of 126 corporate companies have done so, including 14 new firms in three weeks, BitcoinTreasuries.NET data shows.

$10M raise to boost Bitcoin strategy

The raise was split between two share issues worth 69.65 million krona ($7.31 million) and convertible loans, contributing 31.35 million krona ($3.29 million).

H100 said net proceeds from the two “share issues will be used to accelerate the Company’s Bitcoin treasury strategy.”

That could allow the health and longevity-focused firm to buy around 67.1 Bitcoin — adding to its existing 13.95 BTC and bringing its total to 81.85 BTC.

The share issues saw participation from Adam Back, Bitcoin investment firm UTXO Management and several Nordic investment firms like Race Ventures Scandinavia and Crafoord Capital Partners.

The convertible loans carry no interest and mature in five years. Investors can convert the loans into equity at 1.75 krona per share, H100 said.

The raise, called “Tranche 1,” was bumped up to 31.35 million krona after initially being agreed on at 21 million krona.

H100 says its approach to health and Bitcoin aligns

H100 sells health tools for individuals who don’t want to rely on the “reactive health system,” the company’s CEO, Sander Andersen, said on May 22 when H100 announced its first Bitcoin purchase.

“The values of individual sovereignty highly present in the Bitcoin community aligns well with, and will appeal to, the customers and communities we are building the H100 platform for,” Andersen said.