Adam Back’s investment in H100 Group marks a significant step in the management of corporate treasury focused on Bitcoin, the financial asset that continues to gain relevance as a store of value. The initial investment of SEK 21 million, with options for expansion, defines a model of growth and long-term support for the company.
The investment agreement: structure and expansion options
Adam Back has subscribed to an initial investment of SEK 21 million in H100 Group, accompanied by a convertible loan agreement that provides for up to five tranches for a potential increase up to SEK 277 million. This system ensures a gradual increase in Back’s participation, laying the foundation for a robust and strategic presence in the capital of H100.
H100 Group AB (Ticker: H100) ottiene un impegno di SEK 21M ($2.1M) da @adam3us, con diritti di investire ulteriori SEK 128M ($12.8M) in tranche—portando il totale previsto a SEK 277M (~$27.7M). pic.twitter.com/c0HgMSRxut
— H100 (@H100Group) 3 giugno 2025
The investment plan is structured as follows:
First tranche: SEK 21 million already invested
Four successive tranches: each can be requested within 90 days from the previous tranche
Amount of each subsequent tranche: double the investment of the previous tranche
This mechanism ensures flexibility, allowing Back to adjust its financial commitment based on the evolution of the performance of H100 and market conditions.
Convertible loans without interest: advantages and conditions
The agreement between Adam Back and H100 Group is based on five-year convertible loans, free of interest. This structure allows Back the possibility to convert the loans into company shares at any time, providing a dual advantage:
Potential capital growth: the conversion transforms the credit into equity, promoting direct participation in the future successes of H100.
Protection against dilution: the conversion prices are defined for each tranche, ensuring clarity and certainty for the investor.
The conversion prices range from SEK 1.75 per share in the first tranche, up to a maximum of SEK 5.00 for the fifth tranche, with the possibility for H100 to force the conversion if the share price exceeds the defined rate by 33% for a continuous period of 20 days. It is expected that the complete conversion of the first tranche will generate approximately 12 million new shares, with dilution for existing shareholders estimated at 9.3%.
The subsequent tranches: obligations and timelines
Each subsequent tranche involves a substantial increase in the investment:
Second tranche: SEK 15,750,000
Third tranche: SEK 23,625,000
Fourth tranche: SEK 35,437,500
Fifth tranche: SEK 53,156,250
Adam Back is obligated to pay the amount specified at the time of the request, with the total investment in each phase reflecting the doubling compared to the previous one.
However, the right to request subsequent tranches expires if not exercised within 90 days from the signing of the previous tranche, a mechanism that puts pressure on the investor for a rapid decision.
Adam Back’s comment at the Bitcoin Conference 2025
During the Bitcoin Conference 2025, Adam Back reiterated the strategic importance of Bitcoin in the balance sheet of companies. His words highlight a clear and forward-looking vision on the role of this financial asset in corporate treasury:
“Since we have been active since 2014, we work with our investors to put Bitcoin in the balance sheet in this way. I believe that the way to view the treasury of companies is that Bitcoin represents the most enduring interest rate. It is very difficult to outperform Bitcoin compared to other investments, and most people have thought of putting everything in Bitcoin and not in other things.”
This statement emphasizes how Bitcoin is considered not only a speculative asset, but a true wealth management tool with a unique degree of reliability over time.
The impact of investment in the corporate and financial context
The consistent and structured investment by Adam Back represents a signal of trust towards H100 Group and the strategy of incorporating Bitcoin into the corporate treasury. This choice is reflected not only in the financial availability but also in the willingness to support a long-term vision, characterized by modular investments and protection against volatility.
Furthermore, the possibility of converting the loan into shares offers a leverage for Back to participate directly in the share capital, with prospects of appreciation linked to the company’s growth and the adoption of Bitcoin as an official reserve.
Insights on the investment model and future outlook
The agreement between Back and H100 Group is an example of how financing in companies linked to Bitcoin can be structured in an innovative way, thanks to non-burdensome convertible loans with flexible maturities. This model could be replicated by other entities interested in integrating Bitcoin into their balance sheets, balancing growth, risk, and equity control.
In particular, the maximum expected dilution and the conversion conditions encourage a balance between the interests of the investor and those of the company, avoiding excessive pressures in the short term but maintaining the possibility of a dynamic change in governance.
Bitcoin as a pillar of corporate treasury strategy
Adam Back’s approach highlights how Bitcoin is establishing itself as a key financial asset for companies that intend to protect their capital from inflation and the volatility of traditional markets. The value of Bitcoin as a durable interest rate becomes a decisive factor for those planning long-term industrial and financial investments.
H100 Group, thanks to this investment, now has the resources to expand its participation in Bitcoin, with a more solid and above all structured management over time.
Towards a future of growth and integration between Bitcoin and companies
Ultimately, Adam Back’s initiative revolutionizes the perception of asset management in companies, integrating Bitcoin in a systematic and strategic way. This step paves the way for new opportunities for businesses interested in protecting and enhancing their capital through this unique financial asset.
For realities like H100 Group, a path of sustained growth is emerging, supported by modulated and strategic investments, which could push Bitcoin increasingly into the sphere of consolidated corporate resources.
Companies that intend to follow this path should carefully evaluate similar models, paying attention to conditions like those offered by Adam Back, which can represent an effective model for balancing liquidity, growth, and equity control.
