H100Group

H100 Group secures SEK 21M via convertible loans.
Adam Back invests SEK 13.5M in financing round.Loans mature in 2028, convertible at SEK 1.3/share.Share capital may rise by SEK 1.6M if converted.Funds target Bitcoin treasury and digital infrastructure.
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H100 Group announced on May 25, 2025, that it has raised SEK 21 million through convertible loan agreements to acquire a Bitcoin treasury and enhance its digital infrastructure. The financing round was led by Adam Back, who invested SEK 13.5 million.
The investment group includes Race Venture Scandinavia AB, Crafoord Capital Partners, Morten Klein, and Alundo Invest AS. The funds will support H100 Group's strategy to integrate Bitcoin as a core treasury asset while advancing its technological framework.
Convertible Loan Agreement Details
The convertible loans carry no interest and mature on June 15, 2028. Investors can convert the loans into H100 Group shares at SEK 1.3 per share, a 33% discount to the volume-weighted average price of the company’s shares over the 60 trading days prior to conversion, assuming full conversion.

Full conversion would increase H100 Group's share capital by SEK 1,615,384.6 through the issuance of 16,153,846 new shares, resulting in approximately 12% dilution. Conversion into shares requires approval from the general meeting or the Board within an authorized framework.
Strategic Goals and Board Perspective
H100 Group's Board considered a rights issue but opted for convertible loans to benefit existing shareholders. This structure provides efficient capital access while aligning with investors focused on long-term value creation.
The Board emphasized that the convertible loan approach minimizes costs and complexity. The conversion price was set after negotiations, reflecting the company’s financing needs, market conditions, and investor demand.
The funding will accelerate H100 Group’s efforts to acquire a Bitcoin treasury, positioning the company within the growing trend of corporate cryptocurrency adoption. It will also strengthen its digital infrastructure to support future growth.

We are witnessing the emergence of a new asset class: Bitcoin-native stocks. These are public companies that not only hold Bitcoin but also build their entire balance sheet around it. Capital design is just as important as the amount of BTC on the books.
With the rise of Bitcoin in the global capital markets, Bitcoin treasury companies have emerged. These businesses, such as Strategy (formerly MicroStrategy), Metaplanet, and The Blockchain Group, actively buy Bitcoin as strategic reserve assets and design capital structures to maximize Bitcoin per share.

Overview
Bitcoin (BTC) has consistently closed daily candles above $100,000 since 8/5/2025 (according to Binance), marking a historical milestone for the cryptocurrency market. H100 Group in Sweden bought 4.39 BTC, becoming the first listed company in the country to hold Bitcoin, while BlackRock's Bitcoin ETF IBIT ranked in the top 8 out of 1,131 funds. This article positively analyzes the long-term prospects of crypto in the US and Sweden, along with lessons for investors.