PANews reported on May 26, according to Cointelegraph, that Blockstream CEO Adam Back led a round of financing of 21 million Swedish Krona (approximately 2.2 million USD) for Swedish health technology company H100 Group AB. The company announced last week that it would start purchasing Bitcoins. On May 25, H100 stated that it raised funds through a 0% interest convertible loan, which would be used to purchase Bitcoins according to the plan announced on May 22. Back contributed about 1.4 million USD, while the remaining 800,000 USD came from investment firms including Morten Klein.
After this round of financing, H100 can purchase approximately 20.18 Bitcoins at the current market price. Combined with the previously acquired 4.39 Bitcoins, the total holding will reach approximately 24.57 Bitcoins. The convertible loan is interest-free and matures on June 15, 2028, and can be converted into shares at any time at a price of 1.3 Swedish Krona (11 cents) per share. If the H100 share price remains above the conversion price by more than 33% on a weighted average for 60 trading days, the company has the right to force conversion, resulting in the issuance of approximately 16.15 million new shares, diluting about 12%.
