Swedish medical company H100 Group AB has signed a convertible loan agreement worth 150 million Swedish Krona (approximately 15.82 million USD) with Adam Back, with the funds intended for purchasing Bitcoin. This is the second round of financing following the funding in May, bringing the total to 27.7 million USD. H100 plans to increase its holdings by approximately 138 BTC at the current market price, resulting in a total holding of over 160 BTC, solidifying its position as Sweden's first publicly listed Bitcoin financial company.

Analysis by Qin Ge

Core logic: The design of convertible bonds achieves a win-win situation—Adam Back is bound to equity conversion rights (conversion price of 1.75-5.00 Swedish Krona/share), and H100 obtains low-risk expansion funds. This model is being emulated by ten cryptocurrency-holding companies in Europe, avoiding equity dilution while enjoying regulatory benefits (Sweden does not restrict corporate cryptocurrency holdings).

Driving forces of the European cryptocurrency wave:

MicroStrategy paradigm verification (issuing bonds to buy cryptocurrencies → stock price increase → financing expansion)

The EU MiCA legislation does not regulate corporate treasury allocations, with policies being more favorable than those in the United States

Sovereign narrative binding (H100 integrates the sovereign value of Bitcoin with the concept of healthcare)

Risk warnings:

Debt-to-asset ratio of 67%, if BTC falls below 20,000 USD, it will trigger a payment crisis

Differentiation from Hong Kong's MemeStrategy purchase of SOL strategy (BTC as a store of value vs SOL as a technological application)

Trend signal:

Only 10 cryptocurrency-holding publicly listed companies in Europe (112 globally), H100 may trigger the 'Scandinavian effect', with companies like Denmark's Novo Holdings evaluating follow-up actions. In the short term, pay attention to H100 stock's opportunity to convert at 1.3 Swedish Krona.