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H100 Group Targets $79 Million Raise to Power Bitcoin Strategy
Blockstream CEO shares details with CoinDesk on strategic convertible loan backing bitcoin-focused treasury play.
Updated Jun 16, 2025, 1:50 p.m. Published Jun 16, 2025, 10:03 a.m.
What to know:
- H100 secured 150 million kronor (around $15 million) from Blockstream CEO Adam Back in the first tranche of its funding round.
- H100 plans to raise up to 750 million kronor across three tranches to support its bitcoin investment strategy.
- The three-part tranche model allows for responsive capital deployment based on market conditions.
- A convertible-loan structure offers fast, flexible capital with strategic alignment from key backers.
H100 Group (H100), a Swedish health-technology company, said it reached an agreement that could see Blockstream CEO Adam Back lend it as much as 750 million kronor ($79 million) to support its long-term bitcoin treasury strategy.
Back signed up for an initial 150 million-krona tranche, known as Tranche 6, of a convertible loan. He also holds a right to participate in two follow-up tranches, each currently set at 75 million kronor, though the company intends to that amount if market conditions allow.
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The financing structure prioritizes speed and cost-efficiency over a traditional rights issue and allows Stockholm-based H100 to invite other investors on equal terms. Convertible loan terms were set through arm’s length negotiations, with Tranche 6 priced at 6.38 kronor per share, a 33% premium to market.
"Unexpectedly, given the strong reception, Tranches 1-4 became in-the-money rapidly," Back said in a statement to CoinDesk. "I was expecting [H100] would convert them over time as they reached in-the-money status".
H100 Group currently holds 24.41 BTC, according to BitcoinTreasuries.net. The company's shares 22% on Monday.
AI Disclaimer: Parts of this article were generated with the assistance from AI tools and reviewed by our editorial team to ensure accuracy and adherence to our standards. For more information, see CoinDesk's full AI Policy.
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