H100 Group Secures Backing from Adam Back in SEK 277 Million Convertible Loan Deal
A strategic infusion from Blockstream CEO Adam Back propels H100’s Bitcoin treasury ambitions and digital health infrastructure vision.
By NordicsBitcoin.com Staff 3/6/2025
In a bold step forward for both its Bitcoin treasury strategy, H100 Group AB has announced a convertible loan agreement with renowned Bitcoin pioneer Adam Back. The agreement secures an initial SEK 21 million investment and opens the door for additional tranches, with a total potential size of SEK 277 million. An astounding treasury increase for a company with a SEK 192 million (USD 20 million) market cap at time of writing.
Adam Back Leads Strategic Investment
The agreement, disclosed late Tuesday evening, sees Blockstream CEO and early Bitcoin figurehead Adam Back committing SEK 21 million in the first tranche. He also retains the right to participate in four future tranches totaling up to SEK 128 million. H100 plans to use the proceeds to accumulate Bitcoin and strengthen its balance sheet.
“We are pleased to welcome Adam Back as a strategic long-term investor,” the company stated, highlighting that Back's involvement brings more than just capital – it signals alignment with Bitcoin-native values and provides reputational weight in the Bitcoin and crypto investment space.
Terms of the Convertible Loan
The convertible loan agreement allows for up to five tranches. Each tranche is structured as follows:
Initial Tranche: SEK 21 million at a conversion price of SEK 1.75 per share
Second Tranche: SEK 31.5 million (Back entitled to half, or SEK 15.75 million) at SEK 2.28
Third Tranche: SEK 47.25 million (Back entitled to SEK 23.625 million) at SEK 2.96
Fourth Tranche: SEK 70.875 million (Back entitled to SEK 35.437 million) at SEK 3.84
Fifth Tranche: SEK 106.312 million (Back entitled to SEK 53.156 million) at SEK 5.00
The loans are interest-free and mature after five years, with the option to convert into shares at any time. If the company’s stock trades 33% above the tranche conversion price for 20 cumulative trading days, H100 retains the right to force conversion.
Assuming full conversion of the Initial Tranche, the company could issue 12 million new shares, equating to roughly 9.3% dilution.
If all tranches proceed as planned, by the end of the fifth tranche, Adam Back will hold an approximate 24% ownership stake in H100, which could hold the Nordics fastest growing Bitcoin treasury.
Why Convertible Debt?
The Board opted for a convertible structure over a traditional rights issue, citing faster access to capital, lower costs, and the strategic value of Adam Back’s involvement. According to H100, the negotiated conversion prices reflect current market conditions and were arrived at through arms-length discussions.
This approach also avoids dilution of existing shareholders' preferential rights - a common concern with rights issues - while ensuring the company secures committed capital to fuel its Bitcoin acquisition and infrastructure growth.
Bitcoin Treasury Strategy Accelerates
This announcement marks a major milestone in H100 Group’s Bitcoin treasury journey, which began less than two weeks ago. With this financing, the company is doubling down (and then some) on its conviction that Bitcoin will play a foundational role in preserving value and powering long-term corporate resilience.
Importantly, with this move - H100 becomes the first publicly listed firm in the Nordics with a clear, structured Bitcoin accumulation strategy. For this new breed of company, Bitcoin is not seen as a speculation, but a strategic reserve. As H100 moves forward with tranches tied to stock performance and company milestones, all eyes will be on its execution.
For Nordic investors and Bitcoiners, this development is yet another signal: Bitcoin is no longer just an asset — it’s becoming corporate strategy. European companies are taking Bitcoin seriously.
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