The capital raise, structured through zero-interest convertible loans, is earmarked entirely for the company’s Bitcoin treasury initiative.
The investment follows H100’s bold announcement on May 22 that it would begin acquiring Bitcoin as part of a new treasury strategy. Back, a prominent figure in the Bitcoin space and one of its earliest advocates, personally contributed around $1.4 million. The remaining $800,000 came from Nordic investment players, including Morten Klein, Alundo Invest AS, Race Venture Scandinavia AB, and Crafoord Capital Partners.
21,000,000 SEK has been raised in a convertible round led by the legendary @adam3us ????
Accelerating our Bitcoin treasury strategy and strengthening our focus on sovereign health — let’s build! pic.twitter.com/SrpbKM2TID
— H100 (@H100Group) May 25, 2025
H100, which specializes in personal health solutions outside the traditional reactive healthcare model, plans to use the funds to acquire an estimated 20.18 BTC at current market prices, adding to the 4.39 BTC it bought on May 22. This would bring its total holdings to approximately 24.57 BTC.
Under the loan terms, which mature on June 15, 2028, investors can convert their stake into equity at any point at a fixed rate of 1.3 SEK (approximately 11 cents) per share. If H100’s stock maintains an average trading price exceeding 33% above the conversion rate for 60 trading days, the company may trigger a mandatory conversion into shares. A full conversion would introduce about 16.15 million new shares, diluting existing ownership by roughly 12%.
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Investor excitement has already been reflected in the market. H100 shares surged by 37% on the day it announced its Bitcoin strategy and climbed another 5.33% the following trading day, reaching 1.29 SEK (around 14 US cents), according to Bloomberg.
CEO Sander Andersen explained the rationale behind the pivot, stating that the values of the Bitcoin community, particularly around individual sovereignty, align with the mission of H100, which aims to empower individuals to manage their health outside of mainstream healthcare systems.
H100 acquired more BTC
H100 acquired 2,455.37 BTC through ownership of the Norwegian businesses. The deal was structured on a 1:1 Bitcoin-for-Bitcoin basis and did not require H100 to pay cash for the Bitcoin. Instead, the company issued 790.5 million new shares to the sellers.
That took H100’s Bitcoin holdings from about 1,051 BTC to 3,506.4 BTC.
H100 described the transaction as the first public-market Bitcoin-for-Bitcoin M&A deal of its kind. It also represented a significant expansion in the company’s treasury without requiring it to sell additional Bitcoin or use conventional debt financing.
The new share issuance represented roughly 70% dilution based on H100’s share count before the transaction. In other words, the company dramatically increased its Bitcoin holdings, but existing investors now own a much smaller percentage of the enlarged company.
H100 is positioning itself as a Bitcoin treasury company
The company now describes itself as a Swedish health-tech company and Bitcoin Treasury Company, with a stated goal of increasing Bitcoin exposure per share through financial instruments and strategic transactions.
The health-tech business has not disappeared, as H100 still operates a health and longevity division, while the Bitcoin treasury operation has become a central part of its corporate identity.
That puts H100 in the same category as companies using public equity markets to create exposure to Bitcoin, although its approach is distinct from firms that primarily raise cash and purchase BTC directly.
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