H100 Group Taps Blockstream CEO Adam Back for $79M Bitcoin-Focused Convertible Loan Deal
H100 Group, a Swedish health-tech firm, has entered a convertible loan agreement with Blockstream CEO Adam Back that could inject up to 750 million SEK (~$79 million) into the company, aimed squarely at expanding its Bitcoin treasury reserves.
The deal starts with an immediate 150 million SEK tranche (Tranche 6), priced at 6.38 SEK per share — a 33% premium to current trading levels. Back retains rights to participate in two follow-up tranches worth 75 million SEK each, with the company indicating room for upward adjustment depending on market dynamics.
“Earlier rounds went in-the-money far quicker than expected,” Back said to CoinDesk, referencing the oversubscribed demand from prior tranches. “I anticipated slower conversion.”
Unlike a traditional rights offering, the convertible format allows H100 to move swiftly and invite other investors on equal footing. The structure also offers cost efficiencies and strategic flexibility as H100 doubles down on its Bitcoin-centric balance sheet approach.
According to BitcoinTreasuries.net, H100 now holds 24.41 BTC. Shares in the company surged 22% Monday following the announcement.
