Sweden-based H100 Group, a public health and longevity company that recently adopted Bitcoin
BTC$109,879.83
The strategy said it raised $10.5 million ($110 million) from a crypto-centric investor group, including Blockstream CEO Adam Back, Utxo Management, and several family firms.
According to a press release on Wednesday, the funding was split between 69.65 million Sec on two share issues and 3135 million Sec on convertible loans.
The issue of sharing saw participation from a mix of crypto investors and Nordic family offices. Convertible loans have been interested in and have not matured in five years. Investors can convert loans to stocks at 1.75 sec per share.
H100 shares have advanced another 30% in Wednesday’s session, earning almost 400% since the company’s first BTC purchase on May 22.
This is the first tranche of a broader fundraising plan originally announced earlier, and could grow further in future rounds, the company said. The stated purpose of H100 is to use capital to strengthen the BTC financial strategy.
The H100 Group, led by CEO Sander Andersen, is part of the growth trends of public companies raising funds through stocks and debt issuances to buy cryptocurrency into balance sheets, a playbook that is popular with Michael Saylor’s Strategy (MSTR).