Swedish health tech firm H100 Group AB rose 45% on Wednesday after announcing it raised 101 million Swedish krona ($10.6 million) to accelerate the firms Bitcoin treasury strategy.H100 closed at 4.64 krona ($0.49) on the Nordic Growth Market stock exchange, bringing its share price growth to 280% since announcing its Bitcoin (BTC) strategy on May 22, MarketWatch data shows.The $10.6 million raise is nearly five times larger than its previous $2.2 million raise led by Bitcoin cypherpunk Adam Back on May 25.
Source: H100 GroupMore companies are becoming Bitcoin companies by the weekH100s latest raise to buy more Bitcoin reflects a rising trend among publicly traded firms around the world that are adding Bitcoin to their balance sheets.A total of 126 corporate companies have done so, including 14 new firms in three weeks, BitcoinTreasuries.NET data shows.$10M raise to boost Bitcoin strategyThe raise was split between two share issues worth 69.65 million krona ($7.31 million) and convertible loans, contributing 31.35 million krona ($3.29 million).H100 said net proceeds from the two share issues will be used to accelerate the Companys Bitcoin treasury strategy.That could allow the health and longevity-focused firm to buy around 67.1 Bitcoin adding to its existing 13.95 BTC and bringing its total to 81.85 BTC.The share issues saw participation from Adam Back, Bitcoin investment firm UTXO Management and several Nordic investment firms like Race Ventures Scandinavia and Crafoord Capital Partners.Related: Bitcoin price prepares for volatility as spot supply vanishesThe convertible loans carry no interest and mature in five years.
Investors can convert the loans into equity at 1.75 krona per share, H100 said.The raise, called Tranche 1, was bumped up to 31.35 million krona after initially being agreed on at 21 million krona.H100 says its approach to health and Bitcoin alignsH100 sells health tools for individuals who dont want to rely on the reactive health system, the companys CEO, Sander Andersen, said on May 22 when H100 announced its first Bitcoin purchase.The values of individual sovereignty highly present in the Bitcoin community aligns well with, and will appeal to, the customers and communities we are building the H100 platform for, Andersen said.Magazine: Crypto fans are obsessed with longevity and biohacking: Heres why