Adam Back, the CEO of Blockstream, led a financing round of 21 million Swedish kronor (2.2 million US dollars) for the Swedish health technology company H100 Group AB to purchase Bitcoin. The following is the specific situation:
Financing situation: This fund was obtained through zero-interest convertible loans. Adam Back, as a long-term Bitcoin cypherpunk, personally contributed approximately 1.4 million US dollars. The remaining $800,000 came from investment companies such AS Morten Klein, Alundo Invest AS, Race Venture Scandinavia AB and Crafoord Capital Partners.
H100 Company’s Bitcoin purchase plan: H100 Group announced its plan to purchase Bitcoin on May 22nd and stated on May 25th that it would use the funds to buy Bitcoin. At the current market price, this round of financing can enable H100 to purchase approximately 20.18 bitcoins. Adding the 4.39 bitcoins purchased on May 22nd, its Bitcoin reserves will reach approximately 24.57.
Details of the convertible loan: The loan will mature on June 15, 2028, and can be converted into stocks at any time at a conversion rate of 1.3 Swedish kronor (11 cents) per share. If the volume-weighted average price of the share price of H100 remains above 33% of the conversion price within 60 trading days, the company has the right to force the conversion of the loan into equity. The entire conversion will result in the issuance of approximately 16.1539 million new shares, diluting about 12% of the equity.
The share price change of H100 Company: According to Bloomberg data, the share price of H100 rose by 37% after the company announced the purchase of Bitcoin on May 22, and then rose by 5.33% the next day to 1.29 Swedish kronor (14 cents).
H100 Company said this move made it the first listed company in Sweden to adopt the Bitcoin reserve policy and one of the earliest companies in Europe to do so.
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