Every Country Needs Its Own Bitcoin Treasury! In Sweden, H100 Group Sets Out to Become Just That.

H100, based in Stockholm and traded on the Swedish NGM Exchange, claims to „support providers in the health and longevity sector with AI-driven automation.“

Every country needs its own Bitcoin treasury. In Sweden, H100 Group is setting out to become just that. The healthcare company initially purchased 4.39 bitcoin and has now raised nearly two million euros through convertible bonds to accumulate even more. Among the investors is a prominent Bitcoiner, who has even been suspected of being Satoshi.

H100, based in Stockholm and traded on the Swedish NGM Exchange, claims to “support providers in the health and longevity sector with AI-driven automation.” The company operates in the B2B space, apparently offering software and technology solutions for healthcare enterprises, although its specific product is not easy to pinpoint.

On May 22, H100 announced the purchase of 4.39 bitcoin for five million Norwegian kroner—around 435,000 euros—“as part of a long-term Bitcoin treasury strategy.” The core business will remain unaffected, but the investment represents a “strategic deployment of surplus capital.” With this move, H100 becomes “the first publicly traded healthcare infrastructure company in Europe” to accumulate bitcoins. Why the firm, which is headquartered and listed in Sweden, chose to invest in Norwegian currency remains a mystery.

But this purchase was just the beginning. Only a day later, H100 announced its intention to raise up to 10 million Swedish kronor through convertible bonds, to be used for “general corporate purposes and further expansion of the Bitcoin treasury.” In this way, H100 is emulating the strategy of (formerly: MicroStrategy), which has been acquiring more and more bitcoins by issuing large amounts of convertible bonds. This strategy has already become a model imitated in Japan by MetaPlanet and in France by the Blockchain Group.

Demand for the convertible bond far exceeded expectations at H100. On May 25, the company reported that it had raised a total of 21 million Swedish kronor, nearly two million euros. The investment round was led by none other than Adam Back, the inventor of Bitcoin’s mining algorithm (he created Hashcash), who has long been suspected of being Satoshi and has profoundly influenced Bitcoin’s development through his company Blockstream. Adam Back alone contributed 13.5 million SEK—and apparently made one stipulation:

“As suggested and agreed upon by investors, the proceeds will be used to purchase bitcoins in line with H100’s long-term Bitcoin strategy.” This strengthened balance sheet will also “support the company’s vision to build the digital infrastructure for healthcare providers.”

The convertible bonds run until June 15, 2028, and can be converted into H100 shares at any time before then. The shares have been publicly traded since 2019 and, contrary to many other companies who add bitcoin to their treasuries to boost their stock price, have developed relatively steadily. After hitting a low of 0.5 SEK at the end of 2023, they recovered to over one SEK. While this is modest compared to the all-time high of three SEK reached in 2021, it is by no means a dramatic loss.

H100’s share price on ngm.se since 2019.

According to the latest financial report, the company’s revenue in the second quarter of 2024 climbed to just under 1.7 million SEK, compared with a loss of 921,098 SEK; both represent considerable improvement over the previous year. With equity of 24.8 million SEK, the loss is unlikely to jeopardize H100’s existence. But the company only possesses surplus capital to invest in bitcoin by borrowing it.