Sweden’s First Public Bitcoin Reserve Company H100 Group Raises $2.2M to Expand BTC Holdings

H100 Group AB, a Swedish health technology company, has raised 21 million Swedish kronor (approximately $2.2 million) in a funding round led by Blockstream CEO Adam Back to expand its Bitcoin (BTC) treasury holdings. Announced on May 25, 2025, this move follows H100 Group’s landmark decision on May 22 to purchase 4.39 BTC, making it the first publicly listed company in Sweden to establish a Bitcoin reserve. The funding underscores a growing trend of corporate Bitcoin adoption and positions H100 Group as a pioneer in Sweden’s financial landscape.

Funding Details and Bitcoin Acquisition Strategy

The $2.2 million, secured through 0% interest convertible loans, will be allocated to purchasing additional Bitcoin, reinforcing H100 Group’s strategy to integrate BTC into its corporate treasury. Adam Back, a prominent Bitcoin advocate and creator of Hashcash, contributed approximately $1.4 million to the round. The remaining $800,000 came from investment firms Morten Klein, Alundo Invest AS, Race Venture Scandinavia AB, and Crafoord Capital Partners. At Bitcoin’s price of $109,978 as of press time on May 26, 2025, the funds could enable H100 Group to acquire roughly 20 BTC, bringing its total holdings to approximately 24.39 BTC.

H100 Group’s initial purchase of 4.39 BTC on May 22 marked a historic milestone, earning it recognition as Sweden’s first publicly listed company to hold Bitcoin as a reserve asset. The announcement triggered a 37% surge in H100’s share price, followed by a further 5.33% increase to 1.29 Swedish kronor (approximately $0.14) the next day, according to WSJ data. This market enthusiasm reflects investor confidence in H100’s Bitcoin-focused strategy, drawing parallels to the U.S.-based Strategy, which holds over 576,230 BTC valued at nearly $63.3 billion as of press time on May 26.

Corporate Bitcoin Adoption in Context

H100 Group’s pivot aligns with a global surge in corporate Bitcoin adoption. Data from BitcoinTreasuries indicates that corporate Bitcoin treasuries collectively hold over 3.35 million BTC, valued at more than $368 billion as of May 2025. Adam Back has been a vocal proponent of this trend, predicting that companies adopting Bitcoin as a reserve asset could drive Bitcoin’s market capitalization to $200 trillion over the next decade. In an X post on April 27, 2025, Back highlighted the strategic advantage for firms like H100 Group, stating that early adopters are positioning themselves to benefit from Bitcoin’s long-term value appreciation.

The timing of H100’s strategy coincides with Bitcoin’s rally to a record high over $111,800 on May 23, 2025, driven by regulatory optimism and institutional demand. The U.S. Senate’s advancement of the GENIUS Act for stablecoin regulation and the Trump administration’s pro-crypto policies have bolstered market sentiment, creating a favorable environment for corporate Bitcoin adoption. However, H100’s move stands out in Europe, where corporate Bitcoin treasuries remain less common compared to the U.S.

Adam Back’s Investment and Vision

Adam Back’s leadership in the funding round underscores his influence in the Bitcoin ecosystem. As the CEO of Blockstream and a key figure in Bitcoin’s development, Back has long championed its potential as a corporate reserve asset. In a recent Decrypt interview, he noted that Bitcoin’s growing acceptance by institutions like BlackRock and supportive regulatory developments have reduced skepticism about its viability. Back’s $1.4 million investment in H100 Group reflects his confidence in the company’s strategy and its potential to set a precedent for European firms.

Outlook for H100 Group and Beyond

H100 Group’s $2.2 million raise and Bitcoin treasury initiative mark a pivotal moment for Sweden’s corporate and crypto landscapes. As the first publicly listed Swedish company to adopt Bitcoin as a reserve asset, H100 Group is setting a precedent that could encourage other European firms to follow suit. However, some investors have expressed concerns about the risks of Bitcoin’s volatility, questioning the wisdom of allocating significant corporate funds to a single asset. Addressing these concerns, H100 Group’s CEO Sander Andersen stated in an email to Cryptonews: “We view Bitcoin as part of our liquidity — not as our core operational capital. H100 remains a health infrastructure company focused on preventive care. But by allocating a portion of our reserves to Bitcoin, we’re aligning with the values and needs of the community we serve.”

With Adam Back’s backing and a supportive global market environment, H100 is well-positioned to capitalize on Bitcoin’s growth. However, the company must navigate market volatility and investor scrutiny to sustain its pioneering strategy.