Blockstream CEO Adam Back has led a 21 million Swedish krona ($2.2 million) funding round in the Swedish health tech company H100 Group AB, which last week said it would start buying Bitcoin.

H100 said on May 25 that the funds, secured through 0% interest convertible loans, will be used to purchase Bitcoin (BTC) in line with its Bitcoin-buying pivot announced on May 22.

Back, a longtime Bitcoin cypherpunk, contributed around $1.4 million, while the remaining $800,000 came from investment firms Morten Klein, Alundo Invest AS, Race Venture Scandinavia AB and Crafoord Capital Partners.

The raise would allow H100 to buy around 20.18 Bitcoin at current market prices, which would add to the 4.39 Bitcoin that it purchased on May 22 and bring its total stash to roughly 24.57 Bitcoin.

Source: H100

H100 said the convertible loans bear no interest and will mature on June 15, 2028. The loan may be converted into shares at any time at a conversion rate of 1.3 Swedish krona (11 US cents) per share.

If H100’s share price maintains a volume-weighted average price of more than 33% above the conversion price for a cumulative total of 60 trading days, H100 has the right to mandate a conversion of the loan into equity.

A full conversion would result in the issuance of roughly 16,153,900 new shares, corresponding to a dilution of approximately 12%.

H100 shares bounced on Bitcoin buy

Shares in H100 jumped 37% on the firm’s May 22 announcement and rose another 5.33% the following day to 1.29 SEK (14 US cents), Bloomberg data shows.

Related: Cardone Capital launches 10X Miami River Bitcoin Fund

H100 sells health tools for individuals who don’t want to rely on the “reactive health system,” the company’s CEO, Sander Andersen, said in a May 22 X post.

Andersen believes “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.”

According to H100, the move makes it the first public company in Sweden to adopt a Bitcoin treasury policy and one of the first in Europe.

The number of companies buying Bitcoin as a treasury asset is on the rise, with 112 public firms now holding the cryptocurrency, according to BitcoinTreasuries.NET data.

Ten of those corporate Bitcoin holding companies are based in Europe, making H100 one of the first in the region to adopt the trend.

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