Adam Back Leads $2.2M Support to Fuel Swedish Health Firm’s Bitcoin Spree

Key takeaways: 

• Adam Back invests $2.2M to help H100 buy Bitcoin, Sweden's first public company to adopt BTC.
• H100's stock price jumped 42% after buying Bitcoin.
• Tether bought $459M in Bitcoin for 21 Capital, making it the world's #3 corporate Bitcoin holders.

Blockstream CEO Adam Back led a $2.2 million investment in Swedish health tech firm H100 Group AB, with his $1.4 million contribution making up the bulk of the funding. 

The capital will help H100 expand its Bitcoin treasury strategy.

Adam Back’s $1.4M Bitcoin Move: What’s H100’s Strategy?

H100 secured the funds through zero-interest convertible loans, which will later become company shares. The loan terms allow conversion at 1.3 SEK ($0.11) per share, with repayment due in 2028.

With this funding, H100 plans to buy an additional 20.18 BTC, adding to the 4.39 BTC purchased on May 22. The move brings its total Bitcoin holdings to 24.57 BTC, making it the first Swedish public company to adopt Bitcoin as a treasury reserve asset.

21,000,000 SEK has been raised in a convertible round led by the legendary @adam3us 🍊

Accelerating our Bitcoin treasury strategy and strengthening our focus on sovereign health — let’s build! pic.twitter.com/SrpbKM2TID

— H100 (@H100Group) May 25, 2025

Other investors in the round include Morten Klein, Alundo Invest AS, Race Venture Scandinavia AB, and Crafoord Capital Partners, who together contributed the remaining $800,000.

If the stock price trades at 33% above the conversion price for 60 trading days, H100 can trigger a mandatory conversion, issuing about 16.15 million new shares (a 12% dilution).

The market is already responding. After announcing its Bitcoin treasury strategy on May 22, H100’s stock jumped 37% the same day. It also gained another 5.33% the day after, closing at 1.29 SEK ($0.14), according to Bloomberg.

CEO Sander Andersen says this move isn’t just about crypto but more about maintaining control. 

H100, a health tech company focused on empowering individuals to take charge of their well-being, deliberately distances itself from what Andersen describes as a “reactive health system.”

This proactive stance aligns neatly with Bitcoin’s sovereignty-first philosophy, which they believe potential customers would appreciate. As a result, enthusiasts are praising this as a match made for the future. 

From Skepticism to Strategy: How Institutions Are Rewiring Crypto Access

Growing client demand for digital assets is forcing major financial players to adapt. This is true even for longtime Bitcoin skeptics. In a stark reversal, JPMorgan will now allow wealth management clients to buy Bitcoin through their accounts. But the bank will not provide custody services. 

Instead, clients’ Bitcoin holdings will be reflected in their account statements as a form of investment exposure, not as assets directly held in custody by JPMorgan. 

Just as JPMorgan opens the door for its customers, major stablecoin issuer Tether makes a power play.

Tether recently acquired 4,812.2 BTC ($459 million) for 21 Capital, a crypto-focused investment firm it co-owns.

JUST IN: Tether buys 4,812 BTC for $458 million ahead of launching its new Bitcoin treasury company, Twenty One. pic.twitter.com/fjPPTo62TS

— Bitcoin News (@BitcoinNewsCom) May 13, 2025

That puts 21 Capital’s total Bitcoin holdings at 31,500 BTC, making it the third-largest corporate Bitcoin holder behind Strategy and MARA Holdings.

The Bitcoin is currently held in escrow until 21 Capital finalizes its SPAC merger with Cantor Equity Partners, paving its way to Nasdaq under the ticker “XXI.” 

$585M has already been raised through PIPE financing, and 21 Capital’s mission is clear: accumulate Bitcoin aggressively and build financial products around it.