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