Adam Back, known for his interactions with Satoshi, has led a funding round in H100 Group, the first public company in Sweden to announce a bitcoin purchase strategy. Back invested nearly $1.5 million in a $2.2 million funding round to help the company advance its Bitcoin roadmap.
Adam Back Leads H100 Group’s $2.2 Million Funding Round to Hasten Bitcoin Treasury Adoption
Another company is rushing to adopt bitcoin as a reserve asset. H100 Group, a Swedish company that specializes in digital health ecosystem solutions, has announced an investment round to deepen its efforts to grow its bitcoin reserve strategy.
The company is being backed by Adam Back, a legendary cryptographer who designed Hashcash, one of the precursors of bitcoin, and one of the only names quoted in the Bitcoin whitepaper. According to H100 Group’s press release, Back led the round investing close to $1.5 million out of the $2.2 million raised in the convertible loan round, with the remaining $700K put in by other investors.
The funds will be used to purchase bitcoin for the company and strengthen its balance sheet to keep building digital infrastructure for health providers.
This marks an acceleration of the company’s bitcoin acquisition push. H100 Group only recently announced its intention of accumulating bitcoin without completely shifting its health-linked activities.
On May 22, the company acquired its first 4.39 BTC with excess liquidity, with its CEO, Sander Andersen, declaring that it was part of a trend among tech-oriented companies seeking diversification from other assets and cash.
At the time, he stated:
I believe 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.
While the bitcoin as corporate asset trend started in the U.S. with Michael Saylor’s Strategy, it has grown and expanded to other countries and regions, including Latam and Europe.
Read more: Meliuz Purchases 274 BTC, Pioneering Bitcoin Treasury Strategy in Brazil and Latam
According to River, businesses own only 4.4% of the bitcoin issuance. This number is poised to grow as more businesses consider the advantages of holding bitcoin.
Source: Bitcoin
