Bitcoin Pioneer Adam Back Puts $1.4M Behind Swedish Firm’s Crypto Treasury Bet

TLDR

Adam Back led a $2.2 million funding round for Swedish health tech firm H100 Group AB to purchase Bitcoin for its corporate treasury
H100 becomes Sweden’s first public company to adopt a Bitcoin treasury policy, planning to buy about 20.18 Bitcoin with the new funds
Michael Saylor hints at another Bitcoin purchase for MicroStrategy after the company’s recent acquisition of 7,390 BTC worth $765 million
Cardone Capital launched its fourth hybrid fund combining real estate and Bitcoin, featuring a 346-unit Miami property with $15 million in Bitcoin
H100’s stock price jumped 37% following its Bitcoin treasury announcement, with shares trading at 1.29 SEK

Swedish health tech company H100 Group AB secured 21 million Swedish krona in funding, making it the first public company in Sweden to adopt Bitcoin as a treasury asset. Blockstream CEO Adam Back led the investment round with a personal contribution of $1.4 million.

The remaining $800,000 came from investment firms including Morten Klein, Alundo Invest AS, Race Venture Scandinavia AB, and Crafoord Capital Partners. The funds were raised through interest-free convertible loans that mature in June 2028.

H100 plans to use the capital to purchase approximately 20.18 Bitcoin at current market prices. This would add to the 4.39 Bitcoin the company already bought on May 22, bringing total holdings to about 24.57 Bitcoin.

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

The convertible loans allow investors to convert their investments into equity at 1.3 Swedish krona per share. If H100’s stock price trades at least 33% above the conversion price for 60 trading days, the company can force conversion.

A full conversion would create over 16 million new shares, resulting in roughly 12% dilution for existing shareholders. H100’s stock jumped 37% on the day of its Bitcoin announcement and gained another 5.33% the following day.

MicroStrategy Continues Bitcoin Accumulation Strategy

MicroStrategy co-founder Michael Saylor recently hinted at another Bitcoin purchase following the company’s latest acquisition. The firm bought 7,390 Bitcoin on May 19 for nearly $765 million, bringing total holdings to 576,230 Bitcoin.

Saylor posted on social media that he “only buys Bitcoin with money I can’t afford to lose.” This statement came after Bitcoin’s recent pullback from its record high of $112,000 on May 22.

If MicroStrategy makes another purchase on May 26, it would mark the company’s seventh consecutive week of Bitcoin accumulation. The firm has established itself as the leading corporate Bitcoin holder, with analysts predicting its strategy could drive the company’s valuation higher.

Financial analyst Jeff Walton suggested MicroStrategy could eventually become a $10 trillion enterprise. He pointed to the company’s ability to raise billions in capital quickly and channel it into Bitcoin rather than traditional operational expenses.

Cardone Capital Blends Real Estate with Bitcoin Investment

Cardone Capital launched the 10X Miami River Bitcoin Fund, combining a 346-unit Miami property with $15 million worth of Bitcoin. This marks the real estate firm’s fourth hybrid investment vehicle mixing income-generating property with cryptocurrency.

The fund represents Cardone Capital’s strategy to use real estate cash flows to purchase additional Bitcoin over time. Founder Grant Cardone said the idea came from his brother, who suggested examining the historical impact of converting real estate income into Bitcoin.

Cardone discovered that such a strategy could have turned $160 million into approximately $3 billion over the past 12 years. The firm now aims to buy $1 billion in real estate and $200 million in Bitcoin across its hybrid fund offerings.

The company manages more than $5 billion in assets and positions these hybrid funds as alternatives to traditional REITs. The funds aim to make Bitcoin more accessible to investors who prefer familiar real estate investments while gaining cryptocurrency exposure.

H100 now joins 112 public companies globally that hold Bitcoin in their treasuries, with only ten of those firms based in Europe.