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H100 Group plans to raise $79 million to support its Bitcoin strategy. Blockstream CEO signs the first loan agreement.
Swedish health tech company H100 Group (H100) announced that it has reached an agreement for Blockstream CEO Adam Back to lend up to SEK 750 million ($79 million) to support its long-term Bitcoin financial strategy.
Back signed the first convertible loan of 150 million Swedish kronor, namely Tranche 6. He also has the right to participate in two subsequent loans, each currently sized at 75 million Swedish kronor, but if market conditions permit, the company plans to increase to the aforementioned amounts.
This financing structure prioritizes speed and cost-effectiveness over traditional equity issuance, allowing H100 to invite other investors on equal terms. The terms of the convertible loan are determined through fair negotiation, with the issuance price of the 6th tranche (Tranche 6) set at 6.38 Swedish Krona per share, which is a 33% premium over the market.
Source: CoinDesk