Today the H100 group AB announced It has taken out a SEK 21 million convertible loan from an investment agreement with Adam Back, with the option to extend its investment to SEK 277 million through a five-tranche-convertible loan agreement. The proceeds will be used to bring Bitcoin in line with the long-term Bitcoin Treasury strategy of H100 Group.
According to the agreement, Back can invest up to SEK 128 million in four extra tranches, with guaranteed participation of at least 50%. Each tranche is twice its dedicated amount and shows its support for the long -term growth of H100.
The press release said, “Adam Back may request the Second Tranche within 90 days from signing of the Initial Tranche, the Third Tranche within 90 days from signing of the Second Tranche, the Fourth Tranche within 90 days from signing of the Third Tranche and the Fifth Tranche within ninety 90 days from signing of the Fourth Tranche.
The convertible loans are not interested and have a five -year maturity. Back can convert the loans into shares of the company at any time. Conversion prices are determined per tranche: SEK 1.75 per share for the initial tranche, rising to SEK 5.00 through the fifth tranche. H100 reserves the right to force the conversion if the stock price exceeds the conversion by 33% for a period of 20 days. Full conversion of the initial tranche would result in 12 million new shares and a dilution of 9.3%.
“At the request of a tranche, Adam Back is obliged to invest in the relevant tranche with 15,750,000 in the second tranche, SEK 23,625,000 in the third tranche, SEK 35,437.500 in the fourth tranche, and SEK 53,156,250 in the fifth tranche,” the press release explained. “The considered size for each tranche is twice as entitled Adam back.”
“We have been around since 2014 and we have been working together with our investors to place Bitcoin in a balance at the time and since then,” Adam said back on the Bitcoin conference of 2025. “I think the way to look at the Treasury companies is that Bitcoin is having a hard time, the most difficult people, the most difficult Bitcoin is to be Bitcoin, it is very difficult to Bitcoin. Around thought I should place that in Bitcoin and not in the other thing. “