Adam Back Commits SEK 21 Million to H100 Group’s Bitcoin Treasury Strategy

H100 Group AB has entered into a SEK 21 million convertible loan agreement with Adam Back, CEO of Blockstream, as part of its Bitcoin treasury strategy.

H100 Group AB (Ticker: H100) secures a SEK 21M ($2.1M) commitment from @adam3us , with rights to invest an additional SEK 128M ($12.8M) in tranches—bringing the total contemplated raise to SEK 277M (~$27.7M). pic.twitter.com/c0HgMSRxut
— H100 (@H100Group) June 3, 2025

The deal includes an option for Back to increase his investment through four additional tranches, potentially bringing the total to SEK 277 million.

Under the agreement, Back may invest up to SEK 128 million more. H100 stated that each tranche would be matched at twice the amount of his contribution.

According to the announcement: “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. In the event Adam Back does not request a Future Tranche within the deadline, the right to request subsequent Future Tranches lapses.”

The loans are interest-free with a five-year maturity and can be converted into equity at fixed prices ranging from SEK 1.75 per share in the first tranche to SEK 5.00 in the fifth.

H100 may enforce conversion if the share price exceeds the conversion rate by 33% over 20 trading days. Full conversion of the first tranche would result in 12 million new shares and a 9.3% dilution.

The company added: “Upon request of a tranche Adam Back is obliged to invest in the relevant Tranche with SEK 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 contemplated size for each tranche is twice the entitled amount of Adam Back.”