Blockstream CEO Leads $2.2M Round to Back H100
The post Blockstream CEO Leads $2.2M Round to Back H100 appeared on BitcoinEthereumNews.com. The Blockstream CEO has led a 21 million Swedish Krona ($2.2 million) funding round in Sweden’s First Bitcoin Treasury Firm, H100. As per H100, the move to purchase Bitcoin will make it the first public firm in Sweden to adopt a Bitcoin treasury policy. The Chief Executive Officer of Blockstream, Adam Back, has led a 21 million Swedish Krona, around $2.2 million, funding round in H100 Group AB, the company which revealed last week that it would start purchasing Bitcoin. On May 25, H100 revealed that the capital safeguarded via 0% interest convertible loans will be leveraged to buy Bitcoin as per its Bitcoin-buying plan revealed on May 22. Back, a firm gave about $1.4 million. The rest of the $800,000 was given by various investment firms such as Morten Klein, Alundo Invest AS, Race Venture Scandinavia AB, and Crafoord Capital Partners. The fund would help H100 to purchase about 20.18 Bitcoin as per the current price, and will be added to the 4.39 BTC purchased on May 22. After this, the total count will stand at 24.57 Bitcoin. H100 mentioned that convertible loans hold no interest and will mature in June 2028. With a conversion rate of 1.3 Swedish Krona per share, the loan may be converted into shares at any time. Sweden’s First Public Firm If a volume-weighted average price of over 33% is maintained by the firm above the conversion price for a total of 60 trading days, H100 can mandate a conversion of the loan into equity. After the complete conversion, the issuance of around 16,153,9000 new shares can be done, similar to a dilution of around 12%. After the announcement of the Bitcoin purchase, the shares of the company soared 37% on the same day and 5.33% on the next day. As per H100, the…
The post Blockstream CEO Leads $2.2M Round to Back H100 appeared on BitcoinEthereumNews.com.
The Blockstream CEO has led a 21 million Swedish Krona ($2.2 million) funding round in Sweden’s First Bitcoin Treasury Firm, H100. As per H100, the move to purchase Bitcoin will make it the first public firm in Sweden to adopt a Bitcoin treasury policy. The Chief Executive Officer of Blockstream, Adam Back, has led a 21 million Swedish Krona, around $2.2 million, funding round in H100 Group AB, the company which revealed last week that it would start purchasing Bitcoin. On May 25, H100 revealed that the capital safeguarded via 0% interest convertible loans will be leveraged to buy Bitcoin as per its Bitcoin-buying plan revealed on May 22. Back, a firm gave about $1.4 million. The rest of the $800,000 was given by various investment firms such as Morten Klein, Alundo Invest AS, Race Venture Scandinavia AB, and Crafoord Capital Partners. The fund would help H100 to purchase about 20.18 Bitcoin as per the current price, and will be added to the 4.39 BTC purchased on May 22. After this, the total count will stand at 24.57 Bitcoin. H100 mentioned that convertible loans hold no interest and will mature in June 2028. With a conversion rate of 1.3 Swedish Krona per share, the loan may be converted into shares at any time. Sweden’s First Public Firm If a volume-weighted average price of over 33% is maintained by the firm above the conversion price for a total of 60 trading days, H100 can mandate a conversion of the loan into equity. After the complete conversion, the issuance of around 16,153,9000 new shares can be done, similar to a dilution of around 12%. After the announcement of the Bitcoin purchase, the shares of the company soared 37% on the same day and 5.33% on the next day. As per H100, the…
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