Swedish tech agency H100 Group rallied nearly 40% on information of its $490,000 Bitcoin buy geared toward diversifying firm reserves.
As extra tech corporations flip to Bitcoin as a treasury asset, Sweden’s well being tech firm H100 Group AB has adopted swimsuit, with a $490,000 purchase that despatched its shares hovering nearly 40%.
In a press launch, the Stockholm-headquartered firm mentioned it had acquired 4.39 Bitcoin (BTC) at a worth of 1,138,737 NOK every.
The corporate mentioned the allocation is a part of a “long-term Bitcoin Treasury Strategy,” including that the choice “doesn’t affect H100’s core operations, which remain focused on delivering technology solutions to health providers” because it displays a “strategic deployment of excess liquidity to strengthen the company’s financial position.”
“This addition to H100’s Bitcoin Treasury Strategy follows an increasing number of tech-oriented growth companies holding Bitcoin on their balance sheet, driven by the view that it’s in the company’s interest to hold a more diversified treasury portfolio than just cash.”
H100 Group CEO Sander Andersen
After the acquisition, H100 Group’s shares on the Nordic Progress Market surged 39.27% to 1.22 Swedish Krona (about $0.13), boosting the corporate’s market worth to roughly $14.84 million.
In mid-April, two Swedish lawmakers urged the nation’s finance minister to think about including Bitcoin to Sweden’s reserves. Sweden Democrat Member of the Riksdag Dennis Dioukarev and MP Rickard Nordin have issued open letters to Finance Minister Elisabeth Svantesson, pushing for a nationwide technique that embraces Bitcoin as a part of the nation’s future monetary planning.
Dioukarev’s letter, submitted on April 14, proposed that Sweden start accumulating Bitcoin utilizing confiscated crypto belongings. He pointed to related efforts in different nations, notably the USA, which lately launched a nationwide Bitcoin reserve funded by seized funds.
