Shares in Swedish health tech company H100 Group AB rose 37% after it said it purchased Bitcoin for the first time as part of a new strategy, while Chinaโs Jiuzi Holdings revealed its plan to stack 1,000 Bitcoin over the next year.
H100 said on May 22 that it spent 5 million Norwegian krone ($490,830) buying 4.39 Bitcoin (BTC) at an average purchasing price of around $111,785.
The companyโs shares closed May 22 trading up 37% to 1.22 Swedish krona ($0.13) on theย Nordic Growth Marketย following its disclosure of its Bitcoin purchase, Bloombergย dataย shows.ย
The strong trading day recovered some losses from the past two months, during which the firmโs shares have fallen by over 46%.
The firmโs CEO, Sander Andersen, said he believes โthe values of individual sovereignty highly present in the Bitcoin community aligns well with, and will appeal to, the customers and communities we are building the H100 platform for.โ
H100 sells health tools for individuals who donโt want to rely on the โreactive health system,โ Andersen said in a separate X post.
Andersen marked the first Bitcoin announcement and purchase as โPhase 1,โ hinting at further buys.
Chinaโs Jiuzi Holdings to stack 1,000 Bitcoin
Meanwhile, on May 22, the Nasdaq-listed Chinese electric vehicle retailer Jiuzi Holdings said its board approved a plan to buy 1,000 Bitcoin over the next year through additional stock issuance and cash purchases.
Related: Bitcoin continues rally to surpass $110K for the first time
The companyโs CEO, Tao Li, acknowledged the volatility that comes with investing in Bitcoin but is hopeful the move will strengthen the firm’s asset structure, risk resistance and profitability.
Jiuzi (JZXN) rose 7.3% to $3.09 on May 22, Google Finance data shows โ a comparatively minor rise compared to other public companies that have recently announced Bitcoin buys.
Adopting Bitcoin as a treasury asset has become an increasingly popular trend of late, with 109 public firms now holding the cryptocurrency on their balance sheets, according to BitcoinTreasuries.NET data.
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