H100 Group (H100)
As of 2026-01-06
Convertible Risk Score
18
Tier
Very low
Rationale
• Issuer behavior has been opportunistic
• Long weighted-average duration
• High BTC coverage
Key metrics
Total principal
219.8M SEK
BTC Holdings
1,047 BTC
Convertible / BTC Holdings
24.8%
Weigthed-average maturity
2030-07-09
Weigthed-average conversion price
8.48 SEK
Dilution if full conversion
7.7%
% ITM (proxy)
24.2%
BTC solvency breakeven (1Y)
—
BTC solvency breakeven (3Y)
—
BTC solvency breakeven (5Y)
$22.8K
Active convertibles
| Issue | Maturity | Coupon | Principal | Outstanding | Conv. price | Notes |
|---|---|---|---|---|---|---|
| 2025-07-09 | 2030-07-09 | 0% | 342.30M SEK | 219.80M SEK | 8.48 SEK | Tranche 7 |
Expired / historical convertibles
| Issue | Maturity | Coupon | Principal | Outstanding | Conv. price | Notes |
|---|---|---|---|---|---|---|
| 2025-05-25 | 2028-06-15 | 0% | 21,000,000 SEK | 0 | 1.30 SEK | |
| 2025-06-11 | 2030-06-11 | 0% | 31,350,000 SEK | 0 | 1.75 SEK | Tranche 1 |
| 2025-06-12 | 2030-06-12 | 0% | 26,775,000 SEK | 0 | 2.28 SEK | Tranche 2 |
| 2025-06-12 | 2030-06-12 | 0% | 40,162,000 SEK | 0 | 2.96 SEK | Tranche 3 |
| 2025-06-12 | 2030-06-12 | 0% | 60,243,000 SEK | 0 | 3.84 SEK | Tranche 4 |
| 2025-06-19 | 2030-06-19 | 0% | 90,365,450 SEK | 0 | 5.00 SEK | Tranche 5 |
Updates
- 2025-11-21 — Converted SEK 122.5M · Partial conversion SEK 122.5M of Tranche 7; SEK 219.8m remains outstanding. [source]
- 2025-08-15 — Tranches 1–5 fully converted · Company confirms all remaining balances in Tranches 1–5 converted to equity. [source]
- 2025-07-09 — Issued SEK 342.3M · Tranche 7 convertible; 5-year maturity; conversion price SEK 8.48; 0.0%. [source]
- 2025-06-19 — Issued SEK 90.36M · Tranche 5 convertible; 5-year maturity; conversion price SEK 5.00; 0.0% coupon. [source]
- 2025-06-12 — Tranches 1–4 fully converted · Tranches 2–4 triggered; all Tranches 1–4 converted at SEK 1.75–3.84. [source]
- 2025-06-11 — Issued SEK 31.35M · Tranche 1 convertible; 5-year maturity; conversion price SEK 1.75; 0.0% coupon. [source]
- 2025-05-25 — Issued SEK 21M · Jun 2028 convertible: 3-year maturity; conversion price SEK 1.30; 0.0% coupon. [source]