The rapid adoption of Bitcoin by public companies as a treasury asset has emerged as a defining trend in institutional finance. While pioneers like MicroStrategy have long dominated headlines, newer entrants like , a Swedish health tech firm, are now testing the scalability of this strategy in unconventional sectors. By analyzing H100's Bitcoin treasury rollout alongside GameStop's aggressive crypto bets, we uncover critical insights into the risks, rewards, and future potential of corporate Bitcoin adoption.

H100 Group, a Nordic health tech firm focused on longevity and decentralized healthcare solutions, made waves in May 2025 by becoming the first publicly traded Swedish company to adopt Bitcoin as a treasury reserve. Its strategy is framed as a natural extension of its mission: leveraging Bitcoin's principles of to align with its vision of empowering patients and providers.

By June 2025, H100 had acquired through two tranches of fundraising, including convertible loans and share sales totaling $10.5 million. Crucially, these purchases were funded without diluting core operations—its health-tech sales grew to SEK 3.2 million, though losses persisted due to a write-down in its investment portfolio. The stock price surged since its Bitcoin announcement, reflecting investor confidence in its narrative.

- H100's Bitcoin purchases are small-scale but symbolic, avoiding overexposure while signaling innovation.
- As a smaller firm in a crypto-friendly region, it faces less scrutiny than U.S. peers.
- Its “health sovereignty” angle resonates with Bitcoin's decentralized ethos, creating a unique value proposition.

- Bitcoin's price swings directly impact H100's balance sheet. A 20% drop in BTC price would erase nearly half its treasury's value.
- Critics argue that a health-tech firm's focus should remain on its core business, not speculative assets.

In contrast, has embraced Bitcoin as a core financial tool, holding (worth ~$513 million as of May 2025) through aggressive convertible note issuances. Its strategy aims to diversify its balance sheet while capitalizing on Bitcoin's rising institutional demand.

- By issuing $1.75 billion in convertible notes, it secured capital to buy Bitcoin at scale, boosting its financial flexibility.
- Its Bitcoin purchases have inspired crypto-adjacent products like the Bitwise GME Option Income ETF (IGME), linking its stock to Bitcoin's volatility.

- Bitcoin's classification as an intangible asset forces GameStop to report unrealized losses, skewing earnings reports.
- Shares fell 10% after its June 2025 convertible note announcement, signaling wariness about over-leverage.

H100 and GameStop represent two ends of the corporate Bitcoin spectrum: niche innovation vs. institutional scaling. Both highlight the dual-edged nature of this strategy:

For investors, the H100-GameStop comparison offers clear guidelines:

H100 Group's Bitcoin treasury strategy is a bold Nordic experiment in aligning corporate values with decentralized finance. While it faces scalability limits, its success could inspire similar moves in industries beyond tech. Meanwhile, GameStop's aggressive approach underscores the fine line between innovation and recklessness. For investors, the lesson is clear: Bitcoin's role in corporate treasuries will thrive only where strategic discipline meets market readiness.

Final verdict: H100's model holds promise for niche players, but broader adoption awaits regulatory clarity and sustained Bitcoin price resilience.