H100 aims to become Europe's second-largest Bitcoin treasury company through an acquisition of Norwegian firms, preserving sellers' Bitcoin exposure via stock exchange.
Sweden's H100 Group has entered into a letter of intent to acquire the shares of two Norwegian Bitcoin treasury companies, Moonshot and Never Say Die, in an all-stock deal with no cash involved. This transaction aims to consolidate Bitcoin assets into a larger listed entity, according to a press release from H100.
Deal Details and Timeline
The acquisition involves exchanging newly issued H100 shares for the targets' holdings, which include about 2,450 BTC. H100 currently holds 1,051 BTC, and if completed, the deal would bring its total to 3,501 BTC, valued at approximately $239.7 million at current prices. A definitive agreement is expected by April 22, with closing anticipated after H100's annual general meeting, though exact dates in company materials vary between April 21 and May 21.
Following the acquisition, H100 would rank as the second-largest listed Bitcoin treasury company in Europe, behind Germany's Bitcoin Group, which holds 3,605 BTC. This move would elevate H100 to the 27th position globally among Bitcoin treasury firms, surpassing companies like Cango Inc. and Capital B, based on Bitcointreasuries data.
The deal builds on H100's previous acquisition of Switzerland-based Future Holdings AG, enhancing its scale and access to capital markets in the Bitcoin sector. H100's chairman, Sander Andersen, stated that the transaction strengthens the company's position amid challenging market conditions and supports future Bitcoin purchases.
H100's stock has faced pressure, declining over 74% in the past nine months and more than 26% year-to-date in 2026, reflecting broader weaknesses in Bitcoin treasury stocks. Meanwhile, other European firms like Capital B continue to accumulate BTC, recently adding 44 Bitcoin for 2.7 million euros.
H100's average cost basis for BTC is $114,615 per coin, aligning with industry trends as Bitcoin treasury companies adapt to market dynamics. This acquisition underscores ongoing consolidation in the European Bitcoin space, with H100 positioning itself for growth through strategic, capital-efficient moves.
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