Swedish firm H100 pursues all-equity Bitcoin acquisition of Norwegian companies
The Swedish company H100 has entered an agreement to purchase two Norwegian Bitcoin treasury firms along with their cryptocurrency holdings in a stock-only transaction that would elevate it to Europe's second-largest Bitcoin treasury operator.
The publicly-traded Swedish health-tech and Bitcoin treasury firm H100 Group has signed a letter of intent (LOI) alongside shareholders of two private Norwegian Bitcoin enterprises, Moonshot and Never Say Die, to purchase all outstanding shares of these target firms through the issuance of new H100 stock.
The contemplated deal would be executed entirely through newly issued H100 shares without any cash payment component, a framework designed to maintain the sellers' exposure to Bitcoin while transferring the holdings into a more substantial publicly-traded entity, based on a press release issued Monday.
The parties anticipate finalizing a binding agreement by April 22, with the transaction's completion scheduled to follow H100's annual general meeting. Public disclosures from H100 currently contain conflicting AGM dates: the company's investor-relations schedule indicates April 21, whereas a March 12 corporate announcement referenced an AGM scheduled for May 21.
Should the transaction proceed to completion, H100 would become Europe's second-largest publicly-traded Bitcoin treasury firm, trailing only Germany's Bitcoin Group, which maintains holdings of 3,605 BTC. H100's current Bitcoin position stands at 1,051 BTC, while the Norwegian target companies collectively hold approximately 2,450 BTC, which would bring H100's combined holdings to 3,501 BTC (valued at roughly $239.7 million based on current market prices) upon deal closure, the release indicates.
H100 presently ranks as the 44th largest Bitcoin treasury company globally. The successful completion of this acquisition would propel the company to 27th position in the worldwide rankings, surpassing Cango Inc and France-headquartered Capital B, based on Bitcointreasuries data.
This Norwegian transaction comes on the heels of H100's successfully completed acquisition of Switzerland-domiciled Future Holdings AG.
"Scale, credibility and access to capital markets are increasingly important in the Bitcoin space, and this transaction would significantly strengthen H100 in all these areas,"
Sander Andersen, chairman of H100
The "challenging" market environment makes the acquisition a welcome opportunity that strengthens the company's Bitcoin position in a capital-efficient manner, Andersen told Cointelegraph, pledging future BTC purchases.
Bitcoin treasury stocks remain under pressure
The stock price of H100 has experienced a downward trajectory. The shares have dropped by more than 74% over the preceding nine months and have declined over 26% year-to-date in 2026, according to Yahoo Finance data.
This declining performance reflects widespread pressure affecting Bitcoin treasury stocks more broadly, as Bitcoin continues trading significantly below its October 2025 all-time high.
Bitcoin treasury companies across Europe are maintaining their strategy of accumulating BTC. Earlier the same Monday, treasury operator Capital B disclosed the purchase of 44 Bitcoin for 2.7 million euros ($3.1 million), pushing its total BTC holdings above 2,888 at an average acquisition cost basis of $106,662 per coin.
The average cost basis for H100's Bitcoin holdings stands at $114,615 per BTC, according to Bitcointreasuries data.