H100 Group Proposes Major Bitcoin Acquisition to Expand European Treasury Footprint
Sweden-listed health-tech and Bitcoin treasury company H100 Group has announced a letter of intent (LOI) to acquire two privately-held Norwegian Bitcoin firms, Moonshot and Never Say Die. The deal, structured as an all-stock transaction, would see H100 issue new shares to the sellers in exchange for 100% of the target companies’ equity, with no cash component. This approach is designed to allow the sellers to maintain their Bitcoin exposure while transferring their assets into a larger, publicly-traded vehicle, according to a press release dated Monday.
The transaction, if completed, would significantly increase H100’s Bitcoin holdings. The company currently holds 1,051 BTC. The acquisition of Moonshot and Never Say Die, which collectively hold approximately 2,450 BTC, would bring H100’s total to roughly 3,501 BTC. At current market prices, this represents an estimated value of around $239.7 million. This total would position H100 as the second-largest listed Bitcoin treasury company in Europe, trailing only Germany’s Bitcoin Group (which holds 3,605 BTC). Globally, the deal would elevate H100 from its current rank of 44th to 27th on the Bitcointreasuries.net leaderboard, surpassing companies like Cango Inc and France’s Capital B.
A definitive agreement is targeted for April 22, with closing expected after H100’s annual general meeting (AGM). However, the company’s public materials show conflicting AGM dates: its investor relations calendar lists April 21, while a March 12 company notice referred to a May 21 meeting. This discrepancy introduces uncertainty around the precise closing timeline.
This proposed acquisition follows H100’s recent completed purchase of Switzerland-based Future Holdings AG, indicating a strategic push to consolidate Bitcoin treasury assets in Europe.
Market Pressure and Strategic Rationale
H100’s stock has experienced significant downward pressure, falling over 74% in the past nine months and more than 26% year-to-date in 2026, according to Yahoo Finance data. This decline mirrors a broader trend affecting Bitcoin treasury stocks, as Bitcoin’s price remains well below its October 2025 all-time high.
Despite the challenging market environment, H100’s chairman, Sander Andersen, framed the acquisition as a capital-efficient opportunity to strengthen the company’s position. “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,” Andersen stated in the release. He further told Cointelegraph that the deal is a welcome chance to bolster the company’s Bitcoin holdings in a difficult market and pledged that H100 would continue to make future BTC purchases.
H100’s average cost basis for its existing Bitcoin stands at $114,615 per BTC, as per Bitcointreasuries.net data. This is notably higher than some peers; for instance, fellow European treasury company Capital B announced on Monday it had acquired 44 BTC for €2.7 million (approx. $3.1 million), bringing its total holdings to 2,888 BTC at an average cost of $106,662 per coin. The ongoing accumulation by these firms underscores a continued institutional trend of building listed Bitcoin reserves despite price volatility.
Top Bitcoin treasury firms by total BTC holdings. Source: Bitcointreasuries.net
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