H100 Plans 3,500 BTC Treasury via Norwegian Acquisitions

H100 Group has outlined plans to significantly expand its bitcoin holdings through an all-share acquisition of two Norway-based digital asset firms, a move that would position the Stockholm-listed company among the larger publicly listed Bitcoin treasury firms in Europe

Under a signed letter of intent, H100 intends to acquire Moonshot AS and Never Say Die AS in a transaction structured entirely in equity. If completed, the deal would increase the company’s Bitcoin treasury from approximately 1,051 BTC to around 3,501 BTC, more than tripling its current exposure.

Equity-Based Structure Anchored to Bitcoin Contributions

The proposed transaction is designed as a Bitcoin-for-Bitcoin exchange, with no cash consideration involved. Ownership in the combined entity will be determined by the relative Bitcoin contributions of each party.

Based on current estimates, shareholders of H100 would retain roughly 30% of the merged company, while the sellers – Moonshot AS and Never Say Die AS – would collectively hold about 70%.

The company said the structure is intended to preserve Bitcoin exposure on a per-share basis, avoiding dilution beyond the proportional issuance of equity tied directly to contributed assets.

“Scale, credibility, and efficient access to capital markets are increasingly decisive in the Bitcoin treasury space,” said Chairman Sander Andersen.

2,450 BTC Injection from Norwegian Counterparties

The two target firms collectively hold approximately 2,450 BTC, which would form the bulk of the increase in H100’s treasury. Following completion, total holdings would exceed 3,500 BTC.

H100 disclosed that its existing Bitcoin reserves were accumulated at an average acquisition price of approximately $114,615 per coin. At current market levels, the company’s treasury is valued at roughly $71.69 million.

The addition of the Norwegian entities is expected to enhance H100’s standing among publicly listed Bitcoin treasury firms in Europe and improve its relative position among global corporate holders. 

Eirik Grøttum, CEO of Moonshot AS, said that integrating with a listed vehicle would provide greater scale and flexibility in executing a Bitcoin-focused strategy.

Approval Process and Timeline

The parties are targeting April 22 to finalise definitive agreements, subject to due diligence and customary approvals. Completion is expected to follow H100’s annual general meeting scheduled for May 21.

The transaction remains contingent on board and shareholder approval, as well as regulatory clearance. Relevant authorities will review the deal prior to execution.

Post-transaction, H100 will continue as the listed parent entity on the NGM Nordic SME exchange. The company indicated that its existing health technology operations will remain intact and unaffected by the acquisition.

In addition to the Bitcoin assets, H100 expects to integrate personnel from the target firms, adding expertise in trading and technology development to the combined organisation.

Scaling Strategy in a Competitive Treasury Landscape

The proposed acquisition aligns with H100’s broader strategy of expanding its Bitcoin balance sheet through accretive, asset-based transactions. The company has emphasised the use of Bitcoin-denominated deal structures as a means of increasing holdings while maintaining capital markets access.

The move follows earlier plans involving a potential combination with a Zurich-based Bitcoin treasury firm, underscoring ongoing efforts to build scale within a competitive and rapidly evolving segment.

If completed, the transaction would materially strengthen H100’s position within Europe’s listed Bitcoin treasury cohort, while potentially improving liquidity and market visibility.

The expansion comes as Bitcoin trades near $70,000, following prior highs above $120,000. Market conditions continue to shape corporate treasury strategies, with companies increasingly exploring alternative structures to gain exposure while managing balance sheet risk.