H100 Group, a Sweden-listed health-tech company turned Bitcoin treasury player, just closed a deal that market watchers are calling unprecedented: an acquisition where both sides of the transaction were priced entirely in Bitcoin. The H100 Bitcoin acquisition of two Norwegian firms, Moonshot and Never Say Die, pushed the company’s holdings to 3,506 BTC, instantly reshaping where H100 sits among Europe’s corporate Bitcoin holders.
Summary
Key takeaways
- H100 Group completed its acquisition of Norwegian Bitcoin companies Moonshot and Never Say Die, lifting its treasury to 3,506 BTC.
- The deal involved no cash: H100 issued 790.5 million new shares to the sellers, diluting existing shareholders by roughly 70%.
- Shares were priced at 1.86 Swedish kronor each, putting the transaction’s value at about 1.47 billion kronor ($155 million).
- H100’s Bitcoin holdings are now worth roughly $228 million, making it Europe’s second-largest Bitcoin treasury company behind Germany’s Bitcoin Group SE, which holds 3,605 BTC.
- The transaction closed on August 10 after shareholders approved it at H100’s annual general meeting on June 23, following a letter of intent signed back in March.
H100 Group’s Acquisition of Norwegian Bitcoin Companies
H100 finalized its purchase of the two privately held Norwegian firms in a deal built entirely around Bitcoin, rather than traditional cash or credit terms. The companies’ combined Bitcoin holdings, roughly 2,455 BTC, moved onto H100’s balance sheet as part of the transaction, lifting the company’s total treasury from 1,051 BTC before the deal to 3,506 BTC afterward — a jump of about 234%.
Details of the Companies Acquired and Transaction Structure
Moonshot and Never Say Die were both privately held Bitcoin treasury entities based in Norway. Rather than negotiating a cash price, H100 and the sellers agreed to settle the deal on a strict “Bitcoin-for-Bitcoin” basis. That meant the number of new shares issued to the sellers was determined by their proportionate share of the combined Bitcoin holdings across both sides of the transaction, once H100’s existing stack and the acquired companies’ BTC were pooled together. Other assets and liabilities held by the two Norwegian firms were excluded from that calculation, keeping the math focused purely on Bitcoin.
Share Issuance and Shareholder Impact
H100 settled the acquisition without spending a single dollar, euro, or krona. Instead, the company issued about 790.5 million new shares to the sellers, priced at 1.86 Swedish kronor apiece, which valued the overall transaction at roughly 1.47 billion kronor, or about $155 million. That scale of new stock issuance came at a real cost to existing investors: shareholders who held stakes in H100 before the deal saw their ownership diluted by approximately 70%, leaving legacy holders with a smaller slice of a much larger company. Geir Harald Hansen, described as the principal seller in the deal, agreed to a 12-month lock-up on the shares he received, a detail that limits how quickly he can sell into the market.
Impact on H100 Group’s Bitcoin Treasury and Valuation
The immediate effect of the H100 Bitcoin acquisition was a sharp jump in both the size and dollar value of the company’s crypto holdings. After absorbing Moonshot and Never Say Die’s Bitcoin reserves, H100’s total stack reached 3,506 BTC, worth approximately $228 million based on prices at the time of closing.
Increase in Bitcoin Holdings and Valuation
The reference price used to calculate the deal’s economics was set at roughly 598,927 Swedish kronor per BTC, or about $62,900, based on levels seen as of July 31. Pricing the deal against that figure put the transaction at close to 1.0 times H100’s modified net asset value, meaning neither H100 nor the sellers accepted a premium or discount relative to the underlying Bitcoin being exchanged. That structure is part of why H100’s executive chairman, Sander Andersen, framed the deal as a way to grow the company’s Bitcoin-per-share ratio while also bringing on experienced personnel, saying the acquisition “not only preserves the Bitcoin-per-share ratios but also integrates experienced team members, enhancing the company’s capacity for institutional engagement.”
Europe’s Bitcoin Treasury Ranking
With 3,506 BTC now on its books, H100 has jumped into second place among Europe’s publicly traded Bitcoin treasury companies by holdings, according to data from BitcoinTreasuries. The top spot still belongs to Germany’s Bitcoin Group SE, which holds 3,605 BTC — a gap of fewer than 100 coins separating the continent’s two largest corporate Bitcoin holders. H100 has described the Moonshot and Never Say Die acquisition as the largest M&A transaction to date in the European Public Bitcoin Equity sector, a claim that reflects both the scale of the share issuance and the size of the Bitcoin holdings involved.
The deal also marks a notable pivot for a company that started out in health technology before shifting toward a Bitcoin-focused balance sheet strategy in 2025. That transition places H100 alongside a growing group of publicly listed firms choosing to hold Bitcoin as a primary treasury asset rather than cash or short-term bonds — a strategy that ties company valuation more directly to Bitcoin’s price swings, for better or worse. Whether other European Bitcoin treasury firms follow H100’s lead with similar all-share, Bitcoin-denominated acquisitions may say a lot about how consolidation unfolds across this still-young corporate niche.
FAQ
Which companies did H100 Group acquire to increase its Bitcoin holdings?
H100 Group acquired the Norwegian Bitcoin companies Moonshot and Never Say Die.
How was the acquisition deal settled between H100 Group and the sellers?
The deal involved no cash. Instead, H100 issued 790.5 million new shares to the sellers on a 1:1 Bitcoin-for-Bitcoin basis.
What was the impact of the share issuance on existing H100 shareholders?
Existing shareholders experienced approximately 70% dilution due to the issuance of new shares.
What is H100 Group’s position among Bitcoin treasury companies in Europe after the acquisition?
After the acquisition, H100 Group became Europe’s second-largest Bitcoin treasury company by holdings, trailing only Germany’s Bitcoin Group SE.
Article produced with the assistance of artificial intelligence and reviewed by the editorial team.
