H100 Triples Bitcoin Treasury to 3,506 BTC in $155M All-Share Deal

Sweden-listed H100 Group has more than tripled its Bitcoin treasury to 3,506 BTC after closing an all-share acquisition of two Norwegian Bitcoin holding companies, Moonshot and Never Say Die, which together held 2,455 BTC. The deal, announced Monday, involved zero cash: H100 issued 790.5 million new shares to the sellers instead, diluting existing shareholders by roughly 70%.

The new shares were priced at 1.86 Swedish kronor ($0.20) apiece, putting the total transaction value at approximately 1.47 billion kronor, or about $155 million. With bitcoin trading near $64,650 at the time of the announcement, H100’s combined coin stack is now worth roughly $228 million.

A “Bitcoin-for-Bitcoin” share swap

H100 structured the acquisition on what it called a 1:1 “Bitcoin-for-Bitcoin” basis: the number of shares handed to the Norwegian sellers was calculated purely from their proportional share of the combined BTC holdings of the three companies, with other assets and liabilities excluded from the math. In effect, shareholders of Moonshot and Never Say Die were paid out in H100 equity valued strictly against the bitcoin they were bringing to the table, not against any other business assets.

The company first flagged the transaction in March, when it signed a letter of intent to acquire the two privately held Norwegian bitcoin firms. Monday’s press release confirms the deal has now closed, with the coins folded directly into H100’s balance sheet.

Europe’s No. 2 corporate Bitcoin holder

The enlarged treasury puts H100 in second place among Europe’s publicly listed Bitcoin treasury companies by coin count, according to data from BitcoinTreasuries. It now trails only Germany’s Bitcoin Group SE, which holds 3,605 BTC — a gap of just under 100 coins. Before the deal, H100’s holdings were a fraction of that size, meaning the acquisition instantly reshuffled the regional leaderboard rather than closing the gap gradually through market purchases.

The Block reported the deal is backed by bitcoin advocate Adam Back, though that detail has not been independently confirmed by other outlets.

Why the dilution matters for holders

For H100 shareholders, the trade-off is stark: a roughly 70% dilution in exchange for tripling the company’s bitcoin-per-share exposure through a non-cash mechanism that avoided touching the balance sheet’s cash or debt. That mirrors a growing pattern among small-cap treasury companies — issuing equity directly against bitcoin rather than raising cash to buy it on the open market, which sidesteps market slippage but shifts the cost onto existing investors through share count expansion.

For the broader market, the deal is another data point in the consolidation of corporate bitcoin treasuries in Europe, where a handful of listed firms are competing for scale against much larger U.S. players. With H100’s holdings now valued near $228 million, it remains far smaller than the largest global treasury companies, but the move signals that all-stock, bitcoin-denominated M&A is becoming a viable path for smaller firms to bulk up their reserves without touching cash.

Read more: MARA Sells $1.6B in BTC, Strategy Trims 1,690 Coins as Reserves Hit $4.65B

Sources

• theblock.co
• coindesk.com
• cointelegraph.com