H100 Group has moved to dramatically expand its bitcoin treasury, signing a letter of intent to acquire two Norwegian firms in a deal that would vault the Stockholm-based, publicly listed company into the ranks of Europe’s largest bitcoin treasuries.
Under the proposed all-share transaction, H100 would take control of Moonshot AS and Never Say Die AS — two Norway-based bitcoin holders that together own roughly 2,450 BTC. If the deal closes, H100’s total holdings would swell to about 3,500 BTC, roughly tripling its current stash and significantly boosting its balance sheet and market profile.
The acquisition is structured as a bitcoin-for-bitcoin exchange rather than a cash deal. Ownership in the combined entity will be determined solely by the amount of bitcoin each party contributes, an approach H100 says preserves bitcoin exposure per share for existing shareholders and avoids equity dilution while scaling the company’s institutional footprint.
H100 framed the move as part of a broader push to strengthen its institutional credentials, improve liquidity and deepen its relevance in public capital markets. The announcement follows H100’s January plan to combine with Zurich-based Future Holdings AG — another bitcoin treasury firm — in a similar bitcoin-weighted merger. Both the Future Holdings transaction and the Norwegian targets are backed by Adam Back, the British cryptographer and Blockstream co-founder.
Definitive agreements for the Moonshot and Never Say Die deal are expected by April 22, with completion anticipated shortly after H100’s annual general meeting in May, subject to regulatory and shareholder approvals. The market reacted modestly to the news: H100 shares rose about 2% on the day of the announcement.
If finalized, the transacted portfolio would position H100 among Europe’s larger listed bitcoin treasuries, reinforcing a trend of consolidation in the institutional bitcoin custody and treasury sector.
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