H100 Group has moved to dramatically scale its Bitcoin treasury by agreeing to acquire two Norway-based crypto firms in an all-share deal that would more than triple its BTC holdings and reshape ownership of the combined business.
Quick takeaways
- H100 will acquire Moonshot AS and Never Say Die AS in an equity-only transaction, adding about 2,450 BTC to its balance sheet.
- If completed, H100’s bitcoin treasury would rise from ~1,051 BTC to ~3,501 BTC.
- Existing H100 shareholders would keep roughly 30% of the merged company; the sellers would hold about 70%.
- The deal is structured as a Bitcoin-for-Bitcoin equity swap (no cash), and is subject to due diligence, board/shareholder sign-off and regulatory clearance.
- Target dates: definitive agreements aimed for April 22; closing expected after H100’s AGM on May 21.
What’s happening
Under a signed letter of intent, Stockholm-listed H100 has agreed to acquire Moonshot AS and Never Say Die AS using equity issued based on each party’s contributed bitcoin. The two Norwegian firms would contribute roughly 2,450 BTC, lifting H100’s holdings to around 3,501 BTC and moving the company into the upper ranks of Europe’s publicly listed bitcoin treasuries.
How the equity swap works
The transaction is explicitly asset-backed: ownership stakes in the combined group are allocated according to the relative bitcoin contributions rather than via cash payments. That approach is designed to preserve per‑share bitcoin exposure and avoid traditional dilution beyond the proportional issuance tied to contributed BTC. Based on current estimates, legacy H100 shareholders would own about 30% of the merged entity while the sellers would control about 70%.
Numbers and valuation
- Current H100 bitcoin holdings: ~1,051 BTC.
- Contribution from Moonshot + Never Say Die: ~2,450 BTC.
- Pro forma total: ~3,501 BTC.
H100 said its existing BTC were accumulated at an average acquisition price of roughly $114,615 per coin. At current market levels the company values its treasury at about $71.69 million.
Governance, approvals and operations
The parties are working toward definitive agreements by April 22, with a planned closing after H100’s annual general meeting on May 21. The transaction requires customary due diligence, board and shareholder approvals and regulatory clearance. H100 will remain the listed parent on the NGM Nordic SME exchange, and the company says its health-technology operations will continue unchanged. The deal also includes plans to bring in trading and technology personnel from the target firms.
Strategic context and implications
Chairman Sander Andersen framed the move as part of the race for scale and credibility in the bitcoin treasury space, where bigger balance sheets can improve market access and investor visibility. CEO of Moonshot, Eirik Grøttum, highlighted that integration into a listed vehicle should provide more flexibility to execute a bitcoin-first strategy.
The acquisition follows earlier discussions H100 had about combining with a Zurich-based bitcoin treasury firm, signaling a sustained push to grow via asset-based, bitcoin-denominated deal structures. If the deal closes, H100 would materially strengthen its standing among publicly listed European bitcoin holders and potentially boost liquidity and market profile for the stock.
Market backdrop
The move comes as bitcoin trades near $70,000 after hitting prior highs above $120,000 last cycle. Corporate treasury strategies continue to be shaped by volatile prices, and companies are increasingly experimenting with creative, asset-backed transactions to scale crypto exposure while managing balance-sheet impacts.
Bottom line
This is a bold, bitcoin-focused roll-up: H100 is betting that expanding its BTC base via equity swaps and consolidating expertise will deliver scale, credibility and capital-market advantages — provided it clears approvals and completes integration successfully.
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