Swedish-listed Bitcoin treasury H100 Group has moved to rapidly expand its BTC holdings by signing a letter of intent to acquire two Norwegian Bitcoin treasury firms in an all-stock deal that would more than triple its stash.
Deal basics
- Targets: Moonshot AS and Never Say Die AS (both Norway)
- Structure: Share-for-share transaction (no cash paid)
- Expected addition: ~2,450 BTC to H100’s existing 1,051 BTC, bringing the combined total to ~3,500 BTC (roughly $245 million at current prices)
- Timeline: Parties hope to sign definitive agreements by April 22 and close the deal ahead of H100’s annual general meeting on May 21
What this means for H100
If completed, the transaction would push H100 into the upper ranks of public Bitcoin treasuries — about 27th globally and the second-largest listed Bitcoin treasury in Europe, according to Bitcoin Treasuries data. It would sit just behind Germany’s Bitcoin Group SE, which holds 3,605 BTC.
H100 framed the move as strategic consolidation aimed at increasing institutional scale, liquidity and market relevance across Europe, while using an all-share structure so existing investors retain exposure to Bitcoin as the company grows.
“We see strong industrial logic in this acquisition. Scale, credibility and access to capital markets are increasingly important in the Bitcoin space, and this transaction would significantly strengthen H100 in all these areas,” said Chairman Sander Andersen. “The transaction represents a continuation of H100’s existing strategy and an execution of the company’s capital markets and M&A strategy to build scale through Bitcoin-based transactions.”
Market context
H100 launched its Bitcoin treasury in May 2025 amid a wave of companies adopting BTC-centric balance sheets. The trend accelerated last year as Bitcoin surged to a peak in October of just above $126,000 before retracing; it’s recently traded just above $70,000. MicroStrategy — widely credited with popularizing the corporate treasury model — remains the dominant public holder, with 762,099 BTC (over $53 billion) and has announced plans to raise an additional $44 billion to keep buying.
Next steps
H100, Moonshot AS and Never Say Die AS will need to finalize definitive agreements and complete the share swap to make the enlarged entity operational before the May 21 AGM. If successful, the deal would be one of the most notable European consolidations in the public Bitcoin treasury space this year.
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