What to know : The proposed deal would triple holdings to around 3,500 BTC, positioning H100 as Europe’s largest listed bitcoin treasury firm. The transaction is structured as a bitcoin-for-bitcoin exchange, preserving shareholder exposure while significantly scaling the balance sheet.
H100 Group (H100), a Stockholm-based publicly listed bitcoin treasury company focused on providing institutional exposure to bitcoin, said it signed a letter of intent to acquire Norwegian peers Moonshot AS and Never Say Die AS to increase its holdings of the largest cryptocurrency.
If completed, the deal would roughly triple H100’s bitcoin stash to around 3,500 BTC, positioning it among Europe’s largest listed bitcoin treasury firms. Beyond that, H100 said it aims to strengthen its institutional profile, improve liquidity and expand its relevance in capital markets.
The announcement follows the company's January announcement that it plans to combine with Future Holdings AG, a Zurich-based bitcoin treasury company. Both are backed by Adam Back, a British cryptographer and co-founder of Blockstream.
The transaction is structured as a bitcoin-for-bitcoin exchange, meaning ownership in the combined entity will be determined solely by the amount of bitcoin contributed. This approach preserves bitcoin exposure per share for existing investors, avoiding dilution while significantly scaling the company’s balance sheet.
The acquisition will be executed as an all-share transaction with no cash consideration.
The target companies collectively hold about 2,450 BTC.
Definitive agreements are expected by April 22, with completion anticipated shortly after the company’s annual general meeting in May, subject to final approvals.
The announcement sent H100 shares up 2% on the day.
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