H100 Group to Triple Bitcoin Treasury in Major European Consolidation
Swedish firm H100 Group plans to acquire two Norwegian Bitcoin treasury companies in an all-stock deal, boosting its holdings from 1,051 to 3,500 BTC and positioning it as Europe‘s second-largest listed Bitcoin treasury.
In a strategic move to consolidate its position in the European Bitcoin market, Sweden‘s H100 Group has signed a letter of intent to acquire Norwegian companies Moonshot AS and Never Say Die AS. The transaction, structured entirely with newly issued H100 shares, would add approximately 2,450 Bitcoin to the company’s existing reserve of 1,051 BTC, bringing its total holdings to around 3,500 BTC—valued at roughly $245 million at current prices.
The all-stock nature of the deal means no cash will change hands. Instead, shareholders of the Norwegian firms will receive equity in the enlarged H100 entity, allowing them to maintain exposure to Bitcoin through a larger, more liquid public vehicle.
Scaling the European Bitcoin Landscape
Upon completion, H100 would vault to 27th place globally among public Bitcoin treasury companies, according to data from Bitcoin Treasuries. This would make it the second-largest such firm in Europe, trailing only Germany‘s Bitcoin Group SE, which holds 3,605 BTC. The acquisition is framed as a key step in H100’s strategy to enhance its institutional credibility, improve access to capital markets, and increase its overall scale and relevance.
“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 H100 Chairman Sander Andersen in a statement. “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.”
The company stated that the deal aligns with its goal of building a significant European Bitcoin holding company. H100 and the target companies aim to sign definitive agreements before April 22, with completion targeted ahead of H100’s annual general meeting on May 21.
Bitcoin’s Volatile Backdrop
The deal comes amid a period of significant volatility for Bitcoin. The cryptocurrency reached an all-time high above $126,000 in October 2024, fueling a wave of companies adopting the Bitcoin treasury model pioneered by Strategy (formerly MicroStrategy). Since that peak, Bitcoin’s price has fallen sharply, recently trading just above $70,000.
Strategy remains the undisputed leader in the space, holding 762,099 BTC (over $53 billion) and announcing plans this week to raise a further $44 billion to continue its aggressive accumulation strategy.
H100 began its own Bitcoin treasury in May 2025, joining the trend of public companies holding the digital asset on their balance sheet as a primary treasury reserve asset.
As the market continues to mature, strategic consolidations like this one may become more common as firms seek to achieve the scale and market access needed to compete in the evolving institutional Bitcoin landscape.
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