By Ayesha Aziz
The Swedish-listed firm H100 Group has taken a massive step toward becoming a digital asset powerhouse in Europe. On Monday, the company signed a letter of intent to acquire two private Norwegian treasury firms, Moonshot AS and Never Say Die AS, in an all-stock deal that would catapult its total holdings to approximately 3,501 Bitcoin.
Strengthening the Treasury via Strategic Acquisitions
The proposed transaction is structured as a share swap, meaning no cash will be exchanged. By issuing new shares to the owners of the Norwegian companies, H100 will absorb their 2,450 BTC, adding to its existing stash of 1,051 BTC.
At current market valuations, this combined portfolio is worth roughly $239.7 million. The deal allows the private shareholders to maintain their Bitcoin exposure while transitioning into a larger, publicly traded entity.
A Leap in Global and Regional Rankings
If the acquisition closes as planned by late April or May, H100’s standing in the global "Bitcoin Treasury" leaderboard will shift significantly:
Global Rank: Climbing from 44th to 27th place worldwide.
European Rank: Securing the #2 spot in Europe, trailing only Germany’s Bitcoin Group SE (which holds 3,605 BTC).
Competitors: H100 is set to overtake France’s Capital B and Cango Inc.
Navigating a Volatile Market
The move comes at a time of significant market pressure. H100’s stock has faced a steep decline—dropping over 74% in the last nine months—as Bitcoin remains below its October 2025 peak. Currently, the company’s average cost basis per Bitcoin sits at $114,615.
Despite the price suppression, Chairman Sander Andersen emphasized that scale and credibility are vital. "This transaction strengthens our position in a capital-efficient way," Andersen stated, adding that the firm intends to continue purchasing Bitcoin on the open market.
The European Accumulation Trend
H100 isn't alone in its aggressive accumulation strategy. Earlier this week, their peer Capital B announced a purchase of 44 additional Bitcoin (approx. $3.1 million), bringing their total to 2,888 BTC. These moves suggest a broader trend of European firms consolidating their digital assets despite the current market downturn.