Sweden’s H100 Group plans to acquire two Norwegian Bitcoin treasury firms in an all-stock deal that would more than triple its Bitcoin holdings from 1,051 to approximately 3,500 BTC. The transaction, valued around $245 million at recent prices, would position H100 as Europe’s second-largest listed Bitcoin treasury company. Bitcoin’s price, which peaked above $126,000 last October, has recently traded above $70,000.
Sweden’s H100 Group has signed a letter of intent to acquire Norwegian companies Moonshot AS and Never Say Die AS in an all-stock transaction. The deal would add roughly 2,450 Bitcoin to its current reserve of 1,051 BTC, bringing its total holdings to about 3,500 BTC.
The company stated the acquisition involves issuing new shares with no cash component. This would position H100 as the 27th largest public Bitcoin treasury globally and Europe’s second-largest listed firm, just behind Germany’s Bitcoin Group SE with 3,605 BTC.
“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. H100 framed the move as part of its strategy to build scale through Bitcoin-based transactions.
The firms aim to sign definitive agreements before April 22 and complete the deal ahead of H100’s annual meeting on May 21. H100 began its Bitcoin treasury in May 2025, during a wave of such corporate activity.
Bitcoin hit a new high above $126,000 last October but has since fallen sharply. The leading cryptocurrency has recently been trading just above $70,000.
Strategy (formerly MicroStrategy) remains the largest public holder with 762,099 BTC, worth over $53 billion. That firm recently revealed plans to raise a further $44 billion to continue buying Bitcoin.
