H100 Moves to Triple Bitcoin Holdings with Nordic Acquisition Deal

Stockholm-listed H100 Group is seeking to nearly triple its Bitcoin reserves through a proposed acquisition of Moonshot AS and Never Say Die AS, two Norway-based treasury firms. The company has entered into a letter of intent outlining an all-share transaction structured around Bitcoin contributions rather than cash payments.

The deal would see H100’s holdings rise from 1,051 BTC to approximately 3,500 BTC, following the addition of 2,450 BTC from the target companies. Based on current market levels, the enlarged treasury would be valued at about US$245 million (AU$345.45 million).
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A Bitcoin-Funded Expansion Strategy 

Ownership in the combined entity will be determined by the amount of Bitcoin each party contributes, maintaining proportional exposure for existing shareholders. This structure allows the company to expand without diluting its investor base while materially increasing its balance sheet.

H100 said the transaction supports its strategy of enhancing institutional appeal, boosting liquidity, and strengthening its position in European capital markets. The company also views increased scale and credibility as key advantages in the competitive Bitcoin treasury sector.

The planned acquisition follows a previously announced combination with Future Holdings AG, highlighting H100’s continued focus on Bitcoin-based mergers and acquisitions. Both initiatives are supported by Adam Back, a prominent figure in the Bitcoin ecosystem.

The companies aim to finalise definitive agreements by 22 April, with completion expected after the annual general meeting in May, subject to regulatory and shareholder approvals.

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