Swedish Listed Company H100 Plans to Triple Its Bitcoin Treasury to 3,501 BTC Through Norwegian Acquisitions

Europe’s corporate Bitcoin treasury race has a new entrant moving fast. H100 Group is not building its position through open market purchases. It is acquiring companies that already hold the coins.

The Deal Structure

According to the official statement, H100 Group AB, a Swedish health technology company listed on the NGM Nordic SME exchange, signed a letter of intent to acquire two Norwegian private firms, Moonshot AS and Never Say Die AS. The two target companies combined hold approximately 2,450 BTC. Added to H100’s existing 1,051 BTC treasury, the post-acquisition total would reach 3,501 BTC, valued at approximately $240 million at current prices.

The transaction structure is designed specifically to avoid diluting the Bitcoin exposure of existing shareholders. No cash changes hands. Instead H100 will issue new shares to the sellers in an all-share exchange that the company frames as a bitcoin-for-bitcoin transfer. Shareholders in H100 retain the same proportional Bitcoin-per-share exposure after the deal closes as they had before it, a structure that addresses one of the primary criticisms of equity-funded Bitcoin treasury strategies where share issuance erodes the per-share BTC metric.

The parties are targeting definitive agreements by April 22, 2026, with final closing expected shortly after H100’s Annual General Meeting on May 21.

The Market Position It Creates

Completing the acquisition would move H100 from the 44th largest global corporate Bitcoin treasury to the 27th, positioning it as one of Europe’s top listed corporate holders alongside Germany’s Bitcoin Group. That jump of 17 positions from a single transaction reflects both the scale of the Norwegian acquisitions and the relatively concentrated nature of the corporate Bitcoin treasury landscape outside the United States.

The deal follows H100’s January 2026 acquisition of Zurich-based Future Holdings AG, establishing a pattern of rapid consolidation of European Bitcoin treasury assets through corporate combinations rather than spot market accumulation. The January acquisition and the current LOI together represent a deliberate strategy of aggregating existing Bitcoin holdings across European entities rather than competing with institutional buyers on open exchanges.

The People Behind the Expansion

The acquisition brings in Geir Harald Hansen, founder of the Bitminter mining pool, who will join the international investor network backing H100 alongside Adam Back, the cryptographer whose proof-of-work concept is cited in Bitcoin’s whitepaper. The involvement of figures with deep roots in Bitcoin’s technical and mining history signals that H100’s treasury strategy is supported by participants with long-term conviction rather than recent institutional converts.

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The Broader Context

H100’s aggressive consolidation play arrives in the same week that Strategy disclosed its 762,099 BTC holdings and announced continued accumulation as covered in earlier reporting today. The corporate Bitcoin treasury model that Strategy pioneered in the United States is now being replicated and adapted across European listed companies, with H100’s acquisition-based approach representing a structurally distinct method of building treasury exposure compared to the equity and debt issuance model Strategy has used.

For a health technology company on a Nordic exchange, the scale of the Bitcoin treasury ambition relative to the company’s underlying business is notable. H100 is explicitly building its balance sheet and institutional capital attraction strategy around Bitcoin rather than treating it as a secondary treasury asset, a positioning that mirrors Strategy’s own transformation from a software company into what is effectively a Bitcoin holding vehicle with an operating business attached.

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