H100 Triples Bitcoin Holdings Overnight, Becomes Europe’s 2nd-Largest Public Treasury

The Swedish health-tech company running a Bitcoin treasury strategy has closed a takeover settled entirely in Bitcoin, over tripling its holdings to 3,506 BTC and pushing it into second place among Europe's public Bitcoin treasury companies — behind only Germany's Bitcoin Group SE.

H100 Group AB confirmed completion on 10 August of its acquisition of NSD AS (formerly WR Start Up 594 AS), which brings direct and indirect ownership of Moonshot AS and PDI AS into the group. Through the deal, H100 acquired 2,455.37 BTC, taking its total holdings to 3,506.4 BTC.

The transaction carried no cash consideration. It was priced on a strict 1:1 Bitcoin-for-Bitcoin basis at 1.0x mNAV, with the exchange ratio set against a Bitcoin price of SEK 598,926.69 (roughly USD 62,900) at a reference time of 31 July 2026, 23:59 CEST. The board, acting on authority granted at the June AGM, issued 790,534,666 new shares to the sellers in a set-off issue priced at SEK 1.86 - calculated by converting H100's Bitcoin holdings into Swedish kronor at the prevailing Coinbase spot rate and dividing by the 338,396,692 shares then in issue. Seller promissory notes worth roughly SEK 1,470.4 million were issued and immediately set off against those shares, so no cash changed hands at any point in the structure.

H100 says the deal is, to its knowledge, both the largest M&A transaction in the European public Bitcoin equity sector and the first Bitcoin-for-Bitcoin M&A transaction completed in public markets anywhere. The target company carries no outstanding financial debt, and its subsidiary PDI AS runs an active Bitcoin management strategy aimed at preserving capital and generating cash flow without giving up long-term upside exposure.

The mechanics matter as much as the size. Because new shares were struck 1:1 against Bitcoin contributed, sats per basic share are unchanged; sats per fully diluted share actually rose by roughly 5%, even as the deal diluted existing shareholders by close to 70% of shares outstanding. Principal seller Geir Harald Hansen has taken a 12-month lock-up on all consideration shares received.

H100 jumps to second across Europe, past Capital B and Smarter Web

The transaction resets the leaderboard. Before the deal, H100 sat well behind France's Capital B, at 3,140 BTC, and the UK's Smarter Web Company, at 2,712 BTC. At 3,506 BTC, H100 now overtakes both in a single move, trailing only Germany's Bitcoin Group SE, at 3,605 BTC, by under 100 coins.

What the deal demonstrates, more than the ranking itself, is a second route to scale for European treasury companies beyond raising cash and buying spot: absorbing another Bitcoin balance sheet directly, share-for-coin, with the exchange ratio doing the work a cash bridge would otherwise have to do.

The team frames it as a bet on the metric, not the headline number

Sander Andersen, H100's Executive Chairman, said the structure was chosen because it is the cleanest expression of the idea that Bitcoin per share is the metric that matters, preserving that ratio in full while nearly tripling the company's holdings. He also pointed to what the deal brings beyond coins: a team he described as complementary on technology and market capability, plus a principal owner with more than a decade building Bitcoin infrastructure.

Eirik Grøttum, CEO of Moonshot AS, framed the sellers' side as a fit of ambition rather than a sale of convenience, saying the group chose H100 as a partner that shares its long-term vision, and that it looks forward to creating long-term value for all shareholders.

The newly issued shares are expected to be admitted to trading on NGM Nordic SME shortly. From here, the open question is whether H100 closes the remaining gap to Bitcoin Group SE through organic accumulation, or whether Monday's structure — Bitcoin for Bitcoin, no cash, ratio preserved — becomes the template other treasury companies reach for first.