Sweden based H100 is planning a major expansion of its Bitcoin holdings through a strategic acquisition that could take its treasury to 3,500 BTC.
Key Takeaways
- H100 signed a letter of intent to acquire Norwegian firms Moonshot and Never Say Die.
- The deal could increase holdings from 1,051 BTC to around 3,501 BTC.
- The transaction follows a Bitcoin for Bitcoin structure with no cash involved.
- The move may position H100 as Europe’s second largest listed Bitcoin treasury firm.
What Happened?
H100 Group has entered into a letter of intent to acquire two Norwegian Bitcoin focused companies as part of its plan to scale its treasury. The deal is expected to be finalized by April 22, with completion targeted after the company’s annual general meeting in May.
If completed, the acquisition will significantly expand H100’s Bitcoin reserves and strengthen its position in the European crypto market.
H100 has signed an LOI for a strategic acquisition expected to increase its bitcoin holdings to 3,500 BTC.
— H100 (@H100Group) March 23, 2026
The transaction would position H100 as one of Europe’s largest publicly listed bitcoin treasury companies. pic.twitter.com/RTsURd5EQO
H100 Plans Rapid Bitcoin Expansion Through Acquisition
H100 currently holds 1,051 Bitcoin, while the target companies Moonshot and Never Say Die collectively hold about 2,450 Bitcoin. Once combined, the company’s total holdings are expected to reach approximately 3,501 BTC, valued at nearly $240 million based on current prices.
Instead of buying Bitcoin directly from the market, H100 is choosing a company acquisition route. This approach allows the firm to quickly scale its holdings without impacting market prices or facing liquidity challenges.
This strategy also brings immediate benefits such as:
- Instant balance sheet expansion.
- Access to crypto investment and trading expertise.
- Reduced market disruption compared to large open market purchases.
Unique Bitcoin for Bitcoin Deal Structure
One of the most notable aspects of the deal is its Bitcoin for Bitcoin structure. The transaction will be completed entirely through newly issued H100 shares, with no cash consideration involved.
Ownership in the combined company will be based solely on the amount of Bitcoin contributed. This ensures that existing shareholders maintain their proportional exposure to Bitcoin, even after the deal.
Estimates suggest that:
- Existing H100 shareholders may hold about 30 percent ownership.
- Shareholders of the target companies could receive around 70 percent ownership.
This structure reflects a growing trend where Bitcoin itself becomes the core valuation metric in corporate deals.
Institutional Push and Strategic Positioning
H100’s leadership highlighted that scale and credibility are becoming critical in the Bitcoin sector. Chairman Sander Andersen said:
The acquisition also adds a strong team of experienced investors and technologists, including industry figures like Geir Harald Hansen and Eirik Grøttum. Their expertise in trading, mining, and asset management is expected to enhance H100’s operational capabilities.
Broader Trend of Corporate Bitcoin Adoption
H100’s move reflects a broader shift where companies across industries are adding Bitcoin to their balance sheets. While early adopters were mainly tech and finance firms, health tech companies are now entering the space.
Key reasons behind this trend include:
- Diversification of treasury assets.
- Positioning as a forward looking and innovative company.
- Potential long term value appreciation of Bitcoin.
H100’s acquisition led approach stands out compared to firms that rely on direct Bitcoin purchases, offering faster scaling and potential operational synergies.
Market Context and Challenges
Despite the ambitious expansion, H100 faces a challenging market environment. The company’s stock has fallen over 74 percent in the past nine months and more than 26 percent year to date in 2026.
This decline reflects broader pressure on Bitcoin treasury companies, as Bitcoin remains below its October 2025 all time high.
Still, European firms continue to accumulate Bitcoin. For example, Capital B recently added more BTC to push its holdings close to 2,888 Bitcoin, signaling continued institutional interest in the asset.
CoinLaw’s Takeaway
In my experience, this is one of the most interesting Bitcoin treasury strategies we have seen in a while. Instead of slowly buying Bitcoin, H100 is taking a bold shortcut by acquiring companies that already hold large amounts of BTC.
I found this approach smart because it combines scale, talent, and capital market access in one move. If executed well, it could set a new playbook for how companies build Bitcoin exposure.
That said, the risk is equally real. With stock prices already under pressure, H100 is making a high conviction bet on Bitcoin’s long term value. The success of this strategy will depend heavily on execution and market conditions.
