H100 Group AB, the Stockholm-based publicly listed bitcoin treasury company, is making a bold move to expand its institutional footprint in the European market. The company has announced a letter of intent (LOI) to acquire Norwegian bitcoin-focused firms Moonshot AS and Never Say Die AS, a deal that could triple H100’s bitcoin holdings to around 3,500 BTC, positioning it as one of Europe’s largest listed bitcoin treasury firms.
Currently holding 1,051 BTC, H100 would add the target companies’ combined 2,450 BTC through the transaction. The acquisition is structured as a bitcoin-for-bitcoin exchange, preserving the existing shareholders’ exposure per share while significantly expanding the company’s balance sheet. The deal is set up as an all-share transaction with no cash consideration, consistent with H100’s strategy of bitcoin-based mergers and acquisitions.
Strategic Backing and Leadership
The acquisitions have backing from Adam Back, the British cryptographer and co-founder of Blockstream, reinforcing the network of experienced bitcoin investors involved in the transactions. Chairman Sander Andersen emphasized the industrial rationale for the deal, citing scale, credibility, and access to capital markets as increasingly important for publicly listed bitcoin firms.
“This transaction would significantly strengthen H100 in all these areas,” Andersen said, noting that the acquisition aligns with H100’s ongoing capital markets and M&A strategy while leaving its listing structure and core operations unchanged.
Expertise and Technology
The target companies bring more than just bitcoin holdings. Moonshot AS and Never Say Die AS are led by seasoned professionals, including CEO Eirik Grøttum, a former systematic trader and asset manager, and CIO Peter Warren, a hedge fund veteran with extensive experience across equities, derivatives, and FX markets. Together with founder Geir Harald Hansen, the pioneer behind the Bitminter BTC mining pool, the Norwegian teams bring operational expertise and technology capabilities expected to complement H100’s treasury management and capital markets activities.
Following completion, the company will remain the listed parent company. Management and board positions are expected to include representatives from both H100 and the acquired firms, ensuring continuity of existing leadership while integrating new expertise. Current executives, including Andersen and CEO Johannes Wiik, will continue in central roles. Definitive agreements are targeted by April 22, 2026, with completion expected shortly after H100’s annual general meeting on May 21, subject to regulatory approvals and customary conditions.
Future Outlook and Market Impact
The move comes on the heels of H100’s January announcement regarding its combination with Switzerland-based Future Holdings AG, another bitcoin treasury company. This series of strategic acquisitions underscores H100’s commitment to consolidating institutional-scale bitcoin holdings in Europe. The company continues to operate its health technology business alongside its bitcoin treasury strategy, combining digital health tools and AI-powered solutions for providers of health and lifestyle services.
The aggressive growth in bitcoin holdings, combined with the addition of seasoned professionals and advanced technology, positions H100 to become a leading player in the European bitcoin market. As the crypto landscape continues to evolve, H100’s strategic moves could set a new standard for institutional adoption and market expansion in the region.
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