Sweden-listed H100 Group, a health-tech and Bitcoin treasury company, is making waves with a strategic move into the Norwegian market.
H100 has entered into a letter of intent to acquire two Norwegian Bitcoin companies, Moonshot and Never Say Die, in an all-stock deal that would significantly bolster its Bitcoin holdings. The transaction, expected to close after H100’s annual general meeting, will see the company issue new shares to the sellers, preserving their Bitcoin exposure while integrating the assets into a larger, listed entity.
The deal is structured to avoid cash considerations, a move that H100 Chairman Sander Andersen says is designed to strengthen the company’s position in a challenging market environment. ‘Scale, credibility, and access to capital markets are increasingly important in the Bitcoin space, and this transaction would significantly strengthen H100 in all these areas,’ Andersen told Cointelegraph.
Boosting Bitcoin Holdings
H100 currently holds 1,051 Bitcoin, and the acquisition of Moonshot and Never Say Die, which collectively hold about 2,450 BTC, would bring its total to 3,501 BTC. This would make H100 the second-largest listed Bitcoin treasury company in Europe, just behind Germany’s Bitcoin Group, which holds 3,605 BTC.
The acquisition would also elevate H100’s global ranking among Bitcoin treasury companies from 44th to 27th, surpassing firms like Cango Inc and France-based Capital B. H100’s average cost basis for its Bitcoin holdings is $114,615 per BTC, according to Bitcointreasuries data.
Market Context and Challenges
The deal comes at a time when Bitcoin treasury stocks are under significant pressure. H100’s stock price has declined by over 74% in the past nine months and over 26% year-to-date, reflecting broader market trends. Bitcoin itself remains well below its October 2025 all-time high, putting pressure on companies with substantial Bitcoin holdings.
Despite the market challenges, Andersen remains optimistic about the future. ‘This acquisition is a capital-efficient way to strengthen our Bitcoin position and sets the stage for future BTC purchases,’ he said. The move aligns with H100’s strategy to grow its Bitcoin treasury and solidify its position in the European market.
Strategic Moves and Future Prospects
The Norwegian acquisition follows H100’s recent completion of the acquisition of Switzerland-based Future Holdings AG, indicating a broader strategy to diversify and expand its operations. European Bitcoin treasury companies are actively accumulating BTC, with Capital B recently announcing the acquisition of 44 Bitcoin for 2.7 million euros, bringing its total holdings to 2,888 BTC.
H100’s strategic moves are a clear signal of the company’s commitment to Bitcoin and its belief in the long-term value of the cryptocurrency. As the market continues to evolve, H100’s strengthened position could provide a solid foundation for future growth and resilience in the face of market volatility.
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