H100 Raises Bitcoin Treasury to 3,506 BTC, Europe No. 2

Sweden-listed H100 Group has completed the purchase of privately held Norwegian Bitcoin companies that held 2,455 BTC, issuing 790.5 million new shares as the sole consideration.

The shares were priced at 1.86 Swedish kronor each, valuing the equity consideration at about 1.47 billion kronor, roughly $155 million. No cash changed hands, the company confirmed.

H100 applied a 1:1 ‘Bitcoin-for-Bitcoin’ formula to determine the number of shares issued: each seller received shares proportional to their share of the combined Bitcoin holdings of H100 and the acquired firms. Other assets and liabilities were excluded from that calculation.

Before the acquisition H100 held about 1,051 BTC. Adding the acquired 2,455 BTC raised the company’s treasury to 3,506 BTC, which H100 estimated is worth about $228 million.

That total places H100 as the second-largest public Bitcoin treasury in Europe, behind Germany’s Bitcoin Group SE, which holds 3,605 BTC according to public trackers of institutional treasuries.

H100 first signed a letter of intent in March to acquire the Norwegian firms, named Moonshot and Never Say Die, and confirmed completion in a Monday press release.

Issuing 790.5 million new shares diluted existing shareholders by about 70% based on the company’s reporting. H100 describes itself as a health-technology company that holds Bitcoin on its balance sheet. The acquisition consolidates on-chain Bitcoin under H100’s treasury while excluding other corporate assets and liabilities from the share-issuance calculation.