Swedish-listed health-tech and Bitcoin treasury company H100 Group has become Europe’s second-largest corporate Bitcoin holder after acquiring 2,455 BTC from Norwegian Bitcoin companies. The deal more than tripled H100’s Bitcoin treasury to 3,506 BTC, worth about $228 million. H100 issued 790.5 million new shares to the sellers instead of paying cash, resulting in around 70% dilution for existing shareholders.
The transaction involved Norwegian companies Moonshot and Never Say Die, whose Bitcoin holdings were acquired by H100 as part of the deal.
H100 said the transaction was structured on a 1:1 “Bitcoin-for-Bitcoin” basis. The number of new shares issued was determined by the sellers’ proportionate share of the combined Bitcoin holdings of H100 and the acquired companies. The company said other assets and liabilities were excluded when calculating the consideration for the transaction.
H100 issued the 790.5 million new shares at 1.86 Swedish kronor, or around $0.20, per share. The shares gave the transaction an implied value of approximately 1.47 billion Swedish kronor, equivalent to about $155 million.
H100 acquires 2,455.4 Bitcoin at approx. USD 62,900 per Bitcoin, increasing total holdings to 3,506 BTC.
The transaction, announced in April, has now been completed:
– Largest M&A transaction in the European Public Bitcoin Equity sector
– World’s first Bitcoin-for-Bitcoin… pic.twitter.com/08dX9slrQH
— H100 (@H100Group) August 10, 2026
For existing shareholders, however, the deal came with a substantial cost. The newly issued shares diluted their ownership by around 70%.
Following the acquisition, H100 held 3,506 BTC, worth approximately $228 million based on the figures provided. That puts the company just behind Germany’s Bitcoin Group SE, which held 3,605 BTC, according to BitcoinTreasuries.
The deal marks a major expansion of H100’s Bitcoin treasury strategy. Before the transaction, the company had a significantly smaller Bitcoin position. The acquisition has now placed H100 among Europe’s largest publicly traded companies using Bitcoin as a treasury asset.
H100 first announced the proposed acquisition in March. At that time, the company signed a letter of intent to acquire the privately held Norwegian Bitcoin companies Moonshot and Never Say Die, along with their Bitcoin holdings.
The transaction is notable because H100 did not need to use cash to acquire the additional Bitcoin. Instead, it issued shares directly to the sellers. This allowed the company to increase its Bitcoin holdings while preserving cash, but it also significantly increased the number of shares in circulation.
The deal reflects a broader trend among publicly traded companies that are using Bitcoin as a treasury asset. These companies are seeking different ways to build large Bitcoin holdings, including share issuance, debt financing and acquisitions.
For H100, the latest transaction dramatically changes the scale of its Bitcoin strategy and puts the company close to the top of Europe’s corporate Bitcoin treasury rankings.
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