Future Holdings AG, a Switzerland-based Bitcoin treasury firm supported by crypto pioneer Adam Back, has reached preliminary terms that could see it acquired by Sweden-listed H100 Group.
On Monday, Future Holdings announced it had signed a non-binding letter of intent with H100, covering the potential purchase of 100% of its shares.
“Combining Future with H100 creates a public-market platform and governance framework that we believe is essential for building long-term institutional credibility in the Swiss market,” said Future Holdings chairman Richard Byworth in a joint statement.
The deal comes just months after Back co-founded Future Holdings in November 2025 alongside industry veterans Richard Byworth and Sebastien Hess, raising $35 million to build a BTC treasury. Back also extended H100 a $2.1 million convertible loan in June 2025, with an option to invest an additional $12.8 million.
Acquisition valued at $753,000
The proposed transaction values Future Holdings at roughly 375,000 Swiss francs (about $471,000), plus the company’s cash balance at closing. With its current cash position, the total purchase price is expected to reach approximately 600,000 Swiss francs, or $753,000, according to the announcement.
The purchase price is expected to be paid in newly issued H100 shares, based on the closing price on the last trading day prior to the letter of intent.
Transaction expected to close in January
The deal remains contingent on due diligence, the negotiation of definitive agreements, and the receipt of necessary corporate and regulatory approvals. Both companies said they anticipate signing and closing to occur in January 2026.
For H100, the acquisition represents a strategic step in its effort to expand beyond the Nordic region and establish itself as a leading Bitcoin treasury and financial platform in Europe.
“This transaction supports H100’s expansion into Switzerland. Future brings valuable local expertise, and we see Switzerland as a key market as institutional investors explore new approaches to capital allocation,” said H100 chairman Sander Andersen.
Beyond Future Holdings and H100, Blockstream founder Adam Back has backed several other Bitcoin treasury initiatives, including French firm Capital B (formerly The Blockchain Group) and The Bitcoin Standard Treasury.
During the surge in Bitcoin treasuries in summer 2025, Back described public-company adoption of Bitcoin as the “new altcoin season” for crypto speculators.
