H100 Group, a Sweden-listed health-tech firm with a Bitcoin treasury strategy, has signed a letter of intent to acquire Norwegian Bitcoin firms Moonshot and Never Say Die through an all-stock deal.
Under the proposed agreement, H100 will issue new shares to purchase 100% of the target companies, with no cash involved. The structure is designed to preserve the sellers’ Bitcoin exposure while consolidating the assets under a larger publicly listed entity, according to a Monday press release.
A final agreement is expected by April 22, with the transaction set to close following H100’s annual general meeting. However, the company’s public disclosures show conflicting AGM dates, listing both April 21 and May 21.
If completed, the deal would position H100 as Europe’s second-largest publicly listed Bitcoin treasury firm, behind Bitcoin Group, which holds 3,605 BTC. H100 currently holds 1,051 Bitcoin, while the target firms collectively hold around 2,450 BTC—bringing the combined total to approximately 3,501 BTC, valued at about $239.7 million.
Globally, H100 is currently ranked as the 44th-largest corporate Bitcoin holder. Following the acquisition, it would rise to 27th place, surpassing companies such as Cango Inc and Capital B, according to Bitcointreasuries data.
The Norway deal follows H100’s earlier acquisition of Switzerland-based Future Holdings AG.
“Scale, credibility, and access to capital markets are becoming increasingly critical in the Bitcoin space, and this deal would significantly strengthen H100 Group across all three,” said Sander Andersen, the company’s chairman.
Andersen added that the current “challenging” market environment makes the acquisition particularly attractive, allowing H100 to expand its Bitcoin holdings in a capital-efficient way. He also signaled the company’s intention to continue accumulating BTC.
Bitcoin treasury stocks under pressure
Despite its expansion plans, H100’s stock has been under strain, dropping more than 74% over the past nine months and over 26% so far in 2026, according to Yahoo Finance.
The weakness reflects broader pressure across Bitcoin treasury stocks, with Bitcoin still trading well below its October 2025 all-time high.
Despite this, European treasury firms continue to accumulate BTC. Earlier Monday, Capital B announced the purchase of 44 Bitcoin for 2.7 million euros ($3.1 million), bringing its total holdings to 2,888 BTC at an average cost basis of $106,662 per coin.
According to Bitcointreasuries data, H100 Group holds Bitcoin at an average cost basis of $114,615 per BTC.
