In a significant move within the cryptocurrency market, Sweden’s H100 Group has entered into a letter of intent to acquire two Norwegian Bitcoin treasury companies, Moonshot AS and Never Say Die AS, through an all-stock transaction. This bold acquisition strategy would more than triple H100’s Bitcoin holdings, bringing its total to approximately 3,500 BTC, which is valued at around $245 million. This positioning would place H100 among the largest public Bitcoin treasuries in Europe.
The planned acquisition is designed to add approximately 2,450 Bitcoin to H100’s current reserve of 1,051 BTC. The deal structure will involve H100 issuing new shares in exchange for all shares of the two Norwegian companies, without any cash component involved. This strategy not only enhances H100’s asset base but also enables existing shareholders to retain exposure to Bitcoin while allowing the merged entity to expand its holdings significantly.
Upon completion of this acquisition, H100 is expected to ascend to the 27th position globally among public Bitcoin treasury firms, according to data from Bitcoin Treasuries. This places H100 just behind Germany’s Bitcoin Group SE, which currently holds 3,605 BTC, making H100 Europe’s second-largest publicly listed Bitcoin treasury firm.
Chairman Sander Andersen highlighted the strategic importance of this acquisition, noting that the scale, credibility, and access to capital markets are becoming increasingly crucial in the Bitcoin sector. He stated, “We see strong industrial logic in this acquisition,” emphasizing that this move aligns with H100’s ongoing strategy for capital markets and mergers and acquisitions within the Bitcoin framework.
The timeline for finalizing this transaction is tight, with H100 and the target companies aiming to sign definitive agreements before April 22 and to complete the deal ahead of its next annual general meeting scheduled for May 21.
H100’s entry into the Bitcoin treasury sector dates back to May 2025, coinciding with a notable rise in Bitcoin treasury companies, which surged as the cryptocurrency reached new price heights, peaking in October 2025 at just above $126,000. Since then, Bitcoin’s price has experienced volatility, recently trading just above $70,000.
In a related development, Strategy—formerly known as MicroStrategy and a pioneer in adopting the Bitcoin treasury model—remains the largest publicly traded Bitcoin holder, possessing 762,099 BTC, worth over $53 billion. The company announced plans to raise an additional $44 billion to further bolster its Bitcoin acquisitions, underscoring the growing interest and competitive landscape surrounding public Bitcoin treasury companies.
