Sweden-listed health-tech and Bitcoin treasury company H100 Group has signed a letter of intent to acquire two privately-held Norwegian Bitcoin companies, Moonshot and Never Say Die, in an all-stock transaction with no cash consideration.
The deal is structured to preserve the sellers’ Bitcoin exposure while consolidating assets into a larger listed vehicle.
What the deal would mean
H100 currently holds 1,051 BTC, while the two target companies hold roughly 2,450 BTC combined.
After the deal, H100’s total holdings would reach 3,501 BTC — worth around $239.7 million at current prices — placing it just behind Germany’s Bitcoin Group, which holds 3,605 BTC, as the second-largest listed Bitcoin treasury company in Europe.
In terms of global rankings, H100 would jump from 44th to 27th among public Bitcoin treasury companies, surpassing Cango Inc and France-based Capital B.
Agreement
A definitive agreement is expected by April 22, with closing targeted after H100’s annual general meeting.
H100 chairman Sander Andersen said:
“Scale, credibility and access to capital markets are increasingly important in the Bitcoin space, and this transaction would significantly strengthen H100 in all these areas.”
Andersen described the current market environment as “challenging” but said the acquisition strengthens the company’s Bitcoin position in a capital-efficient manner, and pledged future BTC purchases.
Stock pressure and European accumulation
H100’s stock has fallen over 74% in the past nine months and more than 26% year-to-date in 2026, reflecting broader pressure on Bitcoin treasury stocks as bitcoin remains well below its October 2025 all-time high.
Despite the price drawdown from all-time highs, European treasury companies continue to accumulate.
On the same day H100 announced its deal, France-based Capital B acquired 44 BTC for 2.7 million euros ($3.1 million), bringing its total to 2,888 BTC at an average cost basis of $106,662 per coin.
H100’s own average cost basis stands at $114,615 per BTC.
The Norway deal follows H100’s earlier completed acquisition of Switzerland-based Future Holdings AG.
