H100 Group (H100), a publicly traded bitcoin based in Stockholm The treasury company focused on providing institutional exposure to bitcoin said it signed a letter of intent to acquire Norwegian peers Moonshot AS and Never Say Die AS to increase its holdings of the largest cryptocurrency.
If completed, the deal would roughly triple H100’s bitcoin reserves to around 3,500 BTC, positioning it among the largest publicly traded bitcoin treasury companies in Europe. Beyond that, H100 said it aims to strengthen its institutional profile, improve liquidity and expand its relevance in the capital markets.
The announcement follows the company’s January announcement that it plans to merge with Future Holdings AG, a Zurich-based bitcoin treasury company. Both are backed by Adam Back, a British cryptographer and co-founder of Blockstream.
The transaction is structured as a bitcoin-for-bitcoin exchange, meaning that ownership of the combined entity will be determined solely by the amount of bitcoin contributed. This approach preserves bitcoin exposure per share for existing investors, preventing dilution while significantly expanding the company’s balance sheet.
The acquisition will be executed as a non-cash all-stock transaction.
The targeted companies collectively own around 2,450 BTC.
Final agreements are expected by April 22, and are expected to be completed shortly after the company’s annual general meeting in May, subject to final approvals.
The announcement sent H100 shares up 2% that day.
