H100 Group (H100), a publicly traded bitcoin based in Stockholm treasury company focused on institutional exposure to bitcoin, said it has signed a letter of intent to acquire Norwegian peers Moonshot AS and Never Say Die AS to increase its holdings in the largest cryptocurrency.
If completed, the deal would approximately triple H100’s bitcoin reserve to around 3,500 BTC, placing it among the largest listed Bitcoin treasury companies in Europe. Beyond that, H100 said it wants to strengthen its institutional profile, improve its liquidity and increase its relevance in capital markets.
This announcement follows the company’s January announcement that it plans to partner 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, thereby avoiding dilution while significantly reducing the company’s balance sheet.
The acquisition will be completed as an all-stock transaction with no cash consideration.
The target companies collectively hold approximately 2,450 BTC.
Final agreements are expected by April 22 and are expected to be finalized shortly after the company’s annual general meeting in May, subject to final approvals.
The announcement sent H100 shares up 2% on the day.
