Sweden-listed H100 Group has signed a non-binding letter of intent to acquire Switzerland-based Bitcoin treasury company Future Holdings AG. The proposed transaction values Future Holdings at approximately 600,000 Swiss francs, or about $753,000, which includes a base valuation of 375,000 Swiss francs plus the firm's current cash position.
The purchase price will be paid entirely in newly issued H100 shares, priced at the closing rate from the last trading day before the letter of intent was signed. Both companies anticipate finalizing and closing the deal by January 2026, pending successful due diligence and necessary corporate and regulatory approvals.
Future Holdings was co-founded in November 2025 by Bitcoin pioneer Adam Back, alongside Richard Byworth and Sebastien Hess. The company raised $35 million at launch to build its Bitcoin treasury reserves, assets that H100 will gain direct access to through the acquisition. Richard Byworth, Chairman of Future Holdings, stated that the merger aims to enhance institutional trust, creating a "public-market platform and governance framework" that supports long-term credibility with investors in the Swiss market.
The strategic relationship between the entities was solidified earlier when Adam Back provided H100 with a $2.1 million convertible loan in June 2025, which included an option for H100 to receive an additional $12.8 million investment if certain conditions were met. Back has been a vocal proponent of corporate Bitcoin adoption, previously describing it as the "new altcoin season" for traders in mid-2025.
For H100, the acquisition is a key part of its European expansion strategy beyond its Nordic base. H100 Chairman Sander Andersen emphasized Switzerland's importance as a key market for attracting institutional Bitcoin allocations and noted that Future brings crucial local experience to the table.
