In a strategic move to rapidly expand its corporate Bitcoin reserves, Swedish health technology company H100 Group has announced plans to acquire two Norwegian Bitcoin-holding firms. The company executed a letter of intent to purchase 100% stakes in Moonshot AS and Never Say Die Holding AS, which collectively hold approximately 2,450 Bitcoin.
This acquisition, structured as an all-stock transaction with newly issued H100 shares, is designed to preserve the sellers' Bitcoin exposure while consolidating the assets into a larger, listed entity. A definitive agreement is expected by April 22, with closing targeted after H100's annual general meeting, though the company's public materials show inconsistent AGM dates of either April 21 or May 21.
H100 currently holds 1,051 BTC on its balance sheet. Upon successful completion of the deals, its total holdings would surge to 3,501 BTC, valued at approximately $239.7 million based on current prices. This would immediately position H100 as the second-largest listed Bitcoin treasury company in Europe, behind only Germany's Bitcoin Group, which holds 3,605 BTC. Globally, H100 would rise from 44th to 27th in the corporate Bitcoin treasury rankings.
H100 Chairman Sander Andersen stated the transaction would significantly strengthen the company in terms of "scale, credibility and access to capital markets." He noted the "challenging" market environment makes this a capital-efficient opportunity to bolster its Bitcoin position and pledged future BTC purchases.
The announcement arrives as Bitcoin treasury stocks face broad pressure, with H100's share price down over 74% in the past nine months and over 26% year-to-date in 2026. H100's average cost basis for its Bitcoin is $114,615 per BTC. The deal follows H100's recent completed acquisition of Switzerland-based Future Holdings AG.
