Sweden’s H100 Group has secured shareholder approval to issue new shares, enabling the acquisition of two Norwegian Bitcoin-holding companies — Moonshot AS and Never Say Die AS. The all-stock transaction will increase H100’s Bitcoin treasury from 1,051 BTC to approximately 3,500 BTC, a 233% expansion.
No cash will change hands. The board was given the green light at Monday’s annual general meeting to issue consideration shares under a purchase agreement signed on April 23. The sellers will maintain Bitcoin exposure through H100 equity, while the combined Bitcoin reserves are folded into a publicly traded vehicle. The meeting also amended H100’s articles of association, raising the share capital ceiling to accommodate the new issuance and future needs.
Once completed, H100 will become Europe’s second-largest listed Bitcoin treasury company, trailing only Germany’s Bitcoin Group (3,605 BTC). Globally, it would leap from 43rd to 26th on Bitcointreasuries.net’s rankings, surpassing firms like Cango Inc. and Capital B. H100’s existing average cost basis sits at $114,615 per BTC, meaning the current stash is deeply underwater with Bitcoin near $62,400.
The deal arrives as H100’s stock has collapsed — losing over 91% in the past year and 38% year-to-date, giving it a market cap of just $38 million. Chairman Sander Andersen described the acquisition as a response to headwinds: “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.” CEO Johannes Wiik, re-elected at the meeting, voiced strong belief in the long-term strategy.
The strategic rationale mirrors a growing Nordic trend: acquiring existing Bitcoin-holding firms rather than buying coins directly on exchanges, thereby avoiding large market orders that could push up prices. The deal reinforces corporate Bitcoin adoption in Europe but still requires regulatory review and customary closing conditions.
