Stockholm-listed H100 Group has completed its acquisition of NSD AS, adding 2,455.37 Bitcoin to its corporate treasury and bringing its total holdings to 3,506.4 BTC. The transaction, which closed on August 10, was entirely share-based, with no cash changing hands, and marks what the company calls the largest M&A deal in Europe's public Bitcoin equity sector and the first-ever "Bitcoin-for-Bitcoin" transaction.
The deal, initially outlined in March and formalized by a binding agreement in April, saw H100 issue 790.5 million new shares to the sellers of NSD at a price of SEK 1.86 per share. The valuation of the acquired Bitcoin was based on a July 31 reference price of SEK 598,926.69 per BTC, approximately $62,900, using Coinbase's BTC/SEK spot rate. At Bitcoin's current price near $65,158, the enlarged treasury is valued at roughly $228.5 million.
Although the share issue creates about 70% dilution, H100 emphasized that the number of satoshis per basic share remained unchanged because the consideration was structured based on each party's relative Bitcoin contribution. Fully diluted sats per share increased by approximately 5%, from 288 to 303. The acquired entity, NSD (formerly WR Start Up 594 AS), was reorganized to own Moonshot AS and PDI AS and carried no debt. PDI pursues an active Bitcoin management strategy focused on capital preservation and yield generation.
Executive Chairman Sander Andersen said the addition of Moonshot and PDI enhances H100's technology and market capabilities. The principal seller, Geir Harald Hansen, agreed to a 12-month lockup on his consideration shares. The newly issued shares are expected to begin trading on NGM Nordic SME shortly, following shareholder approval granted at the June 23 annual general meeting.
The acquisition represents a rapid expansion for H100, which made its first Bitcoin purchase of just 4.39 BTC in May 2025 and later broadened its investor access by listing in Frankfurt. The latest move underscores several trends: growing institutional appetite for Bitcoin as a treasury asset, whale accumulation, and the use of equity swaps to acquire digital assets. While the immediate impact on Bitcoin's price may be muted, such purchases reinforce a longer-term bullish narrative among corporate treasurers.
