Sweden-listed H100 Group reported a pre-tax loss of 98 million Swedish kronor ($10.3 million) for the second quarter, a result it said was almost entirely driven by a non-cash write-down of its bitcoin holdings during the period.
In its interim report published Wednesday, the health-tech and Bitcoin treasury company said pre-tax loss reached SEK 253 million for the first half of 2026, while operating income was SEK 3 million in Q2, unchanged year-on-year, and SEK 6.1 million for the first half, up from SEK 5.8 million a year earlier.
H100 explained on X that the Q2 accounting charge reflected Bitcoin’s price decline and did not represent an equivalent cash outflow. The company said its business actually consumed only SEK 5.1 million in cash in the quarter and SEK 12.7 million in the half, ending June with SEK 18.1 million in cash.
The loss underscores the company’s deepening exposure to Bitcoin after it expanded its treasury from just 4.39 BTC in May 2025 to 3,506 BTC following the completion of its acquisition of Norwegian Bitcoin companies Moonshot AS and Never Say Die AS. The all-share transaction added roughly 2,455 BTC, funded by issuing about 790.5 million new shares at SEK 1.86 per share. An earlier acquisition of Switzerland-based Future Holdings AG also expanded its presence.
With 3,506 BTC valued at about $226 million, H100 is now Europe’s second-largest listed Bitcoin treasury company by holdings, behind Germany’s Bitcoin Group, which holds about 3,605 BTC, according to BitcoinTreasuries data. Nevertheless, H100 shares fell 4.2% on Tuesday and remain down about 24% year-to-date, contrasting with the nearly 40% jump after its first Bitcoin purchase in 2025.
