Sweden's H100 Group has signed a letter of intent to acquire two Norwegian Bitcoin treasury companies in an all-stock transaction that would more than triple its holdings to approximately 3,500 BTC—currently valued around $245 million—positioning the firm among Europe's largest public Bitcoin treasuries.

The company announced that it signed a letter of intent to acquire Moonshot AS and Never Say Die AS through a share-based deal that would add roughly 2,450 Bitcoin to its current reserve of 1,051 BTC. The transaction involves H100 issuing new shares in exchange for all shares of the Norwegian companies, with no cash component.

The acquisition would elevate H100 to 27th globally among public Bitcoin treasury companies, as of today, based on data from Bitcoin Treasuries, making it Europe's second-largest listed Bitcoin treasury firm. That would put it just behind Germany’s Bitcoin Group SE with 3,605 BTC.

H100 framed the consolidation as part of its strategy to enhance institutional presence, boost liquidity, and expand market relevance in the European crypto market. The all-share structure allows existing shareholders to maintain bitcoin exposure while scaling the combined entity's holdings.



“We see strong industrial logic in this acquisition. 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,” said Chairman Sander Andersen, in a statement. “The transaction represents a continuation of H100’s existing strategy and an execution of the company’s capital markets and M&A strategy to build scale through Bitcoin-based transactions.”

H100 and the target companies hope to sign definitive agreements before April 22, and complete the deal ahead of the company’s next annual general meeting on May 21.

H100 began its Bitcoin treasury in May 2025. A wave of Bitcoin treasury companies emerged last year as the price of the leading cryptocurrency surged to new heights, peaking in October just above $126,000. It has since fallen sharply, recently trading just above $70,000.

Strategy (formerly MicroStrategy), which pioneered the treasury model and began buying BTC back in 2020, remains the largest publicly traded Bitcoin holder by far, with 762,099 BTC—over $53 billion worth of the cryptocurrency. On Monday, the firm revealed plans to raise a further $44 billion to continue buying Bitcoin.

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