Sweden’s H100 Group AB has signed a Letter of Intent to acquire two Norwegian Bitcoin treasury companies, Moonshot AS and Never Say Die AS, in an all-stock deal that would push the firm’s holdings from roughly 1,051 BTC to more than 3,500 BTC and make it Europe’s second-largest publicly listed corporate Bitcoin holder.
H100 Group — Projected Bitcoin Holdings
3,500+ BTC
Post-acquisition target, following purchase of two Bitcoin treasury companies, making H100 one of Europe’s largest corporate Bitcoin holders.
The LOI, announced on March 23, 2026, outlines a transaction structured on what H100 calls a “bitcoin-for-bitcoin principle.” No cash changes hands. Instead, the sellers will receive newly issued H100 shares proportional to the BTC they contribute, giving them approximately 70% ownership of the combined entity while existing H100 shareholders retain roughly 30%.
H100 Moves to Acquire Two Bitcoin Treasury Companies
H100 Group is Sweden’s first publicly listed Bitcoin treasury company. The firm, led by CEO Johannes Wiik and Executive Chairman Sander Andersen, has built its strategy around holding Bitcoin as a primary balance-sheet asset, a model that has drawn comparisons to Strategy’s approach under Michael Saylor.
The two target companies, Moonshot AS and Never Say Die AS, are privately held Norwegian firms owned and operated by Geir Harald Hansen, Eirik Grottum, and Peter Warren. Hansen is a notable figure in Bitcoin’s history: he founded the Bitminter mining pool in 2011, which mined over 208,000 BTC across its lifetime with more than 700,000 users, roughly 1% of all Bitcoin ever produced.
Deal Scope
2
Bitcoin treasury companies acquired by Sweden’s H100 Group in a single strategic move to consolidate BTC holdings above 3,500 coins.
The all-stock structure avoids cash transaction reporting requirements and allows long-term Bitcoin holders like Hansen to maintain exposure to BTC through public equity rather than liquidating positions. The parties aim to sign definitive agreements before April 22, 2026, with closing targeted after H100’s Annual General Meeting on May 21, 2026.
How the Deals Push H100’s Bitcoin Holdings Past 3,500 BTC
H100 currently holds approximately 1,051 BTC, purchased at an average cost basis of $114,615 per coin. Moonshot AS and Never Say Die AS together hold roughly 2,450 BTC. Combined, the post-deal entity would control approximately 3,501 BTC, valued at around $239.7 million at current prices near $68,056.
That total would rank H100 as the 27th-largest Bitcoin treasury company globally and the second-largest in Europe, trailing only Germany’s Bitcoin Group SE, which holds 3,605 BTC. The gap between H100’s projected 3,501 BTC and Bitcoin Group’s position is just 104 BTC.
The deal comes during a difficult stretch for H100’s stock, which has fallen 74% over the past nine months and 26% year-to-date in 2026. With BTC trading well below H100’s average cost basis, the acquisition of 2,450 BTC from long-term holders could meaningfully lower the combined entity’s blended cost per coin.
The growing trend of companies expanding their crypto treasuries through acquisitions rather than open-market purchases reflects a strategic preference for scale without immediate market impact.
H100 Joins the Wave of Corporate Bitcoin Treasury Builders
H100’s dual acquisition positions the Swedish firm as a European contender in the corporate Bitcoin accumulation race pioneered by Strategy (formerly MicroStrategy), which now holds over 500,000 BTC. While H100’s 3,501 BTC is a fraction of that figure, the approach is distinct: acquiring existing Bitcoin-holding companies rather than funding purchases through convertible debt or equity raises.
Executive Chairman Sander Andersen framed the deal in competitive terms. “Scale, credibility and access to capital markets are increasingly important in the Bitcoin space,” he said, signaling that H100 views consolidation as essential for relevance in an increasingly crowded field of institutional players moving assets onchain.
The acquisition also brings operational credibility. Hansen’s involvement dating back to 2011 mining operations adds historical depth to a company that is otherwise relatively new to the public markets. The injection of 2,450 BTC from battle-tested holders may carry more weight with institutional investors than equivalent open-market purchases.
The deal arrives during a period of extreme market pessimism. The Fear and Greed Index sits at 8, deep in “Extreme Fear” territory, with Bitcoin down from recent highs and global crypto market capitalization at approximately $2.41 trillion. BTC dominance stands at 56.1%.
For H100, buying Bitcoin exposure at these sentiment levels through an all-stock acquisition, rather than deploying cash at depressed prices, represents a calculated bet that consolidation during fear will pay off when sentiment eventually turns. The definitive agreement deadline of April 22 and the AGM vote on May 21 will determine whether the deal reaches the finish line.
Disclaimer: This article is for informational purposes only and does not constitute financial or investment advice. Cryptocurrency and digital asset markets carry significant risk. Always do your own research before making decisions.
