H100 Group, a Sweden-listed health-tech and Bitcoin treasury company, has signed a letter of intent to acquire all shares in two privately held Norwegian Bitcoin firms, Moonshot and Never Say Die. The transaction would be conducted entirely through newly issued H100 stock, with no cash changing hands. This structure is designed to preserve the sellers’ exposure to Bitcoin while consolidating the assets within a larger listed entity.
A definitive agreement is expected by April 22, with the deal set to close following H100’s annual general meeting. The company’s public materials show some inconsistency regarding the AGM date, with its investor-relations calendar listing April 21 while a March 12 notice referenced May 21. No clarification on the discrepancy has been issued.
H100 currently holds 1,051 Bitcoin, while the two target companies together hold approximately 2,450 BTC. If completed, the combined holding would reach 3,501 BTC, valued at around $239.7 million at current prices. That total would place H100 just behind Germany’s Bitcoin Group, which holds 3,605 BTC, making H100 the second-largest listed Bitcoin treasury company in Europe.
The acquisition would also lift H100’s global ranking among Bitcoin treasury companies from 44th to 27th, surpassing Cango Inc and France-based Capital B, according to data from Bitcointreasuries. The Norway deal follows H100’s recently completed acquisition of Switzerland-based Future Holdings AG, signaling a broader consolidation strategy. The company’s chairman, Sander Andersen, described scale, credibility, and capital market access as increasingly critical factors in the Bitcoin sector.
Andersen characterized the current market environment as challenging but said the acquisition represents a capital-efficient way to strengthen H100’s Bitcoin position. He also pledged future BTC purchases following the deal’s completion. H100’s average cost basis stands at $114,615 per Bitcoin, according to Bitcointreasuries data.
H100’s stock has faced significant headwinds, declining more than 74% over the past nine months and over 26% year-to-date in 2025, according to Yahoo Finance data. The weakness reflects broader pressure on Bitcoin treasury stocks, as Bitcoin continues to trade well below its October 2025 all-time high. The trend has affected multiple listed companies with significant BTC holdings.
Elsewhere in Europe, Bitcoin treasury activity continues. Also on Monday, Capital B announced the purchase of 44 Bitcoin for 2.7 million euros, equivalent to approximately $3.1 million, bringing its total holdings to 2,888 BTC at an average cost basis of $106,662 per coin. The activity underscores a wider pattern of European listed companies actively accumulating Bitcoin despite volatile market conditions.
Originally reported by CoinTelegraph.
