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 current cryptocurrency holdings. The deal targets Moonshot AS and Never Say Die AS, adding approximately 2,450 Bitcoin to H100’s existing reserve of 1,051 BTC. The combined holdings would reach roughly 3,500 BTC, valued at around $245 million at current prices.
The transaction is structured entirely as a share exchange, with H100 issuing new shares in return for all shares of the two Norwegian firms. No cash will change hands as part of the deal. This structure allows existing shareholders to retain Bitcoin exposure while scaling the combined entity’s overall holdings.
If completed, the acquisition would place H100 27th globally among publicly listed Bitcoin treasury companies, according to data from Bitcoin Treasuries. That ranking would make it Europe’s second-largest listed Bitcoin treasury firm, trailing only Germany’s Bitcoin Group SE, which holds 3,605 BTC. H100 has framed the consolidation as a move to strengthen its institutional presence, improve liquidity, and expand its relevance in the European crypto market.
Chairman Sander Andersen described the rationale behind the deal in a statement, citing the growing importance of scale and access to capital markets in the Bitcoin sector. He said the transaction aligns with H100’s existing strategy and its broader approach of building scale through Bitcoin-based mergers and acquisitions. Andersen added that the deal would significantly strengthen the company across multiple dimensions, including credibility and market access.
H100 and the target companies aim to sign definitive agreements before April 22, with the goal of completing the transaction ahead of the company’s next annual general meeting on May 21. H100 only began building its Bitcoin treasury in May 2025, making its rapid expansion through acquisition a notable development in the European crypto landscape.
The move comes amid a broader wave of Bitcoin treasury companies that emerged as the price of the leading cryptocurrency surged to new highs, peaking just above $126,000 in October. Since then, the price has fallen sharply and was recently trading just above $70,000. Despite the decline, companies continue to pursue Bitcoin accumulation strategies as a core part of their business models.
The model was pioneered by Strategy, formerly known as MicroStrategy, which began purchasing Bitcoin in 2020 and remains by far the largest publicly traded holder of the asset. Strategy currently holds 762,099 BTC, worth more than $53 billion. The firm revealed on Monday that it plans to raise an additional $44 billion to continue expanding its Bitcoin holdings.
Originally reported by Decrypt.
