Sweden’s H100 targets Norwegian firms in all-stock Bitcoin deal

H100 signed a letter of intent to acquire two Bitcoin treasury companies and their BTC holdings, which could make it the second-largest Bitcoin treasury company in Europe.

Sweden-listed health-tech and Bitcoin (BTC) treasury company H100 Group has entered into a letter of intent (LOI) with the shareholders of privately-held Norwegian Bitcoin companies Moonshot and Never Say Die to acquire all shares of the target companies in exchange for newly issued H100 stock.

The proposed transaction would be completed with newly issued H100 shares and no cash consideration, a structure intended to preserve the sellers’ Bitcoin exposure while moving the assets into a larger listed vehicle, according to a Monday press release.

A definitive agreement is expected by April 22, with closing targeted after H100’s annual general meeting. H100’s public materials currently show inconsistent AGM dates: its investor-relations calendar lists April 21, while a March 12 company notice referred to an AGM on May 21.

If the deal goes ahead, it would make H100 the second-largest listed Bitcoin treasury company in Europe behind Germany’s Bitcoin Group, which holds 3,605 BTC. H100 currently holds 1,051 Bitcoin, while the target companies hold about 2,450 BTC, bringing H100’s total to 3,501 BTC (worth around $239.7 million at current prices) after the deal, the release states.

H100 is the 44th largest Bitcoin treasury company worldwide. The deal would mean the company would rise to 27th in the rankings, above Cango Inc and France-based Capital B, according to Bitcointreasuries data.

The Norway deal follows H100’s completed acquisition of Switzerland-based Future Holdings AG.

“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 Sander Andersen, chairman of H100.

The “challenging” market environment makes the acquisition a welcome opportunity that strengthens the company’s Bitcoin position in a capital-efficient manner, Andersen told Cointelegraph, pledging future BTC purchases.

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H100’s stock price has been declining. It fell by over 74% in the past nine months and over 26% year-to-date in 2026, Yahoo Finance data shows.

The weakness mirrors broader pressure across Bitcoin treasury stocks as Bitcoin remains well below its October 2025 all-time high.

Related: Morgan Stanley files amended S-1 for MSBT Bitcoin ETF

European Bitcoin treasury companies are continuing to accumulate BTC. Earlier on Monday, treasury company Capital B announced the acquisition of 44 Bitcoin for 2.7 million euros ($3.1 million), topping 2,888 in total BTC holdings at an average cost basis of $106,662 per coin.

H100’s average cost basis is $114,615 per BTC, Bitcointreasuries data shows.

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Source: CoinTelegraph