H100 Doubles Down on Bitcoin with Record-Shattering Acquisition
H100 Group AB has completed an all-share acquisition of Norwegian entities NSD AS, Moonshot AS, and PDI AS on August 10. The deal was structured on a 1:1 Bitcoin-for-Bitcoin basis, with no cash changing hands.
The result is H100's treasury now holds 3,506.4 BTC, more than tripling its previous holdings of around 1,051 BTC. This makes H100 the second-largest public Bitcoin treasury company in Europe, just behind Bitcoin Group SE at 3,605 BTC.
H100 adopted a Bitcoin treasury strategy back in June 2025 and has now accumulated 2,455.37 BTC through this acquisition. The deal was executed at a modified net asset value of 1.0x, with the acquired companies' Bitcoin valued exactly what it was worth on their books.
This M&A transaction is considered the largest in European public Bitcoin equity and the world's first public-markets deal conducted Bitcoin-for-Bitcoin. The share purchase agreement was signed on April 23, 2026, giving both parties nearly four months to close.