H100 Grabs Norway Firms in $155M All-Bitcoin Deal

H100 Group, a Sweden-listed health-tech company turned Bitcoin treasury player, has completed an acquisition of two Norwegian firms, Moonshot and Never Say Die. The deal was entirely priced in Bitcoin, with H100 issuing 790.5 million new shares to the sellers on a 1:1 basis.

The acquisition lifted H100's treasury from 1,051 BTC to 3,506 BTC, making it Europe's second-largest corporate Bitcoin holder behind Germany's Bitcoin Group SE. The deal was valued at approximately $155 million and resulted in a 70% dilution of existing shareholders' stakes.

H100's executive chairman, Sander Andersen, framed the deal as a way to grow the company's Bitcoin-per-share ratio while bringing on experienced personnel. The acquisition marks a notable pivot for H100, which shifted its focus from health technology to a Bitcoin-focused balance sheet strategy in 2025.