H100 Group Completes World's First Bitcoin-for-Bitcoin M&A Deal

H100 Group AB, a publicly traded Swedish company listed on the NGM Nordic SME exchange, has completed an M&A deal where both sides of the transaction were denominated entirely in Bitcoin. The acquisition of Norwegian Bitcoin treasury entities Moonshot AS and PDI AS catapulted H100's Bitcoin holdings from 1,051 BTC to 3,506.4 BTC, a 234% increase.

The deal was an all-share transaction, with H100 issuing approximately 790.5 million new shares to the owners of Moonshot AS and PDI AS in exchange for their 2,455.37 BTC holdings. No cash consideration was involved at any point.

The share price was set at SEK 1.86 per share, based on the merged net asset value. The reference Bitcoin price used for valuation purposes was SEK 598,927 per BTC (approximately $62,900) as of July 31.

For existing H100 shareholders, the new share issuance resulted in approximately 70% dilution, leaving legacy holders with around 30% of the merged entity. The deal received shareholder approval at H100's annual general meeting on June 23, well ahead of the August closing date.