Sweden-listed health-tech and Bitcoin treasury company H100 Group has signed a letter of intent to acquire two Norwegian private Bitcoin firms, Moonshot and Never Say Die. The proposed deal would be paid entirely in newly issued H100 shares, with no cash changing hands — a structure H100 says preserves the sellers’ Bitcoin exposure while bringing the assets into a listed vehicle.
A definitive agreement is expected by April 22, with closing planned after H100’s annual general meeting. Public materials show inconsistent AGM dates: H100’s investor-relations calendar lists April 21, while a March 12 notice mentioned May 21.
If the transaction closes as described, H100 would become the second-largest listed Bitcoin treasury company in Europe, behind Germany’s Bitcoin Group, which holds 3,605 BTC. H100 currently holds 1,051 BTC; the two Norwegian firms together hold about 2,450 BTC. That would bring H100’s total to roughly 3,501 BTC, valued at about $239.7 million at current prices, according to the company’s release.
The deal would also move H100 up the global treasury rankings. The company is presently the 44th-largest Bitcoin holder among public treasuries and would climb to 27th worldwide, overtaking firms such as Cango Inc and France-based Capital B, per Bitcointreasuries data. The Norway acquisition follows H100’s completed purchase of Switzerland-based Future Holdings AG.
Sander Andersen, H100’s chairman, said the deal would materially boost scale, credibility and access to capital markets, calling it a capital-efficient way to strengthen the company’s Bitcoin position amid a challenging market environment. Andersen also said H100 plans further BTC purchases in the future.
H100’s share price has been under pressure: it has fallen more than 74% over the past nine months and over 26% year-to-date in 2026, according to Yahoo Finance. That decline mirrors broader weakness across listed Bitcoin treasury stocks as BTC trades well below its October 2025 all-time high.
European publicly listed Bitcoin treasuries continue to accumulate. Recently, France-based Capital B announced the purchase of 44 BTC for €2.7 million (about $3.1 million), bringing its holdings to over 2,888 BTC at an average cost basis of $106,662 per coin. H100’s average cost basis is about $114,615 per BTC, per Bitcointreasuries.
This article is based on H100’s press release and public data sources; readers are encouraged to verify figures independently.