Sweden-listed health-tech and Bitcoin (BTC) treasury company H100 Group has signed a letter of intent (LOI) to acquire Norwegian private Bitcoin firms Moonshot and Never Say Die. The deal would be paid entirely with newly issued H100 shares, with no cash consideration, a structure meant to preserve the sellers’ Bitcoin exposure while moving the assets into a listed vehicle, H100 said in a press release.
A definitive agreement is expected by April 22, with closing targeted 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 referred to May 21.
If completed, the transaction 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 BTC; the target companies hold about 2,450 BTC, bringing H100’s total to roughly 3,501 BTC (about $239.7 million at current prices) after the deal, the release states.
H100 is currently the 44th-largest Bitcoin treasury company worldwide and would rise to 27th in the rankings, ahead of 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, H100’s chairman. Andersen described the acquisition as a capital-efficient way to strengthen the company’s Bitcoin position in a “challenging” market environment and pledged future BTC purchases.
H100’s stock has been under pressure, falling more than 74% over the past nine months and over 26% year-to-date in 2026, according to Yahoo Finance. That weakness mirrors broader pressure across Bitcoin treasury stocks as BTC remains well below its October 2025 all-time high.
European Bitcoin treasury companies continue to accumulate. On Monday, Capital B announced the purchase of 44 BTC for €2.7 million ($3.1 million), bringing its total to over 2,888 BTC 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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