H100 Group AB, a Swedish health technology and Bitcoin treasury company, has signed a letter of intent to acquire Future Holdings AG, a Zurich-based Bitcoin treasury firm, for approximately CHF 600,000 in newly issued H100 shares. The agreement, announced exclusively to Bitcoin Magazine, marks H100's first major expansion outside the Nordic region and aligns with its strategy to strengthen Bitcoin treasury capabilities while engaging European institutional investors.
Under the proposed terms, H100 will acquire 100% of Future Holdings for CHF 375,000 plus the target's cash balance, bringing the total consideration to roughly CHF 600,000. The purchase price will be paid in newly issued H100 shares, priced based on the most recent trading day prior to signing. Completion is subject to due diligence, regulatory approvals, and final transaction agreements, with both parties anticipating simultaneous signing and closing in January 2026.
H100 currently holds 1,046 BTC on its balance sheet, making it the largest Bitcoin treasury company in the Nordics. The company also operates in health technology, offering AI-driven platform tools for health and lifestyle providers. The acquisition of Future is intended to broaden H100's public-market footprint while deepening its institutional expertise in Bitcoin treasury strategies.
Significantly, Bitcoin pioneer Adam Back (co-founder of Blockstream) became involved with H100 last year through an investment agreement providing a SEK 21 million (approx. $2 million) convertible loan, with an option to expand to SEK 277 million (approx. $26.5 million), to support the company's Bitcoin treasury strategy. This association has raised H100's profile in cryptocurrency circles.
Switzerland is seen as a strategic market due to its strong currency, deep capital markets expertise, and sophisticated fixed-income investor base. Low interest rates in recent years have driven institutional investors to explore alternative treasury strategies, including digital assets. Future Holdings has carved out a niche in Switzerland for institutional Bitcoin treasury management, with governance and capital market experience tailored to local regulations. Although the company previously explored a public listing that did not move forward, combining Future with H100's publicly listed Swedish platform creates new opportunities for regulatory and operational alignment, potentially appealing to institutional investors seeking transparent, compliant Bitcoin exposure.
Deal Terms and Timeline
As outlined in the letter of intent, H100 will acquire 100% of Future's shares for CHF 375,000 plus the company's cash balance, currently totaling approximately CHF 600,000. The purchase price will be settled via newly issued H100 shares, priced at the most recent trading day's closing price before signing. Completion remains subject to due diligence, regulatory clearances, and final definitive agreements; both parties aim for simultaneous signing and closing in January 2026.
Sander Andersen, Chairman of H100, commented: "This transaction supports H100's expansion into Switzerland. Future brings relevant local experience, and we see Switzerland as a key market as institutional investors continue to evaluate new approaches to capital allocation." Richard Byworth, Chairman of Future, emphasized: "Combining Future with H100 creates a public-market platform and governance framework that we believe is essential for building long-term institutional credibility in the Swiss market."
The acquisition reflects growing institutional interest in Bitcoin as a treasury asset in Europe. With the anticipated closing in January 2026, market participants will watch for how this deal progresses and whether Adam Back's involvement expands further.