H100 Group AB, a publicly listed company based in Stockholm, has announced a letter of intent to acquire two Norwegian bitcoin-focused companies, Moonshot AS and Never Say Die AS. If the transaction goes through, H100 would significantly expand its balance sheet and strengthen its role as a listed vehicle built around bitcoin treasury accumulation.
At present, H100 holds 1,051 BTC. The two target companies together hold approximately 2,450 BTC. That means the combined entity would control around 3,500 BTC after closing. At that level, H100 could emerge as one of Europe’s largest listed bitcoin treasury firms, while also improving its institutional profile in the public markets.
The structure of the deal is notable. H100 is pursuing a bitcoin-for-bitcoin exchange, meaning ownership in the merged entity would be determined entirely by the amount of BTC each side contributes. Rather than using cash to buy assets in a conventional acquisition, the company is effectively reorganizing ownership around bitcoin holdings themselves.
According to the company, this framework is designed to preserve existing shareholders’ exposure per share while still allowing a major expansion of the overall balance sheet. The proposed transaction is all-share, with no cash consideration, and is consistent with H100’s broader strategy of conducting mergers and acquisitions on a bitcoin-native basis.
This is not the firm’s first move in that direction. In January 2026, H100 announced a combination with Switzerland-based Future Holdings AG, another bitcoin treasury company. Taken together, the Swiss and Norwegian transactions show a clear pattern: H100 is trying to consolidate institutional-scale bitcoin holdings across Europe under a listed structure.
Backing from experienced bitcoin insiders
Both of H100’s recent acquisition efforts have received support from Adam Back, the British cryptographer and co-founder of Blockstream. His backing adds credibility to the transactions and reinforces the idea that the deals are connected to a network of long-time bitcoin investors and builders rather than being purely financial exercises.
Chairman Sander Andersen has framed the transaction in industrial and capital-markets terms. In his view, three factors are becoming increasingly important for publicly listed bitcoin firms: scale, credibility, and access to capital markets. As more companies adopt treasury strategies centered on BTC, simply holding bitcoin may no longer be enough to stand out. Size and market structure now matter as well.
Andersen said the proposed acquisition would materially strengthen H100 across all of those dimensions. He also stressed that the deal fits into the company’s ongoing capital-markets and M&A strategy, while leaving its listing structure and core operations unchanged. That distinction is important because it suggests H100 sees this as an expansion of an existing model rather than a complete corporate reset.
What Moonshot AS and Never Say Die AS bring beyond BTC
The two target companies do not just contribute bitcoin reserves. They also bring operating talent and market experience. CEO Eirik Grøttum is described as a former systematic trader and asset manager, adding expertise in portfolio construction and disciplined market execution. CIO Peter Warren brings a hedge fund background with substantial experience across equities, derivatives, and foreign exchange markets.
Another important name in the transaction is Geir Harald Hansen, identified as the pioneer behind the Bitminter BTC mining pool. For H100, this matters because the Norwegian side offers a combination of treasury assets, market knowledge, and technical credibility. The company expects those capabilities to complement its existing treasury management functions and its capital-markets activity.
From an institutional perspective, this makes the acquisition look like more than a simple asset purchase. It is also an effort to combine bitcoin reserves with operational know-how, trading expertise, and technology experience under a single listed parent. That kind of integration could matter if H100 plans to keep scaling through additional transactions in the future.
Governance, continuity, and expected closing timeline
If the transaction is completed, H100 will remain the listed parent company. The future management team and board are expected to include representatives from both H100 and the acquired firms. That arrangement is intended to preserve continuity in governance while also bringing in new expertise from the Norwegian teams.
Current executives are expected to remain in central roles, including Chairman Sander Andersen and CEO Johannes Wiik. In other words, H100 does not appear to be replacing its leadership structure outright. Instead, it is layering additional capability on top of the current organization.
As for timing, definitive agreements are targeted by April 22, 2026. Completion is expected shortly after H100’s annual general meeting on May 21, 2026, subject to regulatory approvals and other customary closing conditions. So while the strategic direction is clear, the transaction is still contingent on execution milestones and formal approvals.
Health technology operations will continue alongside the bitcoin strategy
Although the market’s attention is likely to focus on H100’s bitcoin treasury expansion, the company says it will continue operating its health technology business. That segment includes digital health tools and AI-powered solutions for providers of health and lifestyle services. H100 is therefore not presenting itself as a pure shell built only around bitcoin, but as an operating company that is simultaneously deepening its BTC treasury strategy.
The firm explicitly said that its core business model and listing structure will remain unchanged even as it pursues aggressive growth in bitcoin holdings. That message matters because it positions H100 as a hybrid public company: one that keeps an existing commercial business running while using the listed platform to accumulate and manage bitcoin at greater scale.
Viewed through a broader capital-markets lens, H100 reflects a model that is becoming easier to recognize: use a public company structure, combine it with bitcoin treasury accumulation, and then expand through BTC-native mergers and acquisitions. If this latest deal closes, H100’s standing among Europe’s listed bitcoin firms could improve substantially.