Swedish listed company H100 Group AB has completed the acquisition of Norwegian bitcoin treasury firms Moonshot AS and PDI AS in what is described as the world's first fully bitcoin-denominated M&A deal. The all-stock transaction raised the company's bitcoin holdings from 1,051 to 3,506 BTC, a 234% increase, with no cash involved.
Swedish listed company H100 Group AB has completed the acquisition of Norwegian bitcoin treasury firms Moonshot AS and PDI AS, marking what is believed to be the world's first M&A deal fully priced in bitcoin.
The all-stock transaction lifted the company's bitcoin holdings from 1,051 BTC to 3,506 BTC, a jump of 234%. It was carried out through the issuance of roughly 790.5 million shares, valued at approximately 1.0 times net asset value based on the bitcoin price on July 31. No cash changed hands.
The company's executive chairman said the acquisition preserves the per-share bitcoin ratio while integrating an experienced team. H100 Group, formerly a health technology firm, shifted to a bitcoin treasury strategy in 2025. The deal is also the largest M&A in Europe's public bitcoin equity space, according to CryptoBriefing.
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