Swedish-listed H100 Group has revealed an ambitious plan to significantly grow its Bitcoin treasury through the proposed acquisition of two Norwegian crypto firms. The company signed a letter of intent to acquire Moonshot AS and Never Say Die AS in an all-share transaction announced on March 23, 2026.
If completed, the deal would increase H100’s Bitcoin holdings from 1,051 BTC to around 3,500 BTC. This move could position the company among Europe’s largest publicly traded Bitcoin treasury firms.
Deal Structure Focuses on Bitcoin Value
H100 has structured the transaction on a “bitcoin-for-bitcoin” basis. This means ownership will depend on the amount of Bitcoin each party contributes rather than cash valuation.
Key highlights of the proposed deal include:
- The Norwegian firms collectively hold about 2,450 BTC
- Existing H100 shareholders would retain proportional Bitcoin exposure per share
- Estimated ownership split stands at 30% for current shareholders and 70% for sellers
- Final terms depend on due diligence and regulatory approvals
The company expects to finalize agreements before April 22 and complete the deal after its annual meeting on May 21.
Strategic Push to Lead Europe’s Bitcoin Market
H100 aims to strengthen its role as a leading Bitcoin treasury company in Europe. The acquisition would improve liquidity and expand its access to capital markets. Furthermore, it would bring in expertise across trading, investment, and blockchain technology.
The Norwegian firms are backed by well-known investor Geir Harald Hansen, founder of Bitminter. Their leadership team also includes experienced figures like Eirik Grøttum and Peter Warren. This partnership could expand H100’s global investor network, including ties to Switzerland.
Despite the expansion, H100 plans to maintain its existing structure, including its health-tech operations. Leadership will also remain unchanged.
Bitcoin traded near $70,971 on March 24, reflecting ongoing volatility in the crypto market. However, this deal highlights a growing trend where companies focus on accumulating Bitcoin as a core business strategy.
If successful, H100 could become a key example of how European firms adopt large-scale Bitcoin treasury models.
