H100 triples Bitcoin treasury to 3,506 BTC in Europe's largest merger

H100 Group nearly tripled its Bitcoin holdings to 3,506 BTC after closing Europe's largest corporate treasury merger, an all-share deal settled entirely in Bitcoin.

"This is the largest M&A transaction ever completed in the European Public Bitcoin Equity sector, and the first in the world done Bitcoin for Bitcoin," Sander Andersen, executive chairman at H100 Group, said.

The Sweden-listed company absorbed Norwegian treasury entities Moonshot AS and PDI AS, adding 2,455.4 BTC to a stack that stood at 1,051 BTC before the deal — a jump of about 234 percent. H100 issued 790,534,666 new shares to the sellers at 1.86 Swedish kronor apiece, valued at roughly 1.47 billion kronor, or about $155 million, with no cash changing hands. A reference price of about $62,900 per Bitcoin as of July 31 put the transaction at roughly 1.0 times modified net asset value.

The issuance diluted existing shareholders by about 70 percent, leaving them with roughly 30 percent of the enlarged company. Principal seller Geir Harald Hansen, founder of the Bitminter mining pool, now holds about 70 percent of H100 and agreed to a 12-month lock-up on his shares.

How the Bitcoin-for-Bitcoin structure worked

Rather than negotiate a cash price, H100 and the sellers fixed ownership in the combined company purely by how much Bitcoin each side contributed. The number of new shares issued was determined by the sellers' proportionate share of the pooled Bitcoin holdings, with other assets and liabilities excluded from the calculation. Andersen said the structure preserves the company's Bitcoin-per-share metric while bringing on experienced personnel, "enhancing the company's capacity for institutional engagement."

Hansen, a 15-year Bitcoin veteran who built the Bitminter pool in 2011, said the pool once produced up to 20 percent of daily blocks and mined 208,232 BTC over its life. He said he intends to broaden the investor base over time rather than hold the controlling stake.

What the deal means for Europe's treasury race

The transaction, agreed in April and approved by shareholders on June 23, was completed Aug. 10. It ranks H100 26th among listed Bitcoin holders globally and second in Europe, behind Germany's Bitcoin Group SE at 3,605 BTC, according to BitcoinTreasuries data. The deal follows a busy stretch for European digital-asset treasuries: France's Capital B began trading on Cboe Europe five days earlier, and Raiffeisen Bank International rebuilt its stake in Michael Saylor's Strategy to 5,980 shares in the second quarter.

H100, backed by Blockstream co-founder Adam Back, pivoted from health technology to a Bitcoin-focused balance sheet in 2025. Its average purchase price of $78,400 per coin leaves the bet in the red against a current valuation of about $230 million, and the stock had fallen more than 90 percent over the prior 12 months when shareholders approved the deal. Whether other European treasury firms follow with similar all-share, Bitcoin-denominated acquisitions will shape how consolidation unfolds across the sector.

This article is for informational purposes only and does not constitute investment advice.