H100 Group Triples Bitcoin Stack to 3,506 BTC, Vaults to No. 2 Treasury in Europe
An all-share, zero-cash deal folds two private Norwegian Bitcoin firms into the Swedish health-tech-turned-treasury company — diluting existing holders by roughly 70% in the process.
By Jane Doe
Published on Aug 10, 2026
Cryptorah
Quick Take
- H100 Group closed its acquisition of Norwegian Bitcoin firms Moonshot and Never Say Die, absorbing 2,455 BTC and more than tripling its treasury to 3,506 BTC.
- The deal was structured with zero cash: H100 issued 790.5 million new shares, priced at 1.86 Swedish kronor ($0.20) each, valuing the transaction at about 1.47 billion kronor ($155 million).
- Existing H100 shareholders were diluted by roughly 70% as a result of the new share issuance.
- The combined 3,506 BTC stack (worth about $228 million) makes H100 Europe's second-largest corporate Bitcoin treasury, trailing only Germany's Bitcoin Group SE at 3,605 BTC.
What Happened
H100 Group, a Sweden-listed company that operates in health tech while also running a corporate Bitcoin treasury strategy, has completed its acquisition of two privately held Norwegian Bitcoin companies: Moonshot and Never Say Die. The two firms brought 2,455 BTC onto H100's balance sheet, pushing the combined holding to 3,506 BTC — more than triple what H100 held before the deal closed.
Rather than paying cash, H100 settled the acquisition entirely in equity, issuing 790.5 million new shares directly to the sellers. Those shares were priced at 1.86 Swedish kronor (about $0.20) apiece, putting the total transaction value at roughly 1.47 billion kronor, or about $155 million. Because so many new shares entered circulation, existing H100 shareholders saw their ownership stakes diluted by approximately 70%.
H100 said the exchange ratio was set on a strict "Bitcoin-for-Bitcoin" 1:1 basis: the number of new shares handed to Moonshot and Never Say Die's owners was calculated directly from their proportional share of the two companies' combined Bitcoin holdings relative to H100's own — with any other assets or liabilities on either side left out of that calculation entirely.
Background: What is a "Bitcoin treasury company"?
The term refers to publicly listed companies that hold Bitcoin as a core balance-sheet asset — sometimes as a side strategy alongside an existing business (as with H100's health-tech operations), and sometimes as the company's entire reason for existing. This structure became widely known through Strategy (formerly MicroStrategy), and has since been adopted by a range of smaller listed firms across different countries and industries. ⚠️ This paragraph is general market background, not information drawn from the source article.
H100 first signaled this move back in March 2026, when it signed a letter of intent to acquire Moonshot and Never Say Die along with their Bitcoin holdings. Monday's announcement confirms that letter of intent has now converted into a completed, closed transaction.
Why It Matters
Why It Matters
- Consolidation among small treasury players: Rather than each raising cash independently to buy BTC on the open market, two private Norwegian Bitcoin holders merged their coins directly into a listed vehicle — a share-for-Bitcoin structure that avoids market purchases and cash entirely.
- New European ranking: The deal reshuffles the leaderboard of European corporate Bitcoin holders, with H100 leapfrogging into second place, just behind Germany's Bitcoin Group SE.
- Dilution trade-off: A ~70% dilution is a steep price for existing shareholders to pay for tripled Bitcoin exposure — a real cost-benefit question for anyone already holding H100 stock before the deal.
The Numbers
Methodology & sourcing notes
All figures above come directly from the source article except the "1,051 BTC" pre-deal figure, which is a simple subtraction (3,506 − 2,455) and is flagged accordingly. The $228 million valuation of H100's total holdings and the ranking versus Bitcoin Group SE's 3,605 BTC are both stated in the source, attributed to BitcoinTreasuries. No live or current BTC/USD exchange rate was provided in the source, so the $228 million figure should be read as the value stated in the original report, not a real-time mark.
Market Reaction
⚠️ Flagged / Unverified
The source article does not include any information on how H100's share price moved after the announcement, broader market commentary, or analyst reaction. It also does not state a current Bitcoin market price — the $228 million valuation of H100's holdings and the $155 million transaction value are the only dollar figures given, and both derive from figures stated in the source rather than from a cited spot BTC price. No claims about share-price or market sentiment are made here beyond what was reported.
What's Next / Things to Watch
The source article does not lay out specific forward-looking steps, regulatory filings, or additional acquisition targets beyond what has already closed. Two grounded points worth watching, based strictly on what was disclosed:
- Whether H100's roughly 70% shareholder dilution changes the composition of its investor base or triggers governance changes, given the scale of new shares issued to the Moonshot and Never Say Die sellers.
- Whether H100's new No. 2 European ranking (behind Bitcoin Group SE's 3,605 BTC) shifts again, since the gap between the two — about 99 BTC — is relatively narrow.
⚠️ Any prediction beyond these two points would not be grounded in the source and is intentionally omitted.
FAQs
How much Bitcoin does H100 Group hold now?
3,506 BTC, following the completed acquisition of Norwegian firms Moonshot and Never Say Die, which added 2,455 BTC to H100's treasury.
Did H100 pay cash for the acquisition?
No. The deal involved no cash consideration. H100 issued 790.5 million new shares to the sellers instead, valued at about 1.47 billion Swedish kronor ($155 million).
How much were existing H100 shareholders diluted?
Existing shareholders were diluted by approximately 70% as a result of the new shares issued to complete the acquisition.
Is H100 now the largest Bitcoin treasury company in Europe?
No — H100 is Europe's second-largest by holdings, with 3,506 BTC. Germany's Bitcoin Group SE holds more, at 3,605 BTC, according to BitcoinTreasuries.
Who were Moonshot and Never Say Die?
They were privately held Norwegian Bitcoin companies. H100 first signed a letter of intent to acquire them, along with their combined Bitcoin holdings, in March 2026, before closing the deal now reported.
Endnotes
- Bitcoin holdings ranking data attributed in the source to BitcoinTreasuries. No direct URL was provided in the source content.
- Source article credit: Cointelegraph, published under its stated Editorial Policy. No direct article URL was provided in the source content, so none is linked here.
Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
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