H100 Group has completed its acquisition of Norway-based Bitcoin businesses, expanding the company's Bitcoin treasury to 3,506 BTC — more than three times its previous holdings. The transaction added 2,455 BTC to H100's balance sheet without requiring any cash outflow, a structure that stands apart from the more common approach of corporate Bitcoin purchases funded through cash reserves or debt issuance.

The company officially announced the deal's completion on Monday. Rather than paying in cash, H100 issued 790.5 million new shares to the selling party at a price of 1.86 Swedish krona ($0.20) per share. The total transaction value amounted to approximately 1.47 billion krona, or roughly $155 million.

The share issuance resulted in significant dilution for existing shareholders, reducing their ownership by approximately 70%, according to the company. The degree of dilution underscores the magnitude of H100's commitment to its Bitcoin treasury strategy, effectively making the acquisition one of the most equity-intensive corporate Bitcoin deals to date.

BTC-for-Bitcoin Transaction Structure

The acquisition was structured as a 1:1 "Bitcoin-for-Bitcoin" arrangement. Under the agreement, the number of shares allotted to the sellers was determined by their proportional share of the total Bitcoin held across H100 and the acquired firms. H100 stated that the calculations were based exclusively on Bitcoin value; the assets and liabilities of the acquired companies were excluded from the share distribution formula.

Following the transaction, H100's expanded Bitcoin portfolio is valued at approximately $228 million, according to the company's own assessment.

H100 Ranks Among Europe's Largest Bitcoin Treasury Firms

With the acquisition finalized, H100 Group now ranks as the second-largest corporate Bitcoin treasury holder in Europe by BTC holdings, according to BitcoinTreasuries. H100's 3,506 BTC places it just behind Germany's Bitcoin Group SE, which holds 3,605 BTC. The narrow gap between the two firms positions H100 among the continent's most significant corporate Bitcoin holders.

The substantial increase in Bitcoin reserves marks a key milestone in H100's strategy of integrating its health-tech operations with a Bitcoin treasury approach. H100 is one of several companies outside the digital asset sector that have adopted Bitcoin as a treasury reserve asset, a practice popularized by MicroStrategy, which holds over 500,000 BTC and remains the world's largest corporate Bitcoin holder.

Deal Origins Trace Back to March

H100 first disclosed plans for the transaction in March, when it signed a letter of intent (LOI) to acquire the Norwegian Bitcoin companies Moonshot and Never Say Die, along with their associated Bitcoin assets.

Through this structure, H100 obtained the additional 2,455 BTC without drawing on its cash reserves. The sellers received H100 shares in lieu of a cash exit, while H100 significantly expanded its Bitcoin position. However, the large volume of newly issued shares means that pre-existing shareholders have become minority stakeholders in the company.

With its Bitcoin holdings now tripled, H100 is positioned as one of the leading corporate Bitcoin owners in Europe. The company's next test will be whether its expanded treasury holdings translate into sustained market confidence despite the substantial ownership dilution absorbed by existing shareholders.