H100 Group AB has acquired 2,455.37 Bitcoin through a completed corporate transaction, bringing its total treasury holdings to 3,506.4 BTC and establishing one of the larger public Bitcoin positions among European listed companies.

Acquisition Details

On August 10, 2026, H100 Group AB announced the completion of its acquisition of NSD AS, which provides direct and indirect ownership of Moonshot AS and PDI AS, according to the company's official announcement. The transaction added 2,455.37 BTC to H100's balance sheet.

The deal was structured as a treasury expansion rather than a conventional cash purchase. H100 stated that the transaction was executed on a 1:1 Bitcoin-for-Bitcoin basis with no cash consideration, meaning the company issued equity to the sellers instead of disbursing fiat currency.

Share Issuance and Valuation

To settle the transaction, H100's board approved a set-off issue of 790,534,666 new shares at SEK 1.86 per share. The valuation was based on a Bitcoin reference price of SEK 598,926.69 recorded at 23:59 CEST on July 31, 2026. The share issuance was authorized by H100's annual general meeting held on June 23, 2026, and the newly issued shares are expected to be admitted to trading on NGM Nordic SME — a Swedish regulated growth-company marketplace — as soon as practicable.

The set-off issue structure means the newly created shares carry immediate dilution for existing shareholders, a trade-off that sits at the center of equity-settled Bitcoin treasury expansions.

Expanded Bitcoin Holdings

Following the completion, H100 reported total Bitcoin holdings of 3,506.4 BTC. Subtracting the 2,455.37 BTC acquired in this transaction from the announced total implies the company held approximately 1,051 BTC prior to the deal closing, though this figure is derived from the announced totals rather than being separately disclosed.

The single transaction more than tripled H100's treasury, elevating its position from a relatively modest holding to one of the larger public Bitcoin balances in Europe. H100 described the deal as the largest M&A transaction in the European public Bitcoin equity sector and the first Bitcoin-for-Bitcoin M&A transaction in public markets. The company qualified this ranking claim as being to its own knowledge, and it has not been independently confirmed.

The category of public companies holding Bitcoin as a primary treasury asset — pioneered at scale by MicroStrategy in the United States beginning in 2020 — has expanded globally, with European-listed entrants such as H100 drawing investor attention as potential proxies for direct Bitcoin exposure on regional exchanges.

Market Context

Corporate treasury activity involving Bitcoin has become a closely monitored category, and H100's move to 3,506 BTC places the company among those watched by observers tracking which publicly listed companies maintain the most direct Bitcoin exposure. The all-share, no-cash structure is notable because it converts operating assets into Bitcoin exposure without depleting the company's fiat reserves.

At the time of research, Bitcoin traded at $64,916 with a market capitalization near $1.30 trillion, while the crypto Fear & Greed Index stood at 30, a reading classified as Fear.

Treasury activity across the sector has moved in both directions during the year. Some firms have been net buyers, while others have reduced positions, as seen when Empery Digital sold 1,635 Bitcoin to lower its unrestricted holdings. H100's transaction falls on the accumulation side of that divide, and its equity-settled mechanics reflect a broader trend of public companies expanding crypto-linked balance sheets — a movement also visible as firms such as Wintermute deepen their involvement in public-market activity.

H100 did not disclose plans for further purchases, and no additional buying should be inferred from the completed transaction. The admission of the newly issued shares to trading on NGM Nordic SME represents the next concrete milestone associated with the deal, as broader trading of the new shares would determine how the market prices the expanded share count alongside the enlarged Bitcoin treasury.