Sweden's H100 Reports $26M First-Half Loss as Bitcoin Decline Drives Write-Downs
Key Takeaways
- •H100 Group recorded a Q2 2026 pre-tax loss of 98 million Swedish kronor ($10.3 million), bringing its first-half loss to 253 million kronor (roughly $26 million).
- •Nearly all of the quarterly loss came from a non-cash write-down tied to Bitcoin's falling price, since IFRS standards can force markdowns on crypto holdings even without any coins being sold.
- •By acquiring two smaller Norwegian Bitcoin treasury firms in August, H100 raised its holdings to 3,506 BTC (about $226 million), ranking second in Europe behind Germany's Bitcoin Group with 3,605 BTC.
- •Quarterly operating income stayed flat at 3 million kronor versus Q2 2025, while first-half operating income edged up to 6.1 million kronor from 5.8 million kronor a year earlier.
- •Shares of H100 Group on the Nordic Growth Market fell 4.2% on Tuesday, extending a 24% year-to-date decline.
Sweden-listed H100 Group, a health-tech and Bitcoin treasury company, reported a $26 million loss for the first half of 2026, even as it completed acquisitions that made it Europe's second-largest Bitcoin treasury company by holdings.
In its interim report published on Wednesday, the company posted a pre-tax loss of 98 million Swedish kronor ($10.3 million) for the second quarter and a loss of 253 million kronor for the first half of the year.
Operating income totaled 3 million kronor for the quarter, flat with Q2 2025, while first-half operating income reached 6.1 million kronor, up from 5.8 million kronor in H1 2025, the report showed.
Nearly all of the Q2 loss stemmed from a non-cash write-down attributed to Bitcoin's (BTC) price decline during the period, the company said in a Wednesday post on X. Under the IFRS accounting standards applied by European-listed companies such as H100, declines in the market value of Bitcoin holdings can require non-cash write-downs that weigh on reported earnings even when none of the coins are sold.
Earlier in August, H100 secured its position as Europe's second-largest Bitcoin treasury company after acquiring two smaller Norwegian Bitcoin treasury firms along with their cryptocurrency holdings, as Cointelegraph reported. Bitcoin treasury firms hold the cryptocurrency as a reserve asset on their corporate balance sheets — an approach pioneered by MicroStrategy (now renamed Strategy), which began converting balance-sheet cash into BTC in 2020 and has since been emulated by listed companies across sectors and markets.
The acquisitions brought H100's Bitcoin holdings to 3,506 BTC — roughly $226 million — placing it second in Europe by holdings, behind only Germany's Bitcoin Group with 3,605 BTC, according to BitcoinTreasuries.
Shares of H100 Group, which trades on the Nordic Growth Market (NGM) exchange, fell 4.2% on Tuesday, extending a 24% year-to-date decline, according to StockAnalysis data.
