H100 Group nearly tripled its Bitcoin holdings to 3,506.4 BTC after completing its acquisition of Norwegian company NSD AS, executed entirely through an all-share transaction with no cash consideration. The deal reflects a growing pattern among publicly listed European companies that have adopted Bitcoin as a primary treasury reserve asset, a strategy pioneered globally by firms such as MicroStrategy and increasingly replicated across Nordic markets.

Completed on August 10, the acquisition transferred 2,455.37 BTC into H100's treasury via NSD's direct and indirect ownership of Moonshot AS and PDI AS. Prior to the deal, H100 held approximately 1,051 BTC.

The enlarged treasury places H100 among Europe's largest publicly listed Bitcoin holders and constitutes what the company describes as the first Bitcoin-for-Bitcoin public-market acquisition, a structure that has no clear precedent in listed-market crypto M&A, where most treasury consolidation has historically involved cash purchases or convertible-debt-financed BTC buys on the open market. H100's official announcement (PDF)

Deal Valuation and Share Structure

H100 structured the transaction at 1.0x modified net asset value, applying a Bitcoin reference price of SEK 598,926.69 (approximately $62,900) established at the agreed July 31 valuation point.

The company issued 790.53 million new shares to NSD's sellers at SEK 1.86 per share. Seller promissory notes totaling approximately SEK 1.47 billion were offset against the consideration shares, enabling the acquisition to close without any cash outlay from H100.

The structure preserved sats per basic share while increasing sats per fully diluted share by approximately 5%. NSD entered the transaction carrying no outstanding financial debt.

The newly issued shares represent approximately 70% dilution relative to H100's post-transaction share count. Principal seller Geir Harald Hansen agreed to a 12-month lock-up period covering the shares he received, a restriction that postpones potential near-term selling pressure but creates a future overhang to monitor once the lock-up expires.

Equity-for-Bitcoin Strategy

The transaction departs from conventional treasury acquisitions. Rather than raising cash to purchase BTC on the open market, H100 exchanged equity for a company whose value was predominantly represented by Bitcoin holdings.

Executive Chairman Sander Andersen identified Bitcoin per share as the central metric guiding the deal structure, noting that the acquisition was designed to expand H100's treasury without diluting basic sats-per-share exposure. The sats-per-share benchmark has become an increasingly standard performance metric among Bitcoin-focused public companies seeking to demonstrate that equity issuance for acquisitions does not erode per-share BTC backing.

H100 had previously expanded its Bitcoin strategy through a $79 million financing programme backed by Blockstream CEO Adam Back and pursued further consolidation through a proposed takeover of Future Holdings.

The strategy stands in contrast to other public Bitcoin holders that have increasingly treated BTC as an active liquidity source. MARA, for example, sold 23,093 BTC for $1.6 billion during the first half of 2026, directing capital toward operations, energy infrastructure, and AI expansion.

Added Bitcoin Management Infrastructure

Beyond Bitcoin itself, the acquisition brings operational infrastructure to H100. NSD's PDI subsidiary runs an active Bitcoin management strategy focused on capital preservation, downside management, and additional cash generation while maintaining long-term BTC exposure. This capability distinguishes H100 from pure-hold treasury companies that rely solely on BTC price appreciation for shareholder returns.

Moonshot CEO Eirik Grøttum and teams from the acquired entities are joining H100, contributing technology and market infrastructure to the expanded group.

Following the August 10 closing, H100's total Bitcoin holdings stand at 3,506.4 BTC, up from 1,051.05 BTC before the transaction. Key variables to watch going forward include the integration of the acquired operational teams, the performance of PDI's active BTC management strategy at scale, and the fate of the proposed Future Holdings takeover, which would further consolidate H100's position if completed.