Swedish health-tech company H100 just cleared a major hurdle on its way to becoming one of Europe’s biggest publicly traded Bitcoin treasury holders. Shareholders voted to approve issuing new shares to acquire two Norwegian investment firms, which would swell H100’s Bitcoin holdings from 1,051 BTC to roughly 3,500 BTC.
The deal is structured as a share-for-share transaction — no cash changes hands. Moonshot AS and Never Say Die AS, the two Norwegian targets, collectively hold about 2,450 Bitcoin. Once the acquisition closes, the owners of those firms will own approximately 70% of the combined company.
If completed, H100 would trail only Germany’s Bitcoin Group SE as Europe’s largest public Bitcoin treasury company. H100 shares jumped 9.6% on the news, though the stock is still down around 30% year-to-date.
It’s worth noting this move comes at a rough time for Bitcoin treasury companies. Crypto prices have been sliding, and some firms are backing off their Bitcoin strategies entirely. French chipmaker Sequans Communications said just last month it would liquidate its 658 BTC holdings less than a year after adopting a crypto treasury approach. Strategy, the world’s largest corporate Bitcoin holder, has seen its accumulation pace slow sharply — it added about 1,500 BTC per week in June compared to 20-34,000 BTC weekly batches in April and May.
Still, H100 shareholders clearly think doubling down on Bitcoin is the move. We’ll see if the market agrees.
