H100 completes historic Bitcoin-for-Bitcoin M&A, triples holdings to 3,506 BTC

A Swedish health-tech company just used Bitcoin to buy Bitcoin. H100 Group AB completed an all-share acquisition of Norwegian entities including NSD AS, Moonshot AS, and PDI AS on August 10, with the entire deal structured on a 1:1 Bitcoin-for-Bitcoin basis and zero cash changing hands. The result: H100’s treasury jumped from roughly 1,051 BTC to 3,506.4 BTC overnight.

That makes H100 the second-largest public Bitcoin treasury company in Europe, trailing only Bitcoin Group SE at 3,605 BTC. The gap between them is now less than 100 BTC.

How a health-tech company became a Bitcoin whale

H100 Group, listed on the NGM Nordic SME exchange, adopted a Bitcoin treasury strategy back in June 2025. The acquisition added 2,455.37 BTC to H100’s holdings. To fund it, the company issued 790,534,666 new shares priced at SEK 1.86 each. That price was pegged to a BTC reference rate of SEK 598,926.69, roughly $62,900, as of July 31, 2026.

The deal was executed at 1.0x modified net asset value. The Bitcoin on the acquired companies’ books was valued at exactly what it was worth, and then swapped for equity representing the same amount of Bitcoin on H100’s books.

H100’s executive chairman described it as the largest M&A transaction in European public Bitcoin equity and the world’s first public-markets deal conducted Bitcoin-for-Bitcoin. The share purchase agreement was originally signed on April 23, 2026, giving both parties nearly four months to close.

Europe’s Bitcoin treasury race heats up

With 3,506.4 BTC on its books, H100 now sits just 99 BTC behind Bitcoin Group SE’s reported 3,605 BTC.

H100 itself had already completed an earlier acquisition of Future Holdings AG in Switzerland, signaling that this Nordic firm views M&A as a repeatable Bitcoin accumulation strategy. The deal’s completion at roughly $62,900 per BTC provides a clean cost-basis benchmark for the acquired holdings.

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