H100 Group Moves to Acquire Norwegian Bitcoin Firms in Strategic Push to Become Europe’s Second Largest BTC Holder

span>H100 Group/span> is advancing an ambitious consolidation strategy aimed at reshaping Europe’s Bitcoin treasury landscape, announcing plans to acquire two Norwegian firms in a deal that could propel it into the continent’s top tier of corporate Bitcoin holders.

The Sweden-listed company has signed a letter of intent to absorbspan>Moonshot AS/span> andspan>Never Say Die AS/span> through an all-stock transaction. If completed, the acquisition would add approximately 2,450 Bitcoin to H100’s existing reserves of 1,051, bringing its total holdings to roughly 3,501 Bitcoin. At current market valuations, the combined treasury would be worth close to $240 million.

The structure of the deal reflects a growing trend among Bitcoin-focused firms to prioritize capital efficiency. Rather than deploying cash, H100 will issue new shares to acquire the outstanding equity of both companies. This approach allows existing shareholders in the target firms to retain exposure to Bitcoin while transitioning into a larger, publicly traded entity with broader access to capital markets.

Chairmanspan>Sander Andersen/span> framed the transaction as a strategic response to shifting industry dynamics, noting that “scale, credibility and access to capital markets are increasingly important in the Bitcoin space.” He emphasized that the acquisition offers a cost-effective pathway to expand reserves during a period marked by subdued prices and constrained liquidity.

Should the deal close as expected—potentially before the company’s upcoming annual general meeting—H100 would significantly improve its global standing. According to industry data, the firm would climb from 44th to 27th among publicly listed Bitcoin treasury companies. Within Europe, it would emerge as the second-largest holder, trailing onlyspan>Bitcoin Group SE/span>, which currently controls around 3,605 Bitcoin.

The move also places H100 ahead of competitors such asspan>Cango Inc/span> andspan>Capital B/span> in global rankings, reinforcing a broader consolidation trend across the sector. Earlier developments highlight this momentum, including Capital B’s recent acquisition of additional Bitcoin, signaling that European firms continue to accumulate despite market headwinds.

Those headwinds have not spared H100. The company’s stock has fallen sharply over recent months, declining more than 74 percent over a nine-month period and over 26 percent since the start of the year. This downturn mirrors broader pressure on Bitcoin treasury stocks asspan>Bitcoin/span> trades well below its late-2025 peak. H100’s average acquisition cost, reportedly above $114,000 per Bitcoin, underscores the challenges of navigating volatility in a strategy heavily tied to asset appreciation.

Even so, the company appears committed to a long-term accumulation thesis. Alongside the proposed Norwegian acquisition, H100 has indicated it will continue purchasing Bitcoin on the open market, reinforcing its position as a dedicated treasury vehicle rather than a passive holder.

The deal follows the firm’s earlier acquisition of Switzerland-based Future Holdings AG, suggesting a deliberate expansion strategy aimed at building scale through cross-border transactions. As institutional interest in Bitcoin evolves, European treasury firms are increasingly seeking size and structure to compete with larger players in North America.

H100’s latest move signals that consolidation, rather than retreat, may define the next phase of Europe’s Bitcoin corporate landscape. In a market still recovering from price compression, the race for scale is intensifying—and with it, the stakes for firms seeking to anchor their future in digital assets.