H100 Group (H100), a Stockholm-listed bitcoin treasury company specializing in institutional bitcoin exposure, has executed a letter of intent to acquire Norwegian counterparts Moonshot AS and Never Say Die AS — a strategic move designed to materially expand its bitcoin holdings and sharpen its competitive positioning across European capital markets.
Should the transaction reach completion, H100's bitcoin reserves would swell to approximately 3,500 BTC — nearly triple its current holdings — vaulting the firm into the upper tier of Europe's publicly listed bitcoin treasury companies. Beyond the balance sheet expansion, the company has signaled broader ambitions: bolstering its institutional credibility, deepening market liquidity, and widening its footprint among capital market participants seeking regulated bitcoin exposure.
The announcement builds on a strategic trajectory already set in motion earlier this year, when H100 disclosed plans to merge with Future Holdings AG, a Zurich-headquartered bitcoin treasury firm. Both H100 and Future Holdings share a prominent common backer: Adam Back, the British cryptographer and co-founder of Blockstream, whose involvement lends the combined enterprise considerable technical and reputational weight within the digital asset ecosystem.
The deal's structure is notably distinctive in the context of corporate acquisitions. Rather than a conventional cash-based or mixed-consideration arrangement, the transaction is engineered as a bitcoin-for-bitcoin exchange — meaning that equity ownership in the consolidated entity will be determined entirely by the volume of bitcoin each party contributes. This mechanism is purpose-built to maintain bitcoin exposure on a per-share basis for existing shareholders, effectively sidestepping dilution while delivering a meaningful uplift to the company's aggregate holdings.
Consistent with this framework, the acquisition will be executed entirely through an all-share transaction, with zero cash consideration changing hands — a structure that underscores H100's commitment to preserving the integrity of its bitcoin-denominated balance sheet model.
The two target companies, Moonshot AS and Never Say Die AS, collectively hold approximately 2,450 BTC, forming the foundation of the proposed holdings increase.
According to the company's disclosures, definitive agreements are targeted for execution by April 22, with the full closing anticipated shortly following H100's annual general meeting in May, pending requisite final approvals.
Markets responded constructively to the news, with H100 shares advancing approximately 2% on the day of the announcement.
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