H100 Trips BTC Holdings to 3,506, Securing Europe's No. 2 Treasury Spot

Woofun AI reports that H100 Group has secured the position of Europe's No. 2 Bitcoin treasury, a status achieved after completing the acquisition of Norwegian entities holding 2,455 Bitcoin (BTC). This strategic move more than tripled the company's total Bitcoin holdings to 3,506 BTC, fundamentally altering its balance sheet composition without any cash outlay.

The transaction mechanics were detailed in a Monday press release, revealing that H100 issued 790.5 million new shares to the sellers, resulting in approximately 70% dilution for existing shareholders.

Woofun AI data shows the shares were priced at 1.86 Swedish kronor ($0.20) each, valuing the entire transaction at 1.47 billion kronor ($155 million). The consideration was calculated on a 1:1 "Bitcoin-for-Bitcoin" basis, with share issuance determined by the sellers' proportionate share of the combined Bitcoin holdings, while other assets and liabilities were excluded from the calculation.

Structurally, this acquisition elevated the value of H100's Bitcoin holdings to about $228 million, placing it just behind Germany's Bitcoin Group SE, which holds 3,605 BTC, according to BitcoinTreasuries. The comparative analysis highlights a narrow margin between the two largest European treasuries, with H100 now commanding a significant portion of the regional institutional Bitcoin supply. This positioning underscores the aggressive consolidation trend among European Bitcoin-focused corporate entities.

The deal traces back to March, when H100 first announced a letter of intent to acquire the privately held Norwegian Bitcoin companies Moonshot and Never Say Die, along with their respective Bitcoin holdings. This finalization marks a critical step in H100's transition from a health-tech firm to a dominant Bitcoin treasury player, setting a precedent for asset-heavy, cashless M&A in the sector.