Swedish BTC treasury firm H100 Group acquired Moonshot and PDI using newly issued shares, tripling its holdings to 3,506 BTC worth ~$226.7M and climbing to 26th globally.
Bitcoin Treasury News
A share-based acquisition of two Norwegian companies has pushed H100 Group’s corporate treasury past 3,500 Bitcoin (BTC).
The Swedish firm bought Moonshot and PDI entirely through newly issued equity, adding 2,455.7 BTC in a single transaction. H100's total holdings now stand at 3,506 BTC, worth approximately $226.7 million at the time of the announcement.
The deal was structured without any cash changing hands. H100 issued approximately 790.5 million new shares to the sellers at 1.86 Swedish krona ($0.20) per share. The total value of those shares came to around 1.47 billion Swedish krona, equivalent to roughly $155 million. Based on H100's share count before the announcement, the issuance represented an estimated 70% dilution.
Europe's Largest Bitcoin M&A Deal on Record
H100 Executive Chairman Sander Andersen said the company designed the transaction to protect its Bitcoin-per-share metrics while growing the overall treasury. The firm said satoshis per basic share remained unchanged after the deal closed. Satoshis per fully diluted share increased by approximately 5%. Andersen described the transaction as "the largest M&A transaction ever completed in the European Public Bitcoin Equity sector."
H100 is backed by Adam Back, the CEO of blockchain infrastructure firm Blockstream. The acquisition shifted H100's ranking among public corporate Bitcoin holders from 42nd to 26th, according to Bitcoin Treasuries data. That places it within striking distance of the Gemini treasury, which is led by Cameron and Tyler Winklevoss.
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Other Large Holders Trimmed BTC During the Same Period
While H100 was adding to its stack, two larger public holders were selling. Strategy, which holds more BTC than any other listed company, sold 1,690 BTC for approximately $108.6 million in the week ending Aug. 9. MARA reported selling 2,213 BTC during Q2, bringing its total H1 sales to 23,093 BTC for roughly $1.6 billion in proceeds.
The divergence in approach illustrates how differently public companies are managing their BTC exposure in the current market. H100's all-equity financing method allowed it to scale its treasury without liquidating existing holdings or taking on debt. Whether the 70% dilution to existing shareholders proves worthwhile will depend on how BTC prices move relative to the newly issued share count.
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