- H100 Group added 2,455.7 Bitcoin through its acquisitions of Moonshot and PDI, lifting its total holdings above 3,506 BTC.
- The Swedish company paid for the deal with approximately 790.5 million newly issued shares rather than selling Bitcoin or using cash.
- H100’s expansion comes as major corporate Bitcoin holders including Strategy and MARA have recently sold portions of their BTC treasuries.
Swedish health technology company-turned-Bitcoin treasury firm H100 Group has dramatically expanded its cryptocurrency holdings following the acquisitions of Norwegian companies Moonshot and PDI. The transaction added approximately 2,455.7 BTC to H100’s balance sheet, more than tripling its Bitcoin position.
Following the deal, H100 now holds more than 3,506 BTC, valued at roughly $226.7 million at current prices. The expansion pushed the Adam Back-backed company from the 42nd-largest publicly traded corporate Bitcoin holder to the 26th-largest, placing it closer to some considerably more established names in the corporate BTC market.
Rather than funding the acquisition with cash or dipping into its existing Bitcoin reserves, H100 used its own equity. It’s an aggressive approach that allows the company to grow its BTC treasury without directly spending the asset it has built its strategy around.
H100 Issues Nearly 791 Million New Shares
H100 issued approximately 790.5 million new shares to the sellers of Moonshot and PDI as payment for the acquisition. The shares were priced at SEK 1.86 each, giving the transaction an overall equity value of roughly SEK 1.47 billion, or approximately $155 million.
The downside is substantial dilution for existing shareholders. Based on the company’s outstanding share count when the transaction was announced, the new issuance represents an estimated 70% dilution.
H100 argues, however, that the structure protected the Bitcoin exposure of shareholders. According to the company, sats per basic share remained unchanged while sats per fully diluted share actually increased by approximately 5%.
Europe’s Bitcoin Treasury Market Gets Bigger
H100 Executive Chairman Sander Andersen described the acquisition as the largest merger and acquisition transaction completed so far within Europe’s public Bitcoin equity sector.
The structure highlights an increasingly important metric for Bitcoin treasury companies: how much BTC exposure investors receive for every share they own. Simply increasing total Bitcoin holdings doesn’t necessarily create shareholder value if the company has to issue an excessive amount of new equity to finance those purchases.
H100’s claim that fully diluted sats per share increased despite the large share issuance is therefore central to the company’s argument that the transaction strengthened its Bitcoin strategy rather than simply making its treasury bigger.
H100 Moves Against a Growing Corporate Trend
The timing of the acquisition is particularly notable because several major corporate Bitcoin holders have recently moved in the opposite direction.
Strategy, currently the largest publicly traded corporate Bitcoin holder, sold 1,690 BTC for approximately $108.6 million last week. Bitcoin miner MARA has also become more active in selling its holdings, disposing of 2,213 BTC during the second quarter and approximately 23,093 BTC throughout the first half of 2026 for around $1.6 billion.
Those companies are increasingly treating Bitcoin as a flexible treasury asset that can be sold or used as collateral when additional liquidity is required.
H100 Keeps Expanding Its Bitcoin Bet
H100’s latest move suggests it remains firmly focused on accumulation. Instead of selling Bitcoin to finance expansion, the company effectively used equity to acquire businesses carrying substantial BTC holdings.
The strategy gives H100 significantly greater Bitcoin exposure without draining its cash reserves, although investors must weigh that benefit against the considerable increase in outstanding shares.
With more than 3,506 BTC now under its control, H100 has quickly climbed the rankings of publicly traded Bitcoin treasury companies. At a time when some of the industry’s biggest holders are beginning to sell portions of their reserves, the Swedish company is taking the opposite route — expanding aggressively and pushing Bitcoin even deeper into the center of its corporate strategy.
