Stockholm-listed H100 Group has completed its acquisition of NSD AS, adding 2,455.37 Bitcoin to its corporate treasury and increasing its total holdings to approximately 3,506.4 BTC.
The transaction was completed on August 10 without a cash payment. Instead, H100 issued approximately 790.5 million new shares to the sellers as consideration for the acquisition.
The deal represents a major expansion of H100’s Bitcoin treasury and nearly triples the company’s previous holdings.
H100 Adds 2,455 BTC Without Paying Cash
Under the transaction, H100 acquired NSD AS through a Bitcoin-for-Bitcoin valuation structure.
The acquired Bitcoin was valued using a July 31 reference price of SEK 598,926.69 per BTC, equivalent to approximately $62,900 at the time.
However, this figure represents the agreed valuation used to determine the transaction consideration rather than the price H100 paid for Bitcoin through an open-market purchase.
At a Bitcoin price of approximately $65,158, H100’s enlarged treasury would be worth roughly $228.5 million.
H100 said NSD carried no outstanding financial debt, meaning the company acquired the Bitcoin treasury without assuming additional financial liabilities.
Bitcoin Holdings Rise From 1,051 to 3,506 BTC
The acquisition follows a binding share purchase agreement signed in April.
H100 had originally expected the transaction to increase its Bitcoin holdings from approximately 1,051 BTC to around 3,501 BTC.
The completed deal ultimately delivered a slightly larger treasury, with total holdings reaching 3,506.4 BTC.
The transaction adds another major Bitcoin treasury to the growing group of publicly listed companies using corporate equity and capital markets to accumulate BTC.
H100 described the deal as the largest M&A transaction in Europe’s public Bitcoin-equity sector and claimed it was the first transaction of its kind structured on a Bitcoin-for-Bitcoin basis.
Those descriptions are company claims and have not been independently verified across all comparable public-market transactions.
790 Million New Shares Create Significant Dilution
To complete the acquisition, H100 issued 790,534,666 new shares to the sellers at SEK 1.86 per share.
The consideration was worth approximately SEK 1.47 billion.
Rather than transferring cash, the transaction was settled through seller promissory notes that were offset against the newly issued shares.
The structure allowed H100 to complete the acquisition without using its cash reserves.
However, it also resulted in significant shareholder dilution.
The newly issued shares represent approximately 70% dilution based on the company’s share count at the time of closing.
H100 argues that the dilution needs to be considered alongside the Bitcoin acquired through the transaction.
According to the company’s disclosures, basic sats per share remained unchanged, while fully diluted sats per share increased by approximately 5%, from 288 to 303.
Moonshot and PDI Join H100
The transaction also brings Moonshot AS and PDI AS into H100’s corporate structure.
H100 said PDI operates an active Bitcoin-management strategy focused on preserving capital, managing downside risk and generating additional cash flow while maintaining exposure to Bitcoin.
The acquisition therefore adds more than Bitcoin to H100’s balance sheet.
The company said the transaction also provides additional technology, operational capabilities and market expertise that complement its existing strategy.
Principal seller Geir Harald Hansen has agreed to a 12-month lockup covering the H100 shares received as consideration, subject to specified exceptions.
H100’s Bitcoin Strategy Has Accelerated Rapidly
The latest transaction marks a dramatic change from H100’s position just over a year ago.
The company made its first Bitcoin purchase in May 2025, acquiring only 4.39 BTC.
Since then, H100 has rapidly expanded its Bitcoin holdings through capital raising and strategic transactions.
The NSD acquisition represents the largest step in that strategy so far, taking the company’s treasury to more than 3,500 BTC.
H100 also expanded its investor reach through a Frankfurt market listing in 2025, giving European investors additional access to its Bitcoin treasury strategy.
What Comes Next for H100?
The newly issued shares are expected to begin trading on NGM Nordic SME as soon as practicable.
The issuance was completed using authority granted to H100’s board by shareholders at the company’s June 23 annual general meeting.
The immediate focus will now shift toward integrating NSD, listing the newly issued shares and managing the enlarged Bitcoin treasury.
The transaction also illustrates an increasingly common strategy among publicly listed companies: using equity markets and corporate acquisitions to increase Bitcoin exposure without directly spending large amounts of cash.
For H100, the result is a substantially larger Bitcoin position.
From just 4.39 BTC in May 2025 to more than 3,500 BTC today, H100 has rapidly transformed itself into one of Europe’s more significant publicly listed corporate Bitcoin holders.
