Key Takeaways
- H100 acquired NSD AS and added 2,455.37 BTC, lifting its total treasury to 3,506.4 BTC.
- The transaction was an acquisition of a Bitcoin-holding company—not a $154 million open-market Bitcoin purchase.
- H100 calls it the world’s first public-market Bitcoin-for-Bitcoin acquisition, though that claim has not been independently verified across all markets.
Swedish health-technology and Bitcoin treasury company H100 Group has completed its acquisition of NSD AS, adding 2,455.37 Bitcoin to its balance sheet without making a cash payment.
The transaction increased H100’s total holdings to 3,506.4 BTC, worth approximately $228 million at a Bitcoin price near $65,000.
It also elevated the Stockholm-listed company into the upper ranks of Europe’s public Bitcoin treasury businesses.
H100 Adds 2,455 Bitcoin Through Acquisition
The deal brought NSD AS, formerly WR Start Up 594 AS, and its direct and indirect ownership of Moonshot AS and PDI AS into H100’s corporate structure.
Rather than purchasing Bitcoin on the open market, H100 acquired a company whose assets included the cryptocurrency.
The parties valued the contributed Bitcoin using a July 31 reference price of SEK 598,926.69, equivalent to approximately $62,900 per coin.
That figure was used to calculate the transaction’s share consideration and should not be interpreted as the market purchase price for the acquired Bitcoin.
H100 described the deal as the largest merger and acquisition transaction in Europe’s public Bitcoin equity sector and, to its knowledge, the world’s first public-market Bitcoin-for-Bitcoin acquisition. The claim has not been independently verified across every public-market transaction.
No Cash Changed Hands in BTC-Based Structure
H100 issued 790,534,666 new shares to NSD’s sellers at SEK 1.86 per share. The consideration totaled approximately SEK 1.47 billion, or around $154 million.
Seller promissory notes were issued and then offset against the newly created shares, allowing the acquisition to close without cash consideration.
The issuance resulted in approximately 70% dilution based on H100’s share count at completion.
However, the company said the transaction preserved sats per basic share because the exchange ratio reflected each side’s relative Bitcoin contribution. Fully diluted sats per share increased around 5%, from 288 to 303.
Executive Chairman Sander Andersen said Bitcoin per share, not the headline treasury size, was the metric that mattered.
Expanded Treasury Still Faces Bitcoin Losses
H100’s enlarged treasury places it among Europe’s largest publicly listed corporate holders of Bitcoin. The acquisition also adds Moonshot’s technology capabilities and PDI’s active Bitcoin management strategy to the group.
Despite the expansion, H100 reportedly remains underwater on its overall Bitcoin position.
Its previously reported average acquisition cost of approximately $78,400 per BTC is above current market prices, although the company has not disclosed a revised average cost for the combined treasury.
The newly issued shares are expected to begin trading on NGM Nordic SME as soon as practicable.
Their market reception will test whether investors value H100’s increased Bitcoin scale enough to offset the transaction’s substantial dilution and continued exposure to Bitcoin volatility.
