H100 Group to Acquire Two Norwegian Companies Holding 2,449 Bitcoin

H100 Group AB shareholders on June 23 approved the acquisition of two Norway-based companies, Moonshot AS and Never Say Die AS, which together hold about 2,449 Bitcoin. The transaction would lift H100's Bitcoin holdings from 1,051 BTC to roughly 3,500 BTC, positioning it among Europe's larger publicly listed corporate Bitcoin treasuries. The deal will be executed as a share-for-share exchange. H100 will issue new shares to the owners of Moonshot AS and Never Say Die AS in return for 100% ownership of both entities, with no cash consideration and no new debt. H100 signed a non-binding letter of intent on March 23, 2026, followed by a binding share purchase agreement on April 23. Closing is targeted for Q3 2026, likely around August, subject to customary regulatory approvals. Based on the Bitcoin contributed by each side, post-closing ownership is expected to be about 30% for existing H100 shareholders and 70% for the sellers. H100 said the structure is intended to increase Bitcoin exposure per share for its current investor base. H100 describes itself as a healthtech and Bitcoin treasury company and previously acquired Swiss firm Future Holdings AG as part of its strategy to build BTC reserves. The Moonshot and Never Say Die transactions mark a step-up in that approach. For investors, the structure avoids cash outflows and interest costs while reducing liquidity risk. The tradeoff is dilution: current shareholders move from owning 100% of a company with 1,051 BTC to about 30% of a company with roughly 3,500 BTC. The anticipated 70/30 split also implies a major governance shift, with the sellers becoming controlling shareholders and gaining greater influence over board and management decisions. H100's pattern of acquisition-led growth suggests dilution considerations may remain ongoing rather than one-off.