When H100 Group announced plans to acquire two private Norwegian Bitcoin companies — Moonshot AS and Never Say Die AS — in an all-share deal that would bring its holdings to roughly 3,500 BTC and position it as Europe's second-largest Bitcoin treasury, a lot of questions followed. In an interview with BitcoinTreasuries.net, Executive Chairman Sander Andersen sat down to expand on the thinking behind the deal, how H100 operates, and what the company is building toward.
The deal, announced via a letter of intent, involves no cash outlay. Instead, H100 will issue shares to the founders of both companies, a structure that Andersen says makes the transaction unusually clean and cost-efficient. "These are two private companies, which makes the transaction quite cost-efficient," he said. "We have management with strong knowledge of the Nordic market, especially Norway, so we can execute the deal quickly and effectively."
The logic of acquiring companies rather than simply purchasing Bitcoin on the open market isn't immediately obvious — and Andersen acknowledged as much when pressed on it. The real advantage, he explained, is scale. H100's current average acquisition cost sits around $114,000 per Bitcoin. Depending on market conditions at closing, the blended average from this deal could fall well below $90,000–$100,000 — a meaningful improvement in unit economics. The acquisitions also bring in complementary expertise from the Norwegian market, and Andersen noted that Bitcoin treasury operations don't scale linearly with headcount. "Managing 10,000 Bitcoin doesn't require proportionally more people than 1,000," he said — making size itself a competitive advantage. There is, he added, no upper limit on how much Bitcoin H100 will accumulate — as long as each transaction is accretive to shareholders.
H100 plans to announce a final agreement around April 22, with a shareholder vote scheduled for May 21.
H100's origins are in health technology, and that business hasn't gone away. The company now operates two distinct units — its legacy health operation and a dedicated Bitcoin treasury — each with its own management team running independently. The company is listed on the NGM Nordic SME exchange in Stockholm, with a significant portion of its team based in Lugano, Switzerland. Andersen sees Stockholm as the strongest small-cap exchange in Europe, citing tight spreads, high retail participation, and a clear path to a future Nasdaq dual-listing in the US — something Oslo, he suggested, doesn't offer in the same way.
One topic that has dogged the Bitcoin treasury sector recently is the use of derivatives strategies — particularly after Gamestop's covered call approach with Coinbase drew criticism and questions about whether companies should remain on Bitcoin treasury watchlists. Andersen was direct: H100 won't go there. "We are more occupied with protecting the downside than maximizing the upside in ways that could lead to losses," he said. The company wants to remain what he called "very market neutral" — no strategies that could trigger a margin call or put Bitcoin holdings at risk. With a low burn rate and enough capital to run operations for the next two to three years without any market activity, Andersen said the company is comfortable sitting out volatility if needed.
When asked how H100 differentiates itself from other European Bitcoin treasury companies, Andersen pointed to management quality and deal-making track record above all else. "You have to like the management," he said plainly. "Take a view on which team you think will accumulate the most Bitcoin over time." He also suggested investors may not need to choose at all, noting that spreading exposure across multiple players is a reasonable approach. The pitch to investors is framed around Bitcoin per share — growing it the way a real estate company grows its property portfolio. For Swedish investors in particular, holding treasury stock via an ISK account — a tax-advantaged Swedish investment wrapper that levies a flat annual rate rather than taxing individual gains — may offer advantages over buying Bitcoin directly or through an ETF, where annual fund fees of 2–3% can quietly erode returns.
On Bitcoin's price trajectory, Andersen declined to make specific predictions but expressed confidence in the asset's direction. "Bitcoin has a tendency to be volatile both ways," he said, "but I think we've absorbed a lot of the bear market already." He cited Bitcoin's resilience during recent geopolitical tensions as evidence of its maturing role in global markets. For H100, the immediate priority is closing this deal and continuing to build.
Source: Interview with Sander Andersen conducted with BitcoinTreasuries.net
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