H100 Group AB announced today that it has signed a non-binding letter of intent with the shareholders of Norwegian entities Moonshot AS and Never Say Die AS to acquire 100% of their shares in an all-share transaction.
The proposed deal would increase H100’s Bitcoin treasury from its current approximately 1,051 BTC to approximately 3,501 BTC—an increase of roughly 233%. The target companies together hold approximately 2,450 BTC.
H100 acquired its existing holdings at an average price of $114,615 per coin, giving the current treasury a market value of about $71.69 million based on prevailing prices, according to bitcointreasuries.net data.
Chairman Sander Andersen stated: “Scale, credibility, and efficient access to public capital markets are increasingly decisive in the Bitcoin treasury space. This transaction would meaningfully strengthen H100 across all three dimensions.”
Eirik Grøttum, CEO of Moonshot AS, added: “Combining with an established listed platform that already maintains strong capital markets access and treasury discipline provides the operating scale and long-term flexibility required to execute our Bitcoin strategy.”
The transaction follows a BTC-for-BTC structure, with post-closing ownership allocated strictly according to the relative Bitcoin contributions of each party. On current holdings, existing H100 shareholders would represent approximately 30% of the combined entity, while the sellers would hold the remaining 70%. The structure is designed to preserve each party’s proportional Bitcoin-per-share exposure, involving no cash consideration and no dilution of existing shareholders’ Bitcoin holdings beyond the proportional share issuance.
H100 will continue as the listed parent company on NGM Nordic SME, with its health technology operations remaining unchanged. The acquisition is expected to bring added expertise in Bitcoin investment, trading, and technology development. Key personnel from the target companies include Geir Harald Hansen, founder of the early Bitcoin mining pool Bitminter, together with CEO Eirik Grøttum and Chief Investment Officer Peter Warren.
The parties aim to sign definitive agreements by 22 April, subject to satisfactory due diligence, board and shareholder approvals, and applicable regulatory clearances. Closing is targeted shortly after H100’s annual general meeting on 21 May.
The move aligns with H100’s strategy of growing its Bitcoin balance sheet through accretive, Bitcoin-denominated transactions while preserving its core business and public-market presence.
This article is for informational purposes only and does not constitute investment advice.