H100 Group, a prominent player in the Bitcoin treasury ecosystem, is set to enhance its digital asset portfolio with a major acquisition. The company has announced its plans to acquire two Norwegian firms, Moonshot AS and Never Say Die AS, in a deal that is expected to more than triple its Bitcoin holdings from 1,051 BTC to approximately 3,501 BTC.
This all-share transaction represents a strategic move that involves no cash component, thus preserving Bitcoin exposure for H100 investors. Under this arrangement, existing shareholders of H100 will hold around 30% of the combined entity, while the sellers of the Norwegian firms will control an impressive 70% stake.
H100’s chairman, Sander Andersen, underscored the importance of scale within the Bitcoin treasury space, stating that “scale, credibility, and efficient access to capital markets are increasingly decisive”. This acquisition is aimed at positioning H100 among the largest Bitcoin firms in Europe, while simultaneously solidifying its ranking among global corporate Bitcoin holders.
The two target companies, which collectively hold about 2,450 BTC, are expected to bolster H100’s total reserves significantly. Based on current data, the existing Bitcoin within H100’s treasury was acquired at an average price of around $114,615 per coin, valuing the company’s holdings close to $71.69 million.
The transaction is anticipated to enhance H100’s stature among listed Bitcoin treasury firms in Europe and amplify its operational flexibility. Eirik Grøttum, CEO of Moonshot AS, articulated that merging with a listed platform provides substantial scale and flexibility for executing a Bitcoin strategy.
Moving forward, the parties involved aim to finalize definitive agreements by April 22, subject to due diligence and regulatory approvals, with a completion date expected shortly after H100’s annual general meeting on May 21. The deal will also require board approval, shareholder consent, and a review by regulatory authorities before it can be executed.
H100 Group plans to continue operating as a listed company on the NGM Nordic SME, with its existing health technology business remaining unaffected post-transaction. Furthermore, key personnel from the acquired firms are anticipated to join H100, introducing additional expertise in trading and technological development.
This acquisition aligns seamlessly with H100’s broader strategy of enlarging its Bitcoin balance sheet through beneficial transactions. With a keen focus on blockchain assets, the company aims to leverage Bitcoin-based deals to solidify its market presence.
This forthcoming acquisition follows previous intentions to merge with a Zurich-based Bitcoin treasury firm, indicating H100’s persistent efforts to expand its influence in the cryptocurrency sector. The deal’s successful completion would position H100 as one of the largest listed Bitcoin treasury companies in Europe, enhancing not just liquidity but also its stature within the capital markets.
The announcement comes as Bitcoin trades near the $70,000 mark, following peaks above $120,000. The current market dynamics continue to shape corporate treasury approaches across the industry, making H100’s strategic moves all the more crucial in navigating these waters.
