H100 Group has finalized the largest merger to date in Europe’s public Bitcoin treasury sector, boosting its holdings to 3,506 BTC—an increase of 234% from its previous balance. This strategic move places H100 just behind Germany’s Bitcoin Group, which holds 3,605 BTC, solidifying its position as one of the continent’s top corporate Bitcoin holders.
Merger activity rises across Europe
Europe’s scene for publicly traded digital asset treasuries has witnessed a period of heightened activity. Five days before H100’s move, Capital B, a French corporate Bitcoin holder, began trading shares on Cboe Europe. This step was designed to provide broader access for institutional investors and resulted in Capital B’s aggregate trading volume doubling within two hours of its session debut.
Meanwhile in Austria, a 13F filing on August 3 revealed that Raiffeisen Bank International increased its stake in Michael Saylor’s Strategy, climbing to 5,980 shares—a quarter-on-quarter surge of 3,081%.
H100’s merger, however, stands out as the largest move during this active period. By acquiring Norwegian treasury entities Moonshot AS and PDI AS, H100 outpaced other regional players vying to expand their digital asset reserves.
| Company | Country | BTC Holdings |
|---|---|---|
| Bitcoin Group | Germany | 3,605 |
| H100 Group | Sweden | 3,506 |
| Moonshot AS & PDI AS (now part of H100) | Norway | 2,455 |
| Capital B | France | Not disclosed |
Details of the all-stock merger
H100 announced the completion of its merger transaction on August 10, having initially agreed to terms in April and received shareholder approval on June 23 at its annual general meeting in Stockholm. The acquisition of Moonshot AS and PDI AS delivered 2,455.4 BTC to H100, raising the firm’s total treasury to 3,506.4 BTC.
The structure of the deal avoided any cash exchange. Instead, H100 issued 790,534,666 new shares to sellers, each priced at 1.86 Swedish kronor. These new shares were matched against promissory notes totaling roughly 1,470 million kronor. The company valued the transaction using a reference Bitcoin price of $62,900 as of July 31, resulting in a merger carried out at about 1.0x net asset value. Neither side reported a premium or discount to the underlying Bitcoin value.
Industry first: Bitcoin-for-Bitcoin deal
Sander Andersen, H100 Group’s executive chairman, described the merger as a landmark for public markets and the first transaction executed as a “Bitcoin for Bitcoin” deal, without any cash involved.
“This is the largest M&A transaction ever completed in the European Public Bitcoin Equity sector, and the first in the world done Bitcoin for Bitcoin,” Andersen stated in the company announcement.
Ownership in the newly combined entity was decided solely by the amount of Bitcoin each party contributed. H100 emphasized that this approach kept the Bitcoin-per-share ratio stable for existing investors, even as the treasury expanded.
Globally, the enlarged H100 now ranks 26th among listed corporate Bitcoin holders, according to bitcointreasuries.net, and second in Europe.
Mini dictionary: H100 Group, a Swedish publicly listed company, manages digital asset treasuries and has now taken a leading role among corporate Bitcoin holders in Europe following its significant merger with Norwegian entities Moonshot AS and PDI AS.
Majority stake passes to a Bitcoin mining pioneer
The transaction gives H100 a new majority shareholder in Geir Harald Hansen, who now controls about 70% of the enlarged firm. Hansen is known for founding the Bitminter mining pool in 2011. At its peak, Bitminter managed to mine as much as 20% of the daily Bitcoin blocks, producing over 208,000 BTC across its operational span.
Hansen agreed to a 12-month lock-up period for the shares received in the merger and has indicated an intention to diversify the company’s investor base in the future, rather than maintaining exclusive control.
Hansen emphasized the importance of expanding the shareholder base over time, underlining his intention to broaden participation instead of holding a long-term majority.
Existing H100 shareholders experienced a significant dilution, retaining about 30% of the combined company. Notably, the approval for this deal came after H100 shares had lost more than 90% of their value in the previous year, with an average cost basis around $114,615 per coin at the time of the shareholder vote in June.
