H100 CEO Eirik Grøttum has expanded his indirect stake in H100 Group through recent purchases by Kode Oslo AS, a company where he is a board member and key shareholder. The disclosure, submitted on September 17, details Kode Oslo’s acquisition of 407,163 H100 shares valued at SEK 621,887, with transactions completed between August 19 and September 15 at an average price of SEK 1.53 each.
Increased Shareholding by Grøttum-Linked Entities
Kode Oslo AS, now holding 2,771,787 shares following these acquisitions, is closely linked to Grøttum, who owns 20% of its shares and serves on its board. Another entity fully owned by Grøttum, Olav Grøttum Holding AS, holds an additional 2,627,677 H100 shares. Combined, both companies control 5,399,464 shares, signaling a significant consolidated position linked to H100’s chief executive.
In a public statement, the company highlighted that entities closely associated with Grøttum collectively control this large stake. The transactions follow a strategy of increasing exposure to H100’s equity rather than its direct Bitcoin reserves. The company clarified that these filings are limited to equity positions and not related to new Bitcoin purchases.
Closely associated entities now collectively own 5,399,464 H100 shares after recent acquisitions, a move that reflects confidence in H100’s long-term direction.
H100, a publicly listed Norwegian firm, operates in the health and longevity sector while actively managing significant Bitcoin holdings. The group maintains a current treasury of 3,506.4 BTC, unchanged after these latest share transactions.
Mini dictionary: Kode Oslo AS, a Norwegian investment company, is known for portfolio investments in technology and digital assets.
H100’s Expansion Through Acquisitions
Eirik Grøttum took over as CEO on August 11, shortly after H100 completed a prominent acquisition in Norway’s Bitcoin ecosystem. Grøttum, who previously led Moonshot AS, brings experience in software engineering, quantitative trading, asset management, and fintech. He has also worked with Peter C. Warren, H100’s Chief Investment Officer, particularly on Bitcoin-focused investment strategies involving Geir Harald Hansen, founder of Moonshot.
With Grøttum’s appointment, former CEO Johannes Wiik transitioned back to his previous role as chief operating officer. H100 finalized the purchase of NSD AS on August 10, adding both Moonshot AS and PDI AS to its structure. This deal substantially increased H100’s Bitcoin holdings by 2,455.37 BTC, raising its treasury from 1,051.03 BTC at the end of June to the present figure of 3,506.4 BTC.
The acquisition, described by H100 as “the largest M&A in Europe’s public Bitcoin equity market,” was also the first instance of a Bitcoin-for-Bitcoin transaction among public equity firms in the region. The purchased companies carried no financial debt, strengthening H100’s position further.
Instead of cash, H100 issued 790,534,666 new shares to the acquired companies’ shareholders, valuing the transaction at SEK 1.47 billion. After this share issuance, H100’s total outstanding shares increased to 1,128,931,358, with the new shares representing about 70% of the total. Major stakeholder Geir Harald Hansen received just over two-thirds of the new shares.
| Company/Entity | H100 Shares Held | BTC Contributed |
|---|---|---|
| Kode Oslo AS | 2,771,787 | — |
| Olav Grøttum Holding AS | 2,627,677 | — |
| NSD AS (acquired) | — | 2,455.37 |
| Total BTC holdings after deal | 3,506.4 | |
Financial Impact and Regulatory Developments
The August acquisition brought H100’s Bitcoin reserves to new highs, but it has also exposed the company’s financial results to cryptocurrency price fluctuations. In the second quarter, H100 reported an operating loss of SEK 88.7 million and a pre-tax loss of SEK 98.2 million, mainly due to non-cash charges of SEK 93.3 million. For the first half of 2026, pre-tax losses reached SEK 253.6 million, and operating cash flow was negative by SEK 12.7 million.
Despite these figures, H100 reported an equity ratio of 86% by the end of June. The firm identifies as both a technology and longevity company, while prominently operating an actively managed Bitcoin investment strategy.
Buybacks could be explored if H100 shares trade below net asset value, according to Grøttum, though this does not signal an imminent repurchase program.
Regulatory changes in Sweden now permit listed firms on Swedish Multilateral Trading Facilities, including the NGM Nordic SME where H100 is traded, to repurchase their shares from December 5.
As of the latest disclosure, Grøttum has further increased his indirect investment and H100’s core Bitcoin holding stands at 3,506.4 BTC. The company continues to monitor its capital strategies amid evolving regulatory permissions and volatile cryptocurrency markets.
