H100 Group completed its previously announced acquisition of NSD AS on Aug. 10, adding 2,455.37 Bitcoin and lifting its total treasury to 3,506.4 BTC.
Summary
- H100 acquired 2,455.37 Bitcoin through NSD, raising its total treasury holdings to 3,506.4 Bitcoin overall.
- The transaction used no cash, with H100 issuing 790.5 million shares to NSD’s sellers instead.
- H100 priced consideration shares at SEK 1.86, using Bitcoin’s July 31 reference price for valuation.
- The new share issue creates approximately 70% dilution, while basic Bitcoin per share remains unchanged.
- H100 says fully diluted sats per share increased roughly 5%, while NSD carried no debt.
The Stockholm listed company paid no cash for the transaction, instead issuing shares to the sellers under a Bitcoin for Bitcoin valuation structure, according to its official release.
The acquired Bitcoin was valued using a July 31 reference price of SEK 598,926.69, or about $62,900 per BTC. At Bitcoin’s current price near $65,158, H100’s enlarged treasury is worth roughly $228.5 million.
H100 nearly triples its Bitcoin holdings
The transaction follows a binding share purchase agreement signed on April 23 after the group first outlined the deal in March. NSD, formerly WR Start Up 594 AS, was reorganized so that it directly and indirectly owns Moonshot AS and PDI AS. H100 said the acquired company has no outstanding financial debt.
As crypto.news reported in the planned Norwegian acquisition, the original proposal was expected to raise H100’s treasury from about 1,051 BTC to roughly 3,501 BTC. The completed transaction ultimately added 2,455.37 BTC, taking the total slightly higher to 3,506.4 BTC.
Importantly, the roughly $62,900 figure was an agreed valuation reference, not the price of an open market Bitcoin purchase. The group used the Coinbase BTC/SEK spot rate at 23:59 CEST on July 31 to determine the consideration share price. The release does not provide a new official average purchase price for the combined treasury, so describing all 2,455.37 BTC as Bitcoin bought at $62,900 would be imprecise.
The group called the transaction the largest M&A deal in Europe’s public Bitcoin equity sector and “the first in the world done Bitcoin for Bitcoin.” Those descriptions are company claims and have not been independently established across every public market transaction.
In addition, H100 issued 790,534,666 new shares to the sellers at SEK 1.86 each. The consideration totaled about SEK 1.47 billion and was settled through seller promissory notes offset against the newly issued shares. As a result, the group made no cash payment to complete the acquisition.
The new shares create about 70% dilution based on the company’s share count when the deal closed. Even so, H100 said sats per basic share remained unchanged because the consideration was based on each side’s relative Bitcoin contribution. Fully diluted sats per share increased about 5%, from 288 to 303, according to company disclosures.
Deal adds Moonshot and PDI capabilities
The acquisition also brings Moonshot and PDI into H100’s corporate structure. The group said PDI follows an active Bitcoin management strategy focused on capital preservation, downside risk management and additional cash flow while retaining Bitcoin exposure. Those objectives describe the company’s strategy rather than guaranteed financial outcomes.
Executive Chairman Sander Andersen said the combination adds technology and market capabilities that complement H100’s existing operations. Principal seller Geir Harald Hansen also entered a 12 month lockup covering the consideration shares he received, subject to specified exceptions.
What happens next for H100
The newly issued shares are expected to begin trading on NGM Nordic SME as soon as practicable. The group completed the transaction using authority approved by shareholders at the June 23 annual general meeting, which allowed its board to issue consideration shares to the sellers under the April purchase agreement.
The deal represents a rapid expansion from the group’s first Bitcoin purchase in May 2025, when it acquired just 4.39 BTC. As previously reported in coverage of its first treasury purchase, the company subsequently raised capital and accelerated its Bitcoin accumulation strategy.
Moreover, the group also broadened its investor access through its Frankfurt market expansion in July 2025. After nearly tripling its Bitcoin holdings in the latest transaction, the immediate corporate milestone is the admission of the 790.5 million new shares to NGM Nordic SME.
