Adam Back-backed H100 more than triples bitcoin holdings to 3,506 BTC in acquisition deal

H100 Group, a Swedish health technology company-turned-bitcoin treasury firm backed by Blockstream CEO Adam Back, more than tripled its bitcoin holdings after acquiring the Norwegian firms Moonshot and PDI.

The company added 2,455.7 BTC through the deal, bringing its total holdings to over 3,506 BTC worth roughly $226.7 million at current prices.

This vaulted H100 from the 42nd-largest to the 26th-largest public corporate bitcoin holder, putting it within striking distance of the Winklevoss-led Gemini treasury, according to Bitcoin Treasuries.

H100 paid for the acquisition by issuing roughly 790.5 million new shares to the sellers rather than using cash. The new shares were issued at SEK 1.86 each, giving them an overall value of around SEK 1.47 billion (~$155 million). H100 said the transaction left sats per basic share unchanged and increased sats per fully diluted share by about 5%.

The 790.5 million new shares issued significantly expanded H100's share count, representing an estimated 70% dilution based on the number of shares outstanding at the time of the announcement.

"This is the largest M&A transaction ever completed in the European Public Bitcoin Equity sector," H100 Executive Chairman Sander Andersen said, adding that the structure allowed the company to preserve its bitcoin-per-share exposure while growing its treasury.

This comes as some of the largest bitcoin treasury companies are moving in the opposite direction. Strategy, the largest public corporate bitcoin holder, sold 1,690 BTC for about $108.6 million last week, while MARA disclosed Friday that it sold 2,213 BTC during the second quarter, bringing its first-half sales to 23,093 BTC for roughly $1.6 billion.