H100 Group AB has completed its acquisition of Norwegian firm NSD AS in an all-Bitcoin transaction, adding 2,455.37 BTC worth roughly $154 million at the deal’s reference price. The purchase lifts H100’s total Bitcoin holdings to 3,506.4 BTC, worth about $221 million, making it Europe’s second-largest publicly listed Bitcoin holders, per bitcointreasuries.net.
The deal, announced on August 10, 2026, was settled entirely through a one-to-one Bitcoin-for-Bitcoin structure, with no cash changing hands. The company described it as the largest M&A transaction in Europe’s public Bitcoin equity sector and the first Bitcoin-for-Bitcoin M&A deal executed in public markets. The acquisition nearly triples H100’s previous Bitcoin holdings as publicly traded companies continue expanding their treasury exposure.
H100 Expands Bitcoin Treasury Through NSD Acquisition
NSD, formerly WR Start Up 594 AS, owns direct and indirect stakes in Moonshot AS and PDI AS following a reorganization completed alongside the transaction. Through PDI, the acquired business operates a Bitcoin management strategy focused on capital preservation, downside protection and cash-flow generation while maintaining exposure to Bitcoin’s long-term appreciation. The target has no outstanding financial debt.
H100 valued the transaction at 1.0x mNAV, implying a share price of SEK 1.86. The valuation used a Bitcoin reference price of SEK 598,926.69, or roughly $62,900, fixed at 23:59 CEST on July 31.
Rather than paying cash, H100 issued seller promissory notes worth approximately SEK 1.47 billion, which were then set off against consideration shares. Executive Chairman Sander Andersen said the structure reflects H100’s focus on Bitcoin per share, while the acquisition also brings in a team with technology and market expertise and a principal owner with more than a decade of experience in Bitcoin infrastructure.
“We chose this structure because it is the cleanest expression of what we believe: Bitcoin per share is the metric that matters, and this transaction preserves it fully while nearly tripling our holdings to more than 3,500 Bitcoin.”
New Shares Create Significant Dilution
The company funded the transaction by issuing 790,534,666 new shares to NSD’s sellers at SEK 1.86 each, under authorization granted at its June 23 annual general meeting.
The issue increases H100’s share capital by SEK 79.05 million and means existing shareholders will face roughly 70% dilution on a post-issue basis. However, H100 said sats per basic share remains unchanged, while sats per fully diluted share increases by approximately 5%. The new shares are expected to begin trading on NGM Nordic SME as soon as practicable. Principal seller Geir Harald Hansen is also subject to a 12-month lock-up covering the consideration shares, with certain exceptions.
H100’s move comes as public companies continue to expand their Bitcoin treasuries. Since September 25, 2025, publicly traded companies have added 227,983 BTC to their balance sheets, bringing their combined holdings to 1,260,442 BTC, a build-out mirrored by firms climbing the global rankings and governments expanding their own Bitcoin exposure. Germany’s Bitcoin Group SE remains Europe’s largest publicly listed Bitcoin holder and ranks 25th globally, putting H100 directly behind it in the regional rankings. The acquisition therefore gives the company a significantly larger position in Europe’s growing corporate Bitcoin treasury market.