H100 Group (H100), a publicly traded Bitcoin company headquartered in Stockholm A financial firm focused on providing institutional investments in Bitcoin said it signed letters of intent to acquire Norwegian peers Moonshot AS and Never Say Die AS to increase its holdings of the largest cryptocurrency.
If the deal is completed, H100’s Bitcoin reserves will roughly triple to around 3,500 Bitcoins, making it one of the largest publicly traded Bitcoin finance companies in Europe. Among other things, H100 said it aims to strengthen its institutional profile, improve liquidity and expand its relevance in capital markets.
The announcement comes after the company announced plans in January to merge with Zurich-based Bitcoin finance company Future Holdings AG. Both are backed by British cryptographer and Blockstream co-founder Adam Back.
The deal is structured as a Bitcoin-for-Bitcoin exchange, meaning ownership of the merged entity will be determined solely by the number of Bitcoins contributed. This approach retains per-Bitcoin risk for existing investors and avoids dilution while significantly expanding the company’s balance sheet.
The acquisition will be conducted as an all-share transaction and will involve no cash consideration.
In total, the target company holds approximately 2,450 BTC.
The final agreement is expected to be signed on April 22 and is expected to be completed shortly after the company’s annual shareholder meeting in May, pending final approval.
The announcement pushed H100 shares up 2% on the day.