H100, Sweden’s First Bitcoin Treasury Company that is listed on NGM Stockholm, announced through a press release today, August 10, 2026, that the company has added 2,455.37 bitcoin to its treasury, increasing the total holdings to 3,506.4 BTC. With this addition, the company fulfilled its procurement of NSD AS (private target company formerly known as WR Start Up 594 AS). The transaction was completed entirely through H100 shares, with no cash payment. According to H100, this move has also been called the largest M&A transaction in the European Public Bitcoin Equity sector and the first Bitcoin-for-Bitcoin M&A transaction in public markets.
H100 Adds 2,455 BTC Through Share-Based Deal
The procurement was announced in April, bringing together H100 and the Target company. It represents direct and indirect ownership of Moonshot AS and PDI AS. The transaction was completed on a one-to-one Bitcoin-for-Bitcoin basis, meaning the purchase price was determined on the Bitcoin holdings rather than assessing the assets or liabilities of both the companies.
The deal was fulfilled at 1.0x M-NAV with a share price of SEK 1.86, based on a Bitcoin price of nearly $62,900. The issued shares were used to settle seller promissory notes worth approximately SEK 1.47 billion through a set-off issue. No cash was used in the transaction. The newly issued shares represent approximately 70% of H100’s total shares following the transaction. The new shares will begin trading on NGM Nordic SME soon.
As per the official press release, the set-off issue boosts H100’s share capital by SEK 79,053,466.60 through the issuance of 790,534,666 new shares. This is measured against the company’s 338,396,692 shares in the issue prior to the transaction. The subscription price of SEK 1.86 per share was finalized through arm’s-length negotiations with the sellers of the Target company. The subscription price reflects H100’s Bitcoin holdings converted into Swedish kronor using the Coinbase spot rate on 31st July 2026.
Bitcoin Per Share Is the Key Focus
H100 said that the structure was created to preserve its Bitcoin exposure on a per share basis. Sats per basic share remained unchanged, while sats for fully diluted share increased by around 5% from 288 to 303. The target company had no outstanding financial debt through its subsidiary PDI AS. It operates a Bitcoin management strategy focused on capital preservation, downside-risk management, and creating extra cash flow while maintaining exposure to Bitcoin’s long-term upside.
H100 Executive Chairman Sander Andersen said, “This is the largest M&A transaction ever completed in the European Public Bitcoin Equity sector, and the first in the world done Bitcoin for Bitcoin. 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. Just as important is who joins us. A team whose technology and market capabilities complete our own, and a principal owner who has spent more than a decade building Bitcoin infrastructure and holding Bitcoin. Together we can accomplish things neither of us could alone.”
H100 is known as a technology company operating in the health and longevity niche. It also possesses an active Bitcoin strategy. The company claims it is the first and biggest listed Bitcoin treasury company in the Nordics. Its technology business emphasizes on supporting health and lifestyle services through AI-powered automation, digital mechanisms, and integrated platform solutions.
H100’s expansion stands in contrast to the recent Bitcoin sales by Empery Digital. The company sold 1,635 Bitcoin for nearly $102.2 million between July 1 and August 6. This decreased the company’s holdings to approximately 1,279 bitcoins. Only 325 bitcoins of Empery Digital’s holdings remain unrestricted after 954 BTC were pledged against $35 million in debt. The organization also faces an alleged $62.1 million commitment linked to a data center procurement. The contrasting move shows how different public companies Bitcoin strategies. While H100 is using a shared-based procurement to expand its Bitcoin holdings without paying money, Empery Digital has been decreasing its Bitcoin position amidst monetary commitments.
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