H100 Group AB completed its acquisition of Norwegian holding company NSD AS on August 10, 2026, raising its Bitcoin treasury to 3,506.4 BTC in what the Stockholm-listed firm calls the world’s first Bitcoin-for-bitcoin M&A transaction in public markets, according to its August 10 press release.
The deal added 2,455.37 BTC to H100’s prior stake of about 1,051 BTC, and no cash changed hands. H100’s board issued 790,534,666 new shares to the sellers as full payment, diluting existing shareholders by roughly 70 percent while keeping Bitcoin held per basic share unchanged.
How H100 Structured the Bitcoin-for-Bitcoin Swap
The deal closed at 1.0x mNAV, an implied share price of SEK 1.86 based on a Bitcoin price of roughly $62,900 at the agreed reference time of July 31, 2026, according to H100 Group’s press release. H100 issued seller promissory notes worth about SEK 1,470.4 million, then set them off against the new shares instead of paying cash.
Completion gives H100 direct and indirect ownership of Moonshot AS and PDI AS, the two operating units beneath NSD AS. PDI AS runs an active Bitcoin management strategy focused on preserving capital and managing downside risk while keeping exposure to Bitcoin’s long-term upside, and the Target Company carries no outstanding debt.
Principal seller Geir Harald Hansen, who founded the Bitminter mining pool in 2011, agreed to a 12-month lock-up on the shares he received. H100 first outlined the plan in a letter of intent signed in March 2026, when its own holdings stood at roughly 1,051 BTC and the Target Companies held about 2,450 BTC combined, according to H100’s March 2026 LOI announcement.
The nearly fivefold jump in scale places H100 alongside other listed firms treating Bitcoin as a primary treasury asset, a group that includes Strategy, whose recent moves to fund dividend payments through selective Bitcoin sales show how differently treasury companies can manage the same asset once it sits on their balance sheet.
Why August 19 Is H100’s Next Test
H100’s next quarterly report, due August 19, 2026, will be the first to reflect the enlarged 3,506.4 BTC treasury and the diluted share count. Investors will get their first look at whether Bitcoin per share held steady in practice, and how the new shares trade once admitted to NGM Nordic SME.
Executive Chairman Sander Andersen has called Bitcoin per share the metric that matters most to H100, so any drift there after trading begins would signal whether the deal delivered.
What this means for you: This deal shows a public company can grow its Bitcoin stack without spending cash or taking on debt, by swapping shares for Bitcoin instead. H100’s Bitcoin-per-share metric stayed flat on a basic-share basis, so existing shareholders did not see their proportional Bitcoin exposure shrink even though total shares outstanding rose by about 70 percent.
This article is for informational purposes only and does not constitute financial advice. Do your own research before making any investment decisions.
