H100 to Acquire Moonshot and Never Say Die

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H100 Signs LOI to Acquire Moonshot and Never Say Die – Planned Deal Would Triple Bitcoin Holdings to 3,500 BTC

Key Takeaways

H100 Group AB has signed a letter of intent to acquire Norwegian bitcoin-focused firms Moonshot AS and Never Say Die AS.
If completed, H100’s bitcoin holdings would increase from 1,051 BTC to approximately 3,500 BTC.
The transaction is structured as a bitcoin-for-bitcoin, all-share exchange with no cash consideration.
Definitive agreements are targeted by April 22, 2026, with completion expected after the May 21 annual general meeting.
H100 will remain the listed parent company and continue its existing business structure.

Planned Acquisition Would Expand H100’s Bitcoin Treasury

H100 Group AB, a Stockholm-based publicly listed bitcoin treasury company, has announced a letter of intent to acquire two Norwegian bitcoin-focused firms, Moonshot AS and Never Say Die AS. The proposed transaction would significantly expand H100’s bitcoin reserves.

According to the company, H100 currently holds 1,051 BTC. The two target companies together hold approximately 2,450 BTC. If the acquisition is completed, the combined entity would hold around 3,500 BTC. This would roughly triple H100’s bitcoin holdings and position the company among the larger listed bitcoin treasury firms in Europe, based on its disclosed reserves.

For market participants who follow institutional bitcoin exposure, treasury size is a key metric. Publicly listed bitcoin treasury companies provide equity market investors with indirect exposure to bitcoin through shares rather than direct ownership of the asset.

Bitcoin-for-Bitcoin Structure and Share-Based Transaction

The proposed deal is structured as a bitcoin-for-bitcoin exchange. Ownership in the combined entity will be determined solely by the number of BTC contributed by each party. H100 states that this approach preserves existing shareholders’ exposure per share while expanding the company’s overall balance sheet.

The acquisition is designed as an all-share transaction, with no cash consideration involved. This structure aligns with H100’s stated strategy of conducting mergers and acquisitions based on bitcoin holdings rather than fiat financing. By avoiding cash payments, the company keeps its treasury composition focused on bitcoin and equity.

Such structures are relevant for investors assessing dilution and capital allocation. In this case, the exchange ratio is directly tied to bitcoin contributions rather than traditional valuation metrics such as revenue or earnings.

Part of a Broader Consolidation Strategy in Europe

The announcement follows H100’s earlier move in January to combine with Switzerland-based Future Holdings AG, another bitcoin treasury company. Together, these transactions indicate an ongoing strategy to consolidate institutional-scale bitcoin holdings within a listed European structure.

H100’s chairman, Sander Andersen, described scale, credibility, and access to capital markets as increasingly important factors for publicly listed bitcoin firms. According to Andersen, the proposed acquisition would strengthen the company in these areas while leaving its listing structure and core operations unchanged.

Both the Norwegian acquisition and the earlier combination with Future Holdings AG have backing from Adam Back, British cryptographer and co-founder of Blockstream. His involvement links the transaction to an established network of bitcoin-focused investors and entrepreneurs.

Management Integration and Operational Expertise

Moonshot AS and Never Say Die AS are led by executives with backgrounds in trading and asset management. Moonshot CEO Eirik Grøttum is described as a former systematic trader and asset manager. Peter Warren, serving as chief investment officer, has experience in hedge funds and markets including equities, derivatives, and foreign exchange. Founder Geir Harald Hansen is known as the pioneer behind the Bitminter BTC mining pool.

Following completion of the transaction, H100 will remain the listed parent company. Management and board roles are expected to include representatives from both H100 and the acquired firms. Current H100 executives, including Chairman Sander Andersen and CEO Johannes Wiik, are set to continue in central positions.

The company states that the Norwegian teams will contribute operational expertise and technology capabilities that complement H100’s treasury management and capital markets activities.

Timeline, Approvals, and Ongoing Business Operations

H100 aims to finalize definitive agreements by April 22, 2026. Completion is expected shortly after the company’s annual general meeting on May 21, subject to regulatory approvals and customary closing conditions.

In addition to its bitcoin treasury strategy, H100 continues to operate a health technology business. This segment focuses on digital health tools and AI-powered solutions for providers of health and lifestyle services. The company has stated that its core business model and listing structure will remain unchanged despite the planned expansion of its bitcoin holdings.

For investors and market observers, the combination of an operating technology business with a growing bitcoin treasury remains a defining feature of H100’s corporate structure.

Our Assessment

The planned acquisition of Moonshot AS and Never Say Die AS would increase H100’s bitcoin holdings from 1,051 BTC to approximately 3,500 BTC, based on disclosed figures. The bitcoin-for-bitcoin, all-share structure ties ownership directly to contributed BTC and avoids cash consideration. Together with its earlier combination with Future Holdings AG, the transaction forms part of H100’s stated strategy to consolidate larger bitcoin reserves within a publicly listed European entity while maintaining its existing listing and operating model.