Stockholm-based H100 Group AB has signed a letter of intent to acquire two Norwegian bitcoin firms, a move that would expand its holdings to approximately 3,500 BTC and strengthen its position among Europe's largest publicly listed bitcoin treasury companies.
Consolidation Through Bitcoin-for-Bitcoin Exchange
The proposed acquisition of Moonshot AS and Never Say Die AS would add 2,450 BTC to H100's current holdings of 1,051 BTC. The transaction is structured as an all-share, bitcoin-for-bitcoin exchange with no cash component, meaning ownership stakes will be determined entirely by the amount of BTC each party contributes.
This approach preserves existing shareholders' per-share bitcoin exposure while significantly expanding the company's balance sheet. The deal follows H100's January announcement of a combination with Switzerland-based Future Holdings AG, indicating an aggressive consolidation strategy within the European bitcoin treasury sector.
Both transactions have backing from Adam Back, Blockstream co-founder and prominent cryptographer, adding credibility to the institutional consolidation effort.
Leadership and Operational Expertise
Beyond bitcoin holdings, the Norwegian firms bring experienced leadership to the combined entity. Moonshot AS and Never Say Die AS are led by CEO Eirik Grøttum, a former systematic trader and asset manager, and CIO Peter Warren, who brings hedge fund experience across equities, derivatives, and foreign exchange markets.
Founder Geir Harald Hansen, known for creating the Bitminter BTC mining pool, adds technical expertise to the operational mix. These professionals are expected to complement H100's existing treasury management and capital markets capabilities.
Chairman Sander Andersen emphasized that scale, credibility, and capital market access have become critical factors for publicly listed bitcoin firms. Current executives, including Andersen and CEO Johannes Wiik, will maintain central roles in the combined entity, with management positions expected to include representatives from both organizations.
Timeline and Implications for Bitcoin Treasury Sector
The companies are targeting definitive agreements by April 22, 2026, with completion expected shortly after H100's annual general meeting on May 21, pending regulatory approvals.
For professionals in the bitcoin treasury and institutional asset management space, this consolidation trend signals growing demand for experienced talent in treasury operations, compliance, and capital markets. H100 continues operating its health technology business alongside its bitcoin strategy, maintaining its existing listing structure while pursuing aggressive growth in digital asset holdings.
