H100 Group AB has completed its acquisition of NSD AS, adding 2,455.37 Bitcoin and increasing its total Bitcoin holdings to 3,506.4 Bitcoin.

The transaction, announced in April and finalized on August 10th, gives H100 direct and indirect ownership of Moonshot AS and PDI AS following a reorganization of NSD.

H100 financed the acquisition by issuing 790,534,666 new shares to the sellers at SEK 1.86 per share. The consideration was valued at approximately SEK 1.47 billion, with no cash payment involved.

The deal was structured at 1.0 times mNAV using a Bitcoin reference price of SEK 598,926.69, or approximately $62,900, on July 31st. 

The number of shares allocated to the sellers reflected their proportion of the combined companies’ Bitcoin holdings, while other assets and liabilities were excluded from the calculation.

The issuance dilutes existing shareholders’ proportional ownership by approximately 70%. H100 expects the new shares to begin trading on NGM Nordic SME as soon as practicable. 

Principal seller Geir Harald Hansen also agreed to a 12-month lockup covering the shares he received, subject to certain exceptions.

H100 reported that satoshis per basic share remained unchanged after the transaction. On a fully diluted basis, the figure increased by approximately 5%, from 288 to 303 satoshis per share.

The acquired company has no outstanding financial debt. Through PDI, it also operates a Bitcoin-management strategy intended to manage downside exposure and generate cash flow while maintaining exposure to Bitcoin.

H100 characterized the acquisition as the largest transaction in Europe’s publicly traded Bitcoin-equity sector and the first public-market merger completed on a Bitcoin-for-Bitcoin basis. 

The company’s Bitcoin treasury strategy has previously attracted financing from external industry participants, including Blockstream co-founder and CEO Adam Back. 

Back participated in H100 funding arrangements announced in 2025 and has described Bitcoin as “digital gold.”

H100 combines its Bitcoin treasury activities with a health and lifestyle technology business. Its shares trade on NGM Nordic SME.