H100 Group shareholders have approved acquisitions of Moonshot AS and Never Say Die AS, adding roughly 2,450 bitcoin to the company's balance sheet. The combined entity now holds about 3,500 BTC — worth roughly $218 million at current prices — making H100 Europe's second-largest listed bitcoin treasury company, behind only Bitcoin Group SE with 3,605 BTC.
How the deal is structured
Under the terms approved by shareholders, existing H100 investors will hold 30% of the merged company while the sellers take 70%. The deal marks a major step in H100's pivot from a health-tech firm to a dedicated bitcoin treasury vehicle — a move that already sent the stock up 280% after it was first announced.
Adam Back's bet on H100
Adam Back, the Blockstream CEO known for inventing Hashcash, put SEK 21 million (about $1.98 million) into H100 through a convertible loan. The terms also include an option to expand that investment to SEK 277 million. Back is already a backer of Future Holdings AG, which H100 agreed to acquire back in January 2025. His involvement gives the deal a stamp of approval from one of bitcoin's earliest technical contributors.
Europe's bitcoin treasury rankings tighten
With 3,500 BTC, H100 now sits just behind Bitcoin Group SE's 3,605 BTC. The gap is narrow enough that even a modest additional purchase could push H100 into the top spot. The company didn't disclose plans for further acquisitions, but the convertible loan option leaves room for more capital if Back exercises it in full.
BSTR's parallel path
Separately, Adam Back is also the figurehead behind Bitcoin Standard Treasury Company (BSTR), which is set for a shareholder vote at Cantor Equity Partners I on going public via Nasdaq. BSTR would start with 30,021 BTC, and a $1.5 billion PIPE deal could push its holdings to roughly 53,500 BTC — making it the second-largest bitcoin treasury globally, behind only Strategy. Samson Mow noted that BSTR would acquire bitcoin near its 200-day moving average, giving it the lowest cost basis of any major treasury.
The Cantor vote is the next concrete milestone. If it passes, Back will have his hands in two of Europe's most prominent bitcoin treasury plays at the same time.
