H100 Group shareholders voted Tuesday to approve the acquisition of two firms holding a combined 2,449 Bitcoin, part of the company's strategic push to bulk up its corporate treasury with the cryptocurrency. The move, announced after a special meeting, adds roughly $150 million in BTC at current prices — but it also opens the door to potential shareholder dilution and governance questions that some investors are already grumbling about.
The deal in numbers
The two target companies together hold 2,449 Bitcoin. H100 Group didn't disclose the exact purchase price or the names of the firms, but the acquisition is structured as a stock-and-cash deal. Shareholders gave the green light after weeks of debate. The company frames it as a way to strengthen its balance sheet with a hard asset. Critics note that the timing — just as Bitcoin volatility remains high — adds risk.
Governance concerns
The approval came despite vocal opposition from a minority of shareholders who argued the process was rushed. The deal was negotiated by a small committee without a formal vote on the valuation of the acquired Bitcoin. Some investors worry that the structure allows management to bypass typical checks. “This isn't about whether Bitcoin is a good asset — it's about who gets to decide and at what price,” one shareholder told the board during the meeting, according to a recording reviewed by GFdaily.
Dilution fears
Because part of the consideration is in H100 stock, existing shareholders face dilution. The exact number of new shares hasn't been finalized, but estimates from filings suggest it could be in the range of 5–8% of current outstanding shares. That's a meaningful hit for a company that has already seen its stock slide 12% this year. The company has not yet scheduled the share issuance.
What happens next
H100 Group expects to close the acquisition within the next 30 days, pending regulatory filings. The company will then consolidate the Bitcoin onto its own balance sheet. An investor call is planned for early July to walk through the financial impact. Until then, the market will be watching for any further pushback from shareholders — or from regulators who have been increasingly vocal about corporate crypto treasury moves.
