H100 Group AB has tripled its Bitcoin treasury to 3,506 coins by acquiring NSD AS and its 2,455 Bitcoin in a stock-only deal. The transaction, announced this week, marks the world's first Bitcoin-for-Bitcoin M&A in public markets and the largest in the European Public Bitcoin Equity sector.
How the deal works
H100 paid entirely in stock, issuing 790.5 million shares at SEK 1.86 each. That dilutes existing holders by roughly 70% — a steep price, but one the board clearly thinks is worth paying to leapfrog the competition.
The acquisition pushes H100 past Capital B (3,140 BTC) and Smarter Web Company (2,712 BTC). Only Bitcoin Group SE, with 3,605 BTC, now holds more among Europe's listed Bitcoin treasuries.
The sellers' side
Not everyone is buying. Strategy (MSTR) sold 1,690 BTC this week, following a 1,638 BTC sale the previous week. MARA Holdings cut its stash by 29% and now holds 36,303 BTC, depositing 200 BTC into NYDIG. Riot Platforms sold 3,778 Bitcoin in Q1 and keeps selling, with 381 BTC sent to NYDIG.
Keel Infrastructure offloaded 1,085 Bitcoin between April 1 and August 7 as part of a wind-down. UK-listed Satsuma Technology's shareholders voted to liquidate its entire position and delist.
The reference Bitcoin price sat near $62,900 as of July 31. Bitcoin has dropped about 47% over the past year, which makes H100's aggressive accumulation stand out against a backdrop of miners and funds trimming exposure.
H100's all-stock structure avoids a cash outlay while betting its own shares are worth more than the Bitcoin it's giving up. Whether that bet pays off depends on the market's next move — and on how existing shareholders stomach that 70% dilution.
