H100 Group AB just got a whole lot more orange-pilled. Shareholders of the Stockholm-listed company voted on June 23 to greenlight the acquisition of two Norwegian firms, Moonshot AS and Never Say Die AS, which collectively hold approximately 2,449 Bitcoin.

The deal will catapult H100’s Bitcoin treasury from 1,051 BTC to roughly 3,500 BTC, placing the company among Europe’s larger publicly traded Bitcoin treasury entities.

How the deal works

H100 isn’t writing a check or taking on debt. Instead, the company is issuing new shares to the owners of Moonshot AS and Never Say Die AS in exchange for 100% ownership of both firms. No cash component whatsoever.

H100 signed a non-binding letter of intent on March 23, 2026, then locked in a binding share purchase agreement exactly one month later on April 23. The deal is expected to close in Q3 2026, likely around August, pending customary regulatory conditions.

Once the acquisition completes, the ownership split will land at approximately 30% current shareholders and 70% sellers, based on the Bitcoin each side contributed. H100 has framed this as enhancing Bitcoin exposure per share for its existing investor base.

The bigger picture: Europe’s Bitcoin treasury race

H100 Group describes itself as a health-tech and Bitcoin treasury company. The company previously acquired Swiss firm Future Holdings AG as part of its broader strategy to stack more BTC on its balance sheet. The Moonshot and Never Say Die acquisitions represent a significant escalation of that strategy.

What this means for investors

By avoiding cash outflows and new debt, H100 sidesteps interest expense and liquidity risk. The trade-off is dilution. Current shareholders will go from owning 100% of a company with 1,051 BTC to owning roughly 30% of a company with 3,500 BTC.

The 70/30 ownership split also raises governance questions. The sellers of Moonshot AS and Never Say Die AS will become the dominant shareholders post-close, representing a meaningful power shift in board and management structure.

H100 has already demonstrated a pattern of acquisitions — first Future Holdings AG, now two Norwegian firms — meaning the dilution calculus is an ongoing consideration rather than a one-time event.