Sweden's H100 Swaps Stock for Stack: Health-Tech Firm Eyes Norway's Bitcoin Bunker

Swedish health-tech firm H100 Group, which moonlights as a Bitcoin treasury player, has signed a letter of intent to absorb two privately-held Norwegian Bitcoin outfits—Moonshot AS and Never Say Die Holding AS—in an all-stock deal. Think of it as trading paper for pixels: the sellers will receive newly minted H100 shares in exchange for surrendering roughly 2,450 BTC, letting them keep their skin in the game while parking their sats on a bigger, publicly-listed balance sheet.

The plan is to lock down a definitive agreement by April 22, with the final closing scheduled after H100's annual general meeting. That AGM date is currently floating ambiguously between April 21 and May 21 in the company's calendar, a classic corporate "soon" that any crypto degen would recognize.

Should the deal finalize, H100's treasury will balloon from its current 1,051 BTC to approximately 3,501 BTC—a hoard worth about $239.7 million at today's prices. This vault would catapult H100 to become Europe's second-largest listed Bitcoin treasury, sitting just behind Germany's Bitcoin Group (3,605 BTC), and boost its global ranking from 44th to 27th. It's a corporate leaderboard shuffle, overtaking players like Cango Inc. and France's Capital B.

Chairman Sander Andersen praised the maneuver as a boost for "scale, credibility and access to capital markets," noting that the "challenging" market environment makes a capital-efficient acquisition particularly tasty. He also promised future BTC buys to keep the balance sheet's engine purring, a pledge that sounds like "we'll keep stacking" in boardroom lingo.

This acquisition follows H100's recent purchase of Swiss-based Future Holdings AG and aligns with a broader rally among European treasury firms. For instance, Capital B just added 44 BTC for €2.7 million, nudging its total to 2,888 BTC at an average cost of $106,662 per coin. H100's own average cost basis is sitting at $114,615 per BTC, a number that might make some hodlers wince.

A stock-market reality check: H100's share price has cratered more than 74% over the past nine months and is down over 26% year-to-date in 2026. This mirrors the pressure on Bitcoin-treasury stocks as BTC trades significantly below its October 2025 peak—a classic case of the paper price not reflecting the digital asset's potential.

In essence, H100 is wagering on a share-for-satoshi swap to massively expand its crypto reserves, climb the European corporate rankings, and broadcast that health-tech firms can play in the Bitcoin treasury arena just as effectively as the old-guard tech bros.