H100 Absorbs Two Norwegian Bitcoin Firms at $114,615 Average Cost
What You Need to Know
- H100 Group acquiring two Norwegian Bitcoin entities in all-share deal, tripling Bitcoin reserves to 3,501 BTC.
- H100’s average Bitcoin cost basis is $114,615 per coin versus current price near $62,400, creating $55 million paper loss.
- H100 stock has declined over 91% in the past year, making sellers exposed to both Bitcoin price and equity discount.
- Deal positions H100 as second-largest listed Bitcoin treasury company in Europe, signaling consolidation trend among small discounted treasuries.
Sweden’s H100 Group has shareholder approval to issue the stock needed to absorb two Norwegian Bitcoin-holding entities, Moonshot AS and Never Say Die AS, in an all-share deal that will roughly triple its Bitcoin reserve from 1,051 BTC to around 3,501 BTC. No cash changes hands: the sellers receive newly issued H100 shares, keeping their Bitcoin exposure alive inside a listed vehicle rather than liquidating it.
The structure is a recognizable playbook from the MicroStrategy era, where the point is not to buy Bitcoin so much as to become a leveraged proxy for it inside a regulated, tradeable wrapper. What makes H100’s version of this unusual is the entry price: the company’s average cost basis sits at $114,615 per coin, against Bitcoin’s current price near $62,400. That means the existing treasury is sitting at a paper loss of roughly $55 million relative to acquisition cost, and the sellers from Moonshot and Never Say Die are folding their coins into a vehicle that is already deeply underwater on its stack. The all-share consideration means those sellers are now exposed to both Bitcoin’s price and H100’s equity discount, which is a compounding bet rather than a hedge.
H100 stock has lost more than 91% over the past year. That is the actual context for the “scale and credibility” framing from the chairman.
Europe’s Listed Bitcoin Treasury Race
The deal would place H100 just behind Germany’s Bitcoin Group at 3,605 BTC, making it the second-largest listed Bitcoin treasury company in Europe by coin count. That ranking matters less as a trophy and more as a signal of where European listed vehicles are heading: consolidation, because small treasuries at a discount to net asset value are essentially acquisition targets waiting for a buyer with a higher share price to absorb them. H100’s move from 43rd to 26th globally on Bitcointreasuries.net rankings also reflects how quickly the corporate treasury field has expanded, with dozens of smaller firms now competing for the same institutional narrative.
The AGM also expanded H100’s share capital ceiling significantly, setting a new maximum of 4.4 billion shares, up from current levels. That headroom suggests further issuances are possible, and in a stock down 38% year to date, dilution risk is a real consideration for existing shareholders even if the Bitcoin per share math improves with the acquisition.
0 Comments