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BTC H100 increased its bitcoin holdings to 3,506 through the Norway acquisition.
The H100 Group completed its largest treasury expansion, adding 2,455.37 bitcoins through two Norway acquisitions. The transaction increased H100's Bitcoin holdings to 3,506.4, worth approximately US$230 million at current prices.
The Swedish company completed the transaction by issuing shares rather than paying in cash. This structure expands its bitcoin reserves while retaining liquidity, but also has a significant diluting effect on existing shareholders.
H100 purchased 2,455.4 bitcoins at a price of approximately US$62,900 each, bringing its total holdings to 3,506 bitcoins. The transaction was announced in April and has now been completed:
-Europe's largest M & A transaction in the public bitcoin equity sector
-the world's first exchange of bitcoin for bitcoin...
Completed transactions cover NSD AS (formerly WR Start Up 594AS) and Norway companies Moonshot and PDI. These transactions transferred 2,455.37 bitcoins to H100, more than tripling its reserves.
According to Bitcoin treasury data, H100's Bitcoin holdings rose from 42nd to 26th among listed companies. This total brings the H100 closer to Gemini's disclosed corporate holdings.
Bitcoin is currently trading below the average purchase price of $78,400 reported by H100. As a result, the Treasury faces unrealized losses despite the nominal expansion. Its current value, at various market prices, ranges from approximately $226.7 million to $230 million.
This expansion continues the gradual strategy that began with a purchase of 4.39 bitcoins in May 2025. Its board of directors formally adopted the Bitcoin treasury policy the following month. H100 continued to accumulate in early 2026 and subsequently completed this larger corporate transaction.
The share issue retains cash but brings significant dilution
At the same time, H100 funded the acquisition by issuing approximately 790.5 million new shares (SEK 1.86 per share). The total value of these securities is approximately Swedish kronor 1.47 billion, or approximately US$155 million.
Management stated that the structure kept the basic currency per share unchanged and increased the fully diluted currency per share by approximately 5%.
However, this offering significantly increased the number of shares. Based on estimates based on the issued shares of H100 when the transaction was announced, the dilution level was close to 70%. This trade-off allows H100's Bitcoin holdings to grow without direct cash payments. Existing investors now hold a decline in the proportion of shares in the company.
Executive Chairman Sander Anderson described the deal as Europe's largest public Bitcoin equity acquisition. H100's Bitcoin holdings place it among the largest publicly traded Bitcoin treasuries in Europe.
In comparison, Strategy sold 1,690 bitcoins last week for $108.6 million. MARA also reported selling 2,213 bitcoins in the second quarter, bringing its total sales in the first half to 23,093 bitcoins, worth approximately US$1.6 billion. These sell-offs highlight a very different treasury strategy from the sharp increase in H100 Bitcoin holdings.
