Shareholders of Sweden’s H100 approved the issuance of shares needed to complete the company’s acquisition of Moonshot AS and Never Say Die AS, clearing a key condition for a transaction that would increase its Bitcoin holdings from 1,051 BTC to approximately 3,500 BTC.
The approval allows H100, a Nordic SME-listed health technology company, to acquire the two Norwegian investment firms, which collectively hold about 2,450 Bitcoin, in exchange for newly issued H100 shares. Under terms announced in March, the owners of Moonshot and Never Say Die would become majority shareholders of H100, owning roughly 70% of the combined company following the transaction.
Source: H100Group
The deal is structured as a share-for-share transaction with no cash consideration, with ownership of the combined company based on the amount of Bitcoin (BTC) contributed by each party.
If completed, the acquisition would increase H100’s Bitcoin treasury to approximately 3,500 BTC, likely making it Europe’s second-largest publicly traded Bitcoin treasury company behind Germany’s Bitcoin Group SE, according to data from BitcoinTreasuries.com.
H100 shares closed 9.6% higher on Tuesday. Despite the gain, the stock remains down about 30% since the start of 2026, per Yahoo Finance data.
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BTC treasury companies face pressure
H100’s planned expansion comes as Bitcoin treasury companies face a more challenging market environment following months of declining cryptocurrency prices and signs of strain in some of the financing models used to fund BTC purchases.
In May, France-based semiconductor maker Sequans Communications said it would abandon the Bitcoin treasury strategy it adopted less than a year earlier and gradually liquidate its remaining holdings to refocus on its core Internet of Things semiconductor business. The company held 658 Bitcoin at the time and said it would monetize the remaining holdings over time.
Strategy, the world’s largest corporate Bitcoin holder, has also faced challenges in recent months. Earlier this month, its preferred stock STRC fell below its intended $100 par value and traded at a steep discount to its liquidation preference.
The company’s pace of Bitcoin accumulation has also slowed in recent months. After purchasing more than 34,000 BTC in a single week in April and nearly 25,000 BTC in a week in May, the company added roughly 1,500 BTC in each of the first two weeks of June.
Market data analytics provider CryptoQuant on Wednesday said the company led by Michael Saylor should pause Bitcoin purchases and focus on replenishing its cash reserve, which is down 38% year-to-date.
“They should pause Bitcoin purchases, rebuild cash reserves, and adopt a systematic framework for purchase timing,” wrote the market data analytics provider’s CEO Ki Young Ju in a Wednesday X post, adding that the biggest public Bitcoin treasury holder should also create a “disciplined selling framework” for the next bull market.
Source: Strategy.com
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