Adam Back-backed H100 more than triples its bitcoin to 3,506 BTC

H100 Group, the Swedish bitcoin treasury company backed by Blockstream CEO Adam Back, completed an acquisition that lifted its bitcoin holdings from about 1,051 BTC to 3,506 BTC, The Block reported. The company added 2,455.4 BTC through the deal, more than tripling its prior stack.

H100 acquired NSD AS, a holding company that owns Moonshot AS and PDI AS, and paid for it entirely in stock rather than cash: 790,534,666 newly issued shares at 1.86 Swedish kronor apiece, worth roughly 1.47 billion kronor, or about $155 million. The issue was priced at 1.0x mNAV using a reference bitcoin price around $62,900. Existing H100 shareholders saw their stakes diluted by roughly 70%.

“This is the largest M&A transaction ever completed in the European Public Bitcoin Equity sector, and the first in the world done Bitcoin for Bitcoin.”

— Sander Andersen, Executive Chairman, H100 Group

Geir Harald Hansen, who founded the mining pool Bitminter in 2011, was the principal seller and now holds roughly 70% of the enlarged company, subject to a 12-month lock-up. Adam Back's role is limited to backing H100 with a convertible loan, worth up to 277 million kronor, first extended in mid-2025; he holds no board seat or executive title at the company and wasn't quoted on this deal.

The new total puts H100 in second place among European corporate bitcoin holders, roughly 99 BTC behind Germany's Bitcoin Group SE, which holds 3,605 BTC. Shares of H100 fell sharply on the day of the announcement, trading near 0.96 kronor against a previous close of 1.46 kronor, a drop consistent with the scale of the new share issuance.

• Bitcoin holdings rose from about 1,051 BTC to 3,506 BTC after adding 2,455.4 BTC
• Paid with 790.5 million new shares, no cash, diluting existing holders by about 70%
• New total trails Germany's Bitcoin Group SE (3,605 BTC) by roughly 99 BTC for Europe's top spot

None of this should be read as personalized investment advice.