H100 Group completes world’s first Bitcoin-for-Bitcoin M&A deal

A publicly traded Swedish company just pulled off something that has never happened before in public markets: an M&A deal where both sides of the transaction were denominated entirely in Bitcoin. No dollars changed hands. No euros. No Swedish kronor. Just Bitcoin moving from one corporate treasury to another.

H100 Group AB, listed on the NGM Nordic SME exchange, completed its acquisition of Norwegian Bitcoin treasury entities Moonshot AS and PDI AS on August 10. The deal catapulted H100’s Bitcoin holdings from 1,051 BTC to 3,506.4 BTC, a 234% increase that makes the company a considerably larger player in what’s becoming an increasingly crowded field of corporate Bitcoin accumulators.

How the deal actually worked

H100 didn’t pay the sellers in Bitcoin directly. Instead, it issued roughly 790.5 million new shares to the owners of Moonshot AS and PDI AS. The sellers’ entities held 2,455.37 BTC on their balance sheets, and those holdings rolled into H100’s treasury through the all-share transaction. No cash consideration was involved at any point.

The share price was set at SEK 1.86 per share, based on the merged net asset value. The reference Bitcoin price used for valuation purposes was SEK 598,927 per BTC (approximately $62,900) as of July 31. That puts the deal at roughly 1.0x mNAV, meaning neither side paid a premium or accepted a discount relative to the underlying Bitcoin value.

For existing H100 shareholders, the new share issuance resulted in approximately 70% dilution, leaving legacy holders with around 30% of the merged entity. H100’s Executive Chairman Sander Andersen stated the acquisition “not only preserves the Bitcoin-per-share ratios but also integrates experienced team members, enhancing the company’s capacity for institutional engagement.”

Geir Harald Hansen, identified as the principal seller, is subject to a 12-month lock-up on his newly issued shares.

From health tech to Bitcoin treasury

H100 Group’s origins are in health technology. The pivot to a Bitcoin-focused strategy happened in 2025, placing H100 in the growing cohort of public companies that have decided their balance sheets should hold Bitcoin rather than traditional cash reserves.

H100 described the Moonshot/PDI acquisition as the largest M&A transaction in the European Public Bitcoin Equity sector. The deal received shareholder approval at H100’s annual general meeting on June 23, well ahead of the August closing date.