H100 shareholders say yes to Moonshot, tripling the firm's BTC stash to ~3,500 🟧

Shareholders of Sweden's H100 Group approved the issuance of shares needed to complete the company's acquisition of Norwegian investment firms Moonshot AS and Never Say Die AS, clearing a key condition for a transaction that would lift its Bitcoin treasury from 1,051 BTC to roughly 3,500 BTC. The two firms collectively hold about 2,450 Bitcoin, which would be transferred to H100 in exchange for newly issued shares under the deal terms announced in March. The transaction is structured as a share-for-share exchange with no cash consideration, with ownership of the combined company based on the amount of BTC contributed by each party. Owners of Moonshot and Never Say Die would become majority shareholders, holding roughly 70% of the combined company after the deal closes. H100, a Nordic SME-listed health technology company, said the approval came from its general meeting of shareholders, according to H100Group. If completed, the acquisition would likely make H100 Europe's second-largest publicly traded Bitcoin treasury company behind Germany's Bitcoin Group SE, per BitcoinTreasuries.com data. H100 shares closed 9.6% higher on Tuesday, though the stock remains down about 30% since the start of 2026, according to Yahoo Finance data.

The expansion comes as Bitcoin treasury companies navigate a more difficult market backdrop following months of declining cryptocurrency prices and signs of strain in the financing models used to fund BTC purchases. France-based semiconductor maker Sequans Communications said in May 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 headwinds in recent weeks. Earlier this month, its preferred stock STRC traded below its intended $100 par value and at a steep discount to its liquidation preference. The company's pace of accumulation has slowed: after purchasing more than 34,000 BTC in a single week in April and nearly 25,000 BTC in a week in May, Strategy added roughly 1,500 BTC in each of the first two weeks of June. 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 CryptoQuant CEO Ki Young Ju in a Wednesday X post, adding that the largest public Bitcoin treasury holder should also create a disciplined purchase framework.