H100 prints 790.5M shares, walks away with 2,455 BTC and Europe's No. 2 spot 🪙

Sweden-listed H100 Group has completed an acquisition of Norwegian Bitcoin companies holding 2,455 BTC, more than tripling its Bitcoin treasury to 3,506 BTC, the company said in a Monday press release. The transaction involved no cash consideration. Instead, H100 issued 790.5 million new shares to the sellers, diluting existing shareholders by about 70%.

H100 priced the shares at 1.86 Swedish kronor ($0.20) each, valuing the transaction at approximately 1.47 billion kronor ($155 million). The company stated the consideration was calculated on a 1:1 "Bitcoin-for-Bitcoin" basis, with the number of shares issued determined by the sellers' proportionate share of the combined Bitcoin holdings of H100 and the acquired companies. Other assets and liabilities were excluded from the calculation.

The acquisition raised the value of H100's Bitcoin holdings to about $228 million, making it Europe's second-largest Bitcoin treasury company by holdings. Germany-based Bitcoin Group SE ranks first with 3,605 BTC, according to BitcoinTreasuries.

H100 first announced the deal in March, when it signed a letter of intent to acquire the privately held Norwegian companies Moonshot and Never Say Die, along with their Bitcoin holdings. The completed transaction cements H100's position among the region's largest holders of BTC behind only Bitcoin Group SE.