H100 Group completed its cashless acquisition of NSD AS on Aug. 10, adding 2,455.37 Bitcoin and lifting its total treasury to 3,506.4 BTC. The share-based deal, valued at about $62,900 per BTC, creates roughly 70 percent dilution while leaving sats per basic share unchanged.
H100 Group completed its acquisition of NSD AS on Aug. 10, adding 2,455.37 Bitcoin and lifting its total treasury to 3,506.4 BTC.
"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 of H100, said. "Bitcoin per share is the metric that matters, and this transaction preserves it fully while nearly tripling our holdings to more than 3,500 Bitcoin."
The Stockholm-listed company paid no cash, issuing 790,534,666 new shares to the sellers at SEK 1.86 each. The consideration totaled about SEK 1.47 billion, settled through seller promissory notes offset against the new shares. The acquired Bitcoin was valued at a July 31 reference price of SEK 598,926.69, or about $62,900 per BTC — an agreed valuation, not an open-market purchase price. At Bitcoin's current price near $65,158, H100's enlarged treasury is worth roughly $228.5 million.
The deal follows a binding share purchase agreement signed April 23. NSD, formerly WR Start Up 594 AS, was reorganized to directly and indirectly own Moonshot AS and PDI AS, with no outstanding financial debt. The new shares create about 70 percent dilution based on the share count at close, yet H100 said sats per basic share stayed unchanged because consideration was based on each side's relative Bitcoin contribution; fully diluted sats per share rose about 5 percent, from 288 to 303.
The acquisition brings Moonshot and PDI into H100's structure. PDI follows an active Bitcoin management strategy focused on capital preservation, downside risk management and additional cash flow while retaining Bitcoin exposure, the group said. Principal seller Geir Harald Hansen entered a 12-month lockup covering his consideration shares, subject to specified exceptions.
The transaction marks rapid expansion from H100's first Bitcoin purchase in May 2025, when it acquired 4.39 BTC, and follows its Frankfurt market cross-listing in July 2025. The newly issued shares are expected to begin trading on NGM Nordic SME as soon as practicable, using authority approved by shareholders at the June 23 annual general meeting.
The cashless structure lets H100 nearly triple its Bitcoin holdings without drawing on cash, a template that could appeal to other listed treasury companies weighing acquisitions. With 3,506.4 BTC, H100 ranks among the largest publicly listed Bitcoin treasury holders in Europe, a cohort that includes Strategy and Japan's Metaplanet, though its roughly $228.5 million treasury remains a fraction of those peers' holdings.
This article is for informational purposes only and does not constitute investment advice.
