H100 Triples Bitcoin Holdings To 3,506 BTC In No-Cash NSD Acquisition

H100 Group has nearly tripled its Bitcoin holdings to 3,506.4 BTC after completing its acquisition of Norwegian company NSD AS through an all-share transaction requiring no cash consideration.

The August 10 acquisition brought 2,455.37 BTC into H100 through NSD’s direct and indirect ownership of Moonshot AS and PDI AS. H100 entered the transaction holding approximately 1,051 BTC.

The enlarged treasury positions H100 among Europe’s largest publicly listed Bitcoin holders and creates what the company describes as the first Bitcoin-for-Bitcoin public-market acquisition.

Deal Values Bitcoin At About $62,900

H100 completed the transaction at 1.0x modified net asset value using a Bitcoin reference price of SEK 598,926.69, approximately $62,900, at the agreed July 31 valuation point.

The company issued 790.53 million new shares to NSD’s sellers at SEK 1.86 per share. Seller promissory notes totaling approximately SEK 1.47 billion were offset against the consideration shares, allowing the acquisition to close without H100 paying cash.

The structure preserved sats per basic share while increasing sats per fully diluted share by approximately 5%. NSD entered the transaction without outstanding financial debt.

The new shares represent approximately 70% dilution relative to H100’s post-transaction share count. Principal seller Geir Harald Hansen agreed to a 12-month lock-up covering the shares he received.

H100 Uses Equity To Expand Bitcoin Per Share

The transaction differs from a conventional treasury acquisition because H100 exchanged equity for a company whose value was largely represented by Bitcoin rather than raising cash and purchasing BTC in the open market.

Executive Chairman Sander Andersen described Bitcoin per share as the central metric behind the structure, with the acquisition designed to expand H100’s treasury without reducing basic sats-per-share exposure.

H100 had already expanded its Bitcoin strategy through a $79 million financing programme backed by Blockstream CEO Adam Back and later pursued consolidation through a proposed takeover of Future Holdings.

The approach contrasts with other public Bitcoin holders increasingly treating BTC as an active source of liquidity. MARA sold 23,093 BTC for $1.6 billion during the first half of 2026 while directing capital toward operations, energy infrastructure and AI expansion.

NSD Adds Bitcoin Management Infrastructure

The acquisition adds more than Bitcoin to H100’s balance sheet. NSD’s PDI subsidiary operates an active Bitcoin management strategy focused on capital preservation, downside management and additional cash generation while maintaining long-term BTC exposure.

Moonshot CEO Eirik Grøttum and teams from the acquired businesses are also joining H100, adding technology and market infrastructure to the group.