H100 Shareholders Approve 2,450 BTC Norwegian Acquisition

H100 Group shareholders voted to acquire Moonshot AS and Never Say Die AS on June 23, 2026, boosting the Swedish listed company’s bitcoin holdings to approximately 3,500 BTC and positioning it as Europe’s second-largest listed bitcoin treasury firm.

In total, the acquisition consolidates 2,450 BTC from the two Norwegian treasury firms into H100’s existing 1,051 BTC position. Under the deal structure, existing H100 shareholders retain 30% of the merged entity while the sellers hold 70%.

Adam Back, the British cryptographer and CEO of Blockstream, holds a significant stake in H100. Specifically, Back’s initial investment was SEK 21 million (approximately $1.98 million), with an option to expand that position by SEK 277 million.

The move reflects a broader consolidation trend among European bitcoin treasury companies. Bitcoin Group SE currently holds the largest European listed position at 3,605 BTC. H100’s new 3,500 BTC treasury translates to approximately $218 million in market value at the $62,453 bitcoin price at the time of the shareholder meeting, though bitcoin declined 3.7% on the day.

BSTR Nasdaq Listing and Global Positioning

The H100 acquisition announcement comes as Bitcoin Standard Treasury Company (BSTR) prepares for a Nasdaq listing under ticker BSTR. BSTR currently holds 30,021 BTC and has secured a $1.5 billion PIPE (private investment in public equity) deal.

For context, BSTR’s 30,021 BTC would place it fifth on the global corporate bitcoin leaderboard at close. Analyst Samson Mow has projected that full PIPE deployment at current prices would purchase approximately 23,500 additional coins, lifting BSTR’s total to around 53,500 BTC, though that figure remains contingent on execution.

The Cantor Equity Partners I shareholder group is scheduled to vote on the BSTR public listing on Friday.

H100’s Bitcoin Pivot

H100 previously operated as a health-tech company before pivoting to a bitcoin treasury vehicle. The strategic shift proved lucrative for shareholders: H100’s stock climbed 280% following the announcement of its bitcoin accumulation strategy.

The consolidation model mirrors the approach pioneered by Strategy, which treats bitcoin as a core reserve asset, issues equity to fund accumulation, and grows holdings through acquisitive deals. H100 agreed to acquire Future Holdings AG, a Zurich-based bitcoin treasury firm, in January 2026, before moving forward with the Norwegian acquisitions.

H100 did not specify a closing date for the Moonshot AS and Never Say Die AS acquisitions in the shareholder materials reviewed.

Blockstream Connection

Back founded Blockstream in 2014 and is the inventor of Hashcash, the proof-of-work algorithm cited in Bitcoin’s original whitepaper. His involvement in H100 underscores institutional adoption of bitcoin treasury strategies among established figures in cryptocurrency infrastructure.