H100 Shareholders Approve Bitcoin Deal That Would Make It Europe’s No. 2 Listed Treasury

H100 Group shareholders cast their votes in Stockholm on Tuesday, giving the company’s board authority to close acquisitions of two Norwegian bitcoin treasury firms — a deal that would take the company’s holdings from 1,051 BTC to around 3,500 BTC and rank it second among Europe’s listed bitcoin treasury companies.

The annual general meeting was the decisive checkpoint for H100’s binding share purchase agreements with Moonshot AS and Never Say Die AS. 

The two Norwegian companies hold a combined 2,450 BTC. Under the deal’s structure, existing H100 shareholders retain 30% of the merged entity, with the sellers taking 70%.

Adam Back, the British cryptographer best known as the inventor of Hashcash and the CEO of Blockstream, is a central figure in H100’s expansion. 

Back invested SEK 21 million — about $1.98 million — in H100 through a convertible loan structure with an option to expand to SEK 277 million, tying his capital to the company’s bitcoin accumulation strategy. 

He is a backer of Future Holdings AG, the Zurich-based bitcoin treasury firm H100 agreed to acquire in January in a separate deal that kicked off the consolidation run.

Back’s involvement gives H100 a credibility anchor that few European treasury firms can claim. His 1997 Hashcash paper was cited in Satoshi Nakamoto’s Bitcoin whitepaper, and Blockstream has been a cornerstone institution in BTC infrastructure since its founding in 2014. 

The deal would put H100 behind Bitcoin Group SE — the German firm that holds 3,605 BTC — among Europe’s listed bitcoin treasury companies. At Tuesday’s price of $62,453 per coin, down more than 3.7% on the day amid a broader market selloff, a 3,500 BTC treasury carries a market value near $218 million.

H100’s pivot from health-tech company to bitcoin treasury vehicle has been one of the more dramatic corporate identity shifts in European markets over the past year. The company’s stock climbed 280% after its bitcoin strategy announcement, and the Moonshot and Never Say Die acquisitions are the culmination of a consolidation effort that began with the Future Holdings letter of intent in January.

The model mirrors what Strategy built on the other side of the Atlantic: treat BTC as the core reserve asset, issue shares to fund accumulation, and grow holdings through deal-making. 

H100 has added a Nordic angle, absorbing regional firms to build scale in a market where BTC treasury companies have proliferated without a clear dominant player.

Meanwhile, BSTR eyes public listing with 30,021 bitcoin

On top of all this, Cantor Equity Partners I shareholders vote Friday to bring Back’s Bitcoin Standard Treasury Company public on Nasdaq under the ticker BSTR — entering the global leaderboard at fifth place with 30,021 BTC secured at close.

The ranking may not hold long. A $1.5 billion PIPE deal is in motion, and Samson Mow ran the math on X Tuesday: fully deployed at current prices, it buys roughly 23,500 additional coins, pushing BSTR’s total to around 53,500 BTC and second place globally — behind only Strategy. 

Mow’s kicker was this: BSTR would hold the lowest cost basis of any major treasury, arriving while BTC trades near its 200-day moving average around $62,000.