H100 Group completes acquisition of NSD AS in first all-Bitcoin M&A deal, holdings reach 3,506 BTC

Aug 10, 2026

Swedish firm H100 Group AB completed its acquisition of Norwegian treasury entity NSD AS on August 10, 2026, in a historic all-Bitcoin M&A deal. The transaction involved no cash, with H100 issuing 790,534,666 new shares to the sellers. This transaction added 2,455.37 Bitcoin to H100's balance sheet, nearly tripling its total holdings to 3,506.4 Bitcoin. While existing shareholders face 70% dilution, satoshis per basic share remain unchanged, and fully diluted satoshis per share increase by 5%.

Bitcoin-for-Bitcoin M&A structure

▪The reference Bitcoin price used for the H100 Group AB transaction was SEK 598,926.69, or approximately $62,900, as of July 31, 2026.
▪The acquisition of NSD AS by H100 Group AB was completed on a 1:1 Bitcoin-for-Bitcoin basis with no cash consideration.
▪The acquisition of NSD AS by H100 Group AB was completed at 1.0x merged net asset value, corresponding to an implied share price of SEK 1.86.

H100 Bitcoin treasury expansion

▪H100 Group AB's origins are in health technology, with the company pivoting to a Bitcoin-focused strategy in May 2025.
▪H100 Group AB acquired 2,455.37 Bitcoin through the NSD AS transaction, increasing its total treasury holdings from 1,051 Bitcoin to 3,506.4 Bitcoin.

Share issuance dilution mechanics

▪H100 Group AB issued 790,534,666 new shares to the sellers of NSD AS, resulting in approximately 70% dilution for existing shareholders.
▪The principal seller of NSD AS, Geir Harald Hansen, is subject to a 12-month lock-up on his newly issued H100 Group AB shares.
▪Following the transaction, H100 Group AB's satoshis per basic share remained unchanged, while satoshis per fully diluted share increased by approximately 5%.

Moonshot subsidiary integration

▪The acquisition of NSD AS integrates Moonshot AS, whose CEO Eirik Grøttum stated the partnership aims to build at the intersection of technology, finance, and Bitcoin.
▪The integration of Moonshot AS into H100 Group AB brings experienced team members to enhance the company's capacity for institutional engagement.

PDI subsidiary integration

▪The acquired entity NSD AS, which owns Moonshot AS and PDI AS, has no outstanding financial debt.
▪The acquisition of NSD AS integrates PDI AS, a subsidiary that pursues an active Bitcoin management strategy aimed at preserving capital and managing downside risk.