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Shareholders of H100 made a decisive move on Tuesday in Stockholm. They gave the green light for the acquisition of two Norwegian companies specializing in bitcoin holdings—a vote that will propel the Swedish group to the second spot in Europe for publicly traded BTC treasuries.
The two targets are named Moonshot AS and Never Say Die AS. Together, they hold 2,450 BTC. Added to the 1,051 BTC already in H100’s coffers, this will amount to approximately 3,500 BTC after the closing. The mechanics of the transaction are clear: H100’s historical shareholders will retain 30% of the merged entity, while the Norwegian sellers will walk away with 70%. Not a trivial deal—the founders of Moonshot and Never Say Die will have significant influence in the new H100.
Two Norwegian firms, one single calculation.
Adam Back Puts 21 Million SEK on the Table
The name turning heads in this deal is Adam Back. The British cryptographer and CEO of Blockstream has injected 21 million SEK into H100 via a convertible loan—about $1.98 million at the current rate. But that’s not all. The agreement includes an extension option that could raise the total commitment to 277 million SEK. A high range that, if realized, would radically change H100’s accumulation capacity.
Back is not just any investor. His name has circulated in the bitcoin ecosystem since the 1990s—he is the inventor of Hashcash, the proof-of-work mechanism that directly inspired Satoshi Nakamoto. His involvement gives H100 a credibility that few European treasury companies can claim. Blockstream, his company, has been part of the core infrastructure of the bitcoin network for years. It’s not something you can buy.
Health-Tech to Bitcoin Pivot: One of Europe’s Most Spectacular
H100 hasn’t always been in this business. The company was positioned in health-tech before making a sharp pivot to a bitcoin treasury strategy. The pivot was radical—and the market responded strongly. After announcing the new strategy, H100’s stock rose by 280%. Not a timid rebound. A clear signal that European investors are seeking publicly traded BTC exposure vehicles.
The acquisitions of Moonshot and Never Say Die mark the culmination of a process that began in January. H100 also absorbed Future Holdings AG, a bitcoin treasury firm based in Zurich, as part of the same consolidation logic. The overall strategy mirrors what MicroStrategy popularized in the United States: treat BTC as the main reserve asset, raise funds through stock issuance, and grow through acquisitions. Simple on paper. Hard to execute.
The European bitcoin treasury market remains fragmented. Bitcoin Group SE in Germany is probably the historical reference on the continent. H100 clearly aims to challenge this position, or even surpass it in the long run.
No undisputed leader in Europe for now.
BSTR on Nasdaq: Vote Friday, Massive Stakes
While H100 consolidates in Europe, Adam Back is also playing another hand in the U.S. Shareholders of Cantor Equity Partners I are voting on Friday to take the Bitcoin Standard Treasury Company public—ticker BSTR—on the Nasdaq. If the vote passes, BSTR will hit the markets with 30,021 BTC, placing it fifth globally among publicly traded bitcoin treasuries.
But the real number to watch is the ongoing PIPE transaction. $1.5 billion. If it closes, BSTR could acquire about 23,500 more BTC. This would propel it directly to the second place globally. Behind MicroStrategy, probably. Ahead of everyone else.
Back and his teams highlight another argument: BSTR’s base cost would be among the lowest of the major treasuries, while BTC trades close to its 200-day moving average. A timing that might not be coincidental.
Two distinct operations, one architect, two continents.
What stands out in all this is the speed. H100 has gone from a health-tech company to the number 2 European BTC treasury in less than 18 months. The sector’s consolidation is accelerating—Moonshot, Never Say Die, Future Holdings AG, all absorbed on a tight schedule. And Back is orchestrating a U.S. IPO in parallel that could reshuffle the global cards as early as next week.
The 3,500 BTC of H100 after closing, that’s the number to remember on the European side.
Frequently Asked Questions
How much bitcoin will H100 hold after acquiring Moonshot AS and Never Say Die AS?
After acquiring the two Norwegian companies, H100 will hold approximately 3,500 BTC, compared to 1,051 BTC before the transaction.
What is Adam Back’s investment in H100?
Adam Back, CEO of Blockstream, invested 21 million SEK (about $1.98 million) in H100 via a convertible loan, with an extension option up to 277 million SEK.
What is BSTR and why is its IPO important?
BSTR is the ticker for the Bitcoin Standard Treasury Company, led by Adam Back, aiming for a Nasdaq listing via Cantor Equity Partners I. With 30,021 BTC and a $1.5 billion PIPE transaction underway, it could reach the second global position in bitcoin treasuries if the deal goes through.
