Key highlights:
H100 Group, a prominent Bitcoin treasury company, has completed its biggest Bitcoin purchase to date. The latest purchase comes as H100 has acquired two Norwegian Bitcoin treasury firms, contributing about 2,455 BTC to its holdings. Thus, the H100 Bitcoin treasury now boasts a total of 3,506.4 BTC, worth nearly $230 million.
Notably, the acquisition was completed via a share-based deal without cash payment. Following the latest move, H100 has become the second-largest publicly listed Bitcoin treasury company in Europe.
H100 acquires 2,455.4 Bitcoin at approx. USD 62,900 per Bitcoin, increasing total holdings to 3,506 BTC.
The transaction, announced in April, has now been completed:
– Largest M&A transaction in the European Public Bitcoin Equity sector
– World’s first Bitcoin-for-Bitcoin… pic.twitter.com/08dX9slrQH
— H100 (@H100Group) August 10, 2026
H100 Bitcoin treasury expands with the latest acquisition
H100 Group, the Swedish health-tech company now better known as a Bitcoin treasury, has announced the acquisition of NDS AS. The deal has added about 2,455.37 BTC to the company’s BTC portfolio, bringing its total holdings to 3,506.4 coins.
What is more interesting about the deal is that it gives H100 exposure to Moonshot AD and PDI AS. Unlike a traditional acquisition, the deal has not involved cash payment. Instead, it was executed through a Bitcoin-for-Bitcoin structure, with H100 issuing new shares to the sellers. The deal was valued at 1.0x modified net asset value (mNAV). For this transaction, the company used a BTC price of SEK 598,926.69, or around $62,900, as of July 31, 2026.
However, the total holdings of H100 Bitcoin treasury are still below its overall cost basis. While the average purchase rate stands at around $78,400 per BTC, the total value of its holdings remains under the total value of accumulation at the current Bitcoin price.
Chairman Sander Andersen took to X to share this development, where he stated:
“Today we completed the largest M&A transaction in the history of European public Bitcoin Equity. It is also the first in the world done Bitcoin for Bitcoin. H100 acquired 2,455 BTC at around 62,900 dollars per bitcoin, taking our holdings from 1,051 to 3,506 Bitcoin… Just as important is who joins us. A team whose technology and market capabilities complete our own, and a principal owner who has spent more than a decade building Bitcoin infrastructure and holding Bitcoin.”
How does the Bitcoin price correction impact treasury companies?
The Bitcoin price is currently trading significantly lower than its all-time high of $126k, achieved last October. As BTC hovers at nearly half of this value, treasury companies are facing notable unrealized losses. This 50% fall has wiped out a large part of the paper gains these companies had built during the previous rally.
Altogether, Bitcoin treasury companies hold more than 1.26 million BTC. But these companies are now trading below the market value of the Bitcoin they hold. This means that their mNAV ratios have dropped below 1.0.
One of the greatest examples is Strategy, the largest Bitcoin treasury company, which currently holds around 842,138 BTC. The company bought these coins at an average price of $75,000. At the current BTC price, Strategy is facing a notable unrealized loss of about 13%-15%. Metaplanet, the largest Bitcoin treasury firm in Asia, is under greater pressure. Its average BTC purchase rate is $100,000. Now the company is facing around 40% unrealized losses.
This growing pressure has also forced these companies to sell their Bitcoin holdings. Both Strategy and Metaplanet have dumped some of their coins. Other major players like MARA Holdings have also offloaded their holdings.
Source:: H100 Bitcoin Treasury Completes Its Biggest BTC Acquisition, Holdings Near $230M