Swedish listed company H100 Group AB finalized on August 10 the acquisition of Norwegian firms Moonshot AS and PDI AS, both Bitcoin treasury companies, in an all-share transaction. The deal increased H100’s Bitcoin holdings from 1,051 BTC to 3,506.4 BTC, a 234% increase. Approximately 790.5 million new shares were issued based on a reference Bitcoin price of SEK 598,927 (approximately $62,900), valuing the transaction at 1.0x mNAV. Existing shareholders experienced approximately 70% dilution, retaining around 30% of the merged entity. H100, formerly active in health tech, pivoted to a Bitcoin treasury strategy in 2025.
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