Bitcoin Treasury Company H100 Scoops $154M BTC in World’s First BTC-for-BTC Deal

H100 Group, a Swedish Bitcoin treasury company, has solidified its position as one of Europe’s largest publicly listed corporate holders of Bitcoin. The company recently completed a significant acquisition of 2,455.37 BTC, valued at approximately $154 million.

The deal, touted as the world’s first public-market Bitcoin-for-Bitcoin transaction, represents the largest of its kind in Europe and increases the company’s total Bitcoin holdings to 3,506.4 BTC.

World’s First BTC-for-BTC Deal 

H100’s transaction is classified as a Bitcoin-for-Bitcoin deal because the company exchanged newly issued shares for existing Bitcoin holdings directly and publicly. The Swedish crypto-savvy firm acquired NSD AS, a Norwegian company that represents ownership of both Moonshot AS and PDI AS, following an internal corporate reorganization.

Notably, these companies already held 2,455.37 BTC on their balance sheets, which means H100 obtained Bitcoin by acquiring their corporate structures. Instead of paying the sellers with cash, H100 issued approximately 790.5 million new shares as payment. This arrangement transferred Bitcoin exposure from the sellers to H100, while the sellers received equity reflective of their contributed Bitcoin holdings.

H100 stated that the exchange used a 1:1 Bitcoin basis, valuing both sides according to the same underlying Bitcoin amount. The transaction was completed at a 1.0× mNAV, using Bitcoin priced at nearly $62,900 at the agreed reference time of July 31. Since no cash changed hands, H100 expanded its Bitcoin treasury through an equity-funded corporate acquisition, rather than traditionally purchasing coins.

Bigger Treasury, Fresh Saylor Speculation

H100’s recent growth in its treasury makes it more competitive as public companies aim to build up their Bitcoin reserves. The company announced that the move supports its goal of increasing Bitcoin exposure per share, which is important for investors focused on treasury.

H100 also gains from acquiring businesses and talent related to technology and Bitcoin infrastructure. Its latest move adds real value to the acquisition, going beyond just increasing the number of Bitcoin it holds. Additionally, the timing of the move is significant, as corporate bitcoin purchases have gained attention once again after a quiet period.

Recently, Michael Saylor, the executive chairman of Strategy, hinted at a possible new bitcoin purchase, suggesting that the pause in buying may be over. This hint raises questions about Strategy’s plans, even though the company has not confirmed any new purchases yet. Together, H100’s acquisition and Saylor’s hint show how companies are developing new ways to acquire Bitcoin on a large scale.

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