NSD AS acquisition lifts H100 Group's Bitcoin holdings to 3,506 BTC
What's the deal? H100 GroupDealroom has a profile for this one. Try Dealroom → has completed its acquisition of NSD ASDealroom has a profile for this one. Try Dealroom → — which, following a reorganisation, represents direct and indirect ownership of all shares in Moonshot AS and PDI AS — lifting H100's total holdings to 3,506.4 Bitcoin. The all-Bitcoin transaction added 2,455.37 Bitcoin and makes H100 one of Europe's largest publicly listed companies with a Bitcoin treasury.
How it works: The deal was struck on a 1:1 Bitcoin-for-Bitcoin basis, with no cash changing hands. H100 paid via seller promissory notes worth about SEK 1,470.4 million, set off against 790,534,666 new shares issued to the sellers on 10 August 2026.
The terms: The transaction closed at 1.0x mNAV — an implied share price of SEK 1.86 — based on a Bitcoin price of SEK 598,926.69 (roughly $62,900) at the reference time of 31 July 2026. Sats per basic share stayed flat, while sats per fully diluted share rose about 5%.
What H100 gains: Beyond the Bitcoin, the deal brings PDI AS, which runs an active Bitcoin management strategy aimed at preserving capital, managing downside risk and generating cash flow. The target company carries no financial debt.
Why now? H100 says the structure protects the metric it cares about most. "Bitcoin per share is the metric that matters, and this transaction preserves it fully while nearly tripling our holdings to more than 3,500 Bitcoin," said Sander AndersenDealroom has a profile for this one. Try Dealroom →, executive chairman of H100.
What's the endgame? H100 wants both the assets and the team behind them. Eirik Grøttum, chief executive officer of Moonshot AS, said the company chose H100 "because it shares our long-term vision and brings together the team, capabilities and ambition to drive the next phase of our growth."
The signal: H100 calls this the largest M&A deal in the European public Bitcoin equity sector and the world's first done Bitcoin-for-Bitcoin in public markets. As more listed firms build crypto treasuries, the deal points to a new playbook — consolidation paid in the asset itself rather than cash or conventional equity.
Read more: MFN
Image credit: btckeychain
