H100 wants to buy bitcoin-heavy Norwegian firms

H100 said it signed a non-binding letter of intent to acquire 100% of the shares in Moonshot AS and Never Say Die AS in an all-share transaction. The two Norwegian entities together hold about 2,450 BTC, and H100 said the deal would increase its own bitcoin holdings from 1,051 BTC to about 3,500 BTC after completion.

That is what makes the deal notable. H100 is not just adding a bit more bitcoin to its treasury, it is trying to absorb two existing bitcoin-holding companies in one step and transform its institutional scale almost overnight.

This is effectively a bitcoin-for-bitcoin expansion strategy

The proposed transaction stands out because it is not a normal operating-company acquisition story.

Instead of buying businesses mainly for revenue, products, or customers, H100 is using stock to acquire large bitcoin reserves already sitting inside other entities. That makes it closer to a treasury consolidation move than a traditional M&A deal.

This also fits the wider trend of listed companies increasingly using equity markets and corporate structures to build larger bitcoin positions without relying only on open-market purchases.

Why this matters for the market

If the deal closes, H100 would jump into a much more prominent position in Europe’s corporate bitcoin landscape.

A treasury of roughly 3,500 BTC would give the company a far stronger identity as a public bitcoin vehicle and could attract more attention from investors looking for listed exposure to bitcoin through equities rather than direct coin ownership. Based on the deal reporting, the combined treasury would be worth roughly $240 million at recent bitcoin prices.

The move also shows that the bitcoin treasury race is no longer centered only in the U.S. European listed firms are clearly getting more aggressive as they look for scale, narrative strength, and investor visibility.

The deal is still only proposed

For now, the transaction is not final.

H100 described the agreement as a non-binding letter of intent, which means the deal still depends on further negotiations and completion steps before it becomes definitive. So while the proposed post-deal treasury is large enough to change the company’s positioning, investors still need to treat it as a planned expansion rather than a completed one.

H100 is trying to make a step-change, not a small upgrade

This proposal is important because it is not about incremental treasury growth.

H100 is trying to move from being a company with just over 1,000 BTC to one with around 3,500 BTC through a single strategic transaction. If that happens, it would mark one of the more ambitious bitcoin treasury expansions by a European listed company in recent months.