H100 Group shareholders voted Tuesday in Stockholm to authorize the board to close acquisitions of Moonshot AS and Never Say Die AS, two Norwegian bitcoin treasury firms holding a combined 2,450 BTC. The vote clears the final checkpoint on binding share purchase agreements that would lift H100's total holdings from 1,051 BTC to approximately 3,500 BTC.
Under the deal structure, existing H100 shareholders retain 30% of the merged entity, with the Norwegian sellers taking 70%. At market prices near $62,000 per coin, the combined treasury carries a notional value around $217 million.
Adam Back, CEO of Blockstream and the cryptographer whose 1997 Hashcash paper was cited in Bitcoin's whitepaper, anchors the expansion through a convertible loan investment of SEK 21 million (roughly $1.98 million) with an option to expand to SEK 277 million. Back also backed Future Holdings AG, a Zurich-based bitcoin treasury firm H100 agreed to acquire separately in January, signaling a consolidation pattern across European treasure holders.
H100's climb to second place tracks a sharp market-value swing. The company's stock climbed 280% after announcing its bitcoin strategy, and the twin acquisitions follow the Future Holdings deal that kicked off the company's pivot from health-tech operator to bitcoin reserve vehicle. Only Bitcoin Group SE, the German firm holding 3,605 BTC, ranks higher among Europe's listed treasury companies.
The bigger move: Cantor to list BSTR with 30,000+ BTC
The H100 vote lands days before a parallel filing with higher stakes. Cantor Equity Partners I shareholders vote Friday on bringing Bitcoin Standard Treasury Company (BSTR) to Nasdaq under the ticker BSTR. The company enters the global leaderboard at fifth place with 30,021 BTC secured, but that ranking carries a short shelf life. A $1.5 billion PIPE deal is in motion, and according to Samson Mow's analysis posted Tuesday, full deployment at current prices would acquire roughly 23,500 additional coins, lifting BSTR to around 53,500 BTC and second place globally, behind only MicroStrategy.
Mow flagged a structural advantage: BSTR would carry the lowest cost basis of any major treasury firm, entering at prices near the 200-day moving average. The timing signals a deliberate cost-averaging strategy rather than a late-cycle accumulation play.