H100 Group AB completed the largest Bitcoin-for-Bitcoin M&A in public markets to date, acquiring private Norwegian targets Moonshot and Never Say Die, and expanding its total Bitcoin holdings to 3,506.4 BTC after adding 2,455.37 BTC.

The deal was entirely stock-based, with 790.5 million new H100 shares issued to sellers, valuing the transaction at about 1.47 billion kronor (roughly $155 million) and diluting existing shareholders by around 70%.

The transaction used a Bitcoin-for-Bitcoin valuation at SEK 1.86 per BTC, implying a Bitcoin price around SEK 598,926.69 as of late July, and was completed at 1x net asset value using the BTC holdings as the basis.

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Analysts suggest the move could influence crypto market dynamics and corporate treasuries, potentially prompting further issuance of Bitcoin-backed funding strategies.

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Despite H100’s aggressive expansion through stock-based funding, there is a broader trend of retreats in corporate BTC holdings among some peers.

The deal contrasts with other major holders like Strategy and MARA, which have recently reduced BTC, highlighting divergent treasury strategies among large holders.

Industry observer noted that Switch’s S-1 filing could set a high valuation benchmark for powered land companies, signaling potential comparative gaps among peers.

Regulatory clarity from EU MiCA is viewed as potentially accelerating crypto treasuries adoption by European listed firms.

WULF’s CFO retained all 500,000 vested shares with no tax withholding, described as resembling a sizable insider buy.

Bitcoin Treasuries rankings place H100 among the largest public corporate Bitcoin holders, with close peers like Gemini’s treasury noted in proximity in size.