Adam Back-backed H100 more than triples bitcoin holdings to 3,506 BTC in acquisition deal
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H100 Group, a Swedish health technology company-turned-bitcoin treasury firm backed by Blockstream CEO Adam Back, more than tripled its bitcoin holdings after acquiring the Norwegian firms Moonshot and PDI.
Key facts
The company added 2,455.7 BTC through the deal, bringing its total holdings to over 3,506 BTC worth roughly $226.7 million at current prices
The new shares were issued at SEK 1.86 each, giving them an overall value of around SEK 1.47 billion (~$155 million)
The 790.5 million new shares issued significantly expanded H100's share count, representing an estimated 70% dilution based on the number of shares outstanding at the time of the announcement
H100 paid for the acquisition by issuing roughly 790.5 million new shares to the sellers rather than using cash
Summary
The company added 2,455.7 BTC through the deal, bringing its total holdings to over 3,506 BTC worth roughly $226.7 million at current prices. This vaulted H100 from the 42nd-largest to the 26th-largest public corporate bitcoin holder, putting it within striking distance of the Winklevoss-led Gemini treasury, according to Bitcoin Treasuries. H100 paid for the acquisition by issuing roughly 790.5 million new shares to the sellers rather than using cash. The 790.5 million new shares issued significantly expanded H100's share count, representing an estimated 70% dilution based on the number of shares outstanding at the time of the announcement.