H100 Pursues Bitcoin Treasuries in All-Stock Norwegian Deal

Edgen Crypto

·Mar 23 2026, 10:10

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Key Takeaways

Swedish company H100 has announced its intent to acquire two Norwegian Bitcoin treasury firms, positioning itself as a major European player in corporate Bitcoin holdings. This move reflects a growing trend across Europe, where firms are increasingly adopting Bitcoin as a primary reserve asset, following the aggressive accumulation strategy set by US-based market leaders.

H100 signed a letter of intent on March 23, 2026, to acquire two Norwegian Bitcoin treasury companies through an all-stock deal.
The acquisition signals a heating European market for corporate Bitcoin adoption, with firms like Paris-based Capital B also raising funds to expand their BTC holdings.
These European strategies are developing as US-based Strategy solidifies its leadership, having recently grown its holdings to 761,068 BTC valued at over $57 billion.

H100 Plans All-Stock Deal for Norwegian Bitcoin Holdings

On March 23, 2026, Swedish company H100 signed a letter of intent to acquire two Norwegian Bitcoin treasury companies and their holdings. The transaction, structured as an all-stock deal, is set to make H100 the second-largest publicly-listed Bitcoin treasury company in Europe if it proceeds. This strategic move signals growing consolidation and institutional interest in Bitcoin as a core treasury asset within the region, establishing a significant new player in the European market.

European Bitcoin Treasury Race Intensifies

The move by H100 is not an isolated event but part of a broader acceleration of corporate Bitcoin strategies in Europe. Paris-listed Capital B recently raised €3 million to fund the acquisition of approximately 36 additional bitcoin, aiming to bring its total holdings to 2,880 BTC. This capital raise, combined with H100's planned acquisitions, underscores a clear trend of European companies building balance sheets centered on digital assets. The developing rivalry contrasts with other corporate activities in the region, such as Bitdeer decommissioning Bitcoin mining rigs at its Tydal, Norway, facility to pivot toward AI infrastructure.

Strategy's 761,068 BTC Sets Global Corporate Benchmark

While European firms are making significant strides, their scale remains dwarfed by the leading US player, Strategy. The company recently executed one of its largest purchases on record, acquiring 22,337 BTC for $1.57 billion. This brought its total reserves to 761,068 BTC, acquired for a total cost of $57.61 billion. Strategy's aggressive accumulation, funded primarily through the sale of its STRC series of preferred stock, provides a high-stakes playbook that European counterparts are beginning to emulate as they compete for capital and market positioning.