Nordic Firm Jumps to Europe’s No. 2 Bitcoin Treasury as Major Firms Sell

H100 Group AB (H100) tripled its Bitcoin (BTC) treasury to 3,506 coins this week by absorbing another company's Bitcoin holdings, thereby becoming Europe's second-largest public holder.

The company funded the deal entirely with new stock. The move comes while several public firms sold or exited their BTC positions.

H100 Expands Bitcoin Stack in First Coin-for-Coin Public Deal

H100 acquired NSD AS and its 2,455 Bitcoin. The transaction settled on a one-to-one Bitcoin basis with no cash consideration.

"To the Company's knowledge, this represents the largest M&A transaction in the European Public Bitcoin Equity sector and the world's first Bitcoin-for-Bitcoin M&A transaction in public markets," the firm noted.

The company paid entirely in stock, issuing 790.5 million shares at SEK 1.86 each. That diluted existing holders by roughly 70%. The reference Bitcoin price sat near $62,900 as of July 31.

The move reshuffled Europe's rankings. H100 passed France's Capital B at 3,140 BTC and the UK's Smarter Web Company at 2,712 BTC, per BitcoinTreasuries data. It now trails only Germany's Bitcoin Group SE, at 3,605 BTC.

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