H100 signs LOI for all-stock buy of Norway’s Moonshot and Never Say Die
Sweden-listed H100 says deal would lift holdings to about 3,501 BTC, but AGM date conflict clouds closing timeline
H100 Group entered a letter of intent on March 23 to acquire privately held Norwegian Bitcoin treasury companies Moonshot and Never Say Die in exchange for newly issued H100 shares, with no cash consideration. H100 said the targets hold about 2,450 BTC and the transaction would lift its total holdings from 1,051 BTC to about 3,501 BTC, which it valued at about $239.7 million at current prices.
The proposed structure would roll two private Bitcoin treasuries into a larger listed vehicle while keeping the sellers’ exposure to Bitcoin through equity in H100. For crypto market participants watching the European “BTC treasury” trade, the headline number is the potential jump in H100’s on-balance-sheet BTC and where that would place it among listed peers.
H100 said it signed the LOI with the shareholders of Moonshot and Never Say Die to acquire “all shares of the target companies” using newly issued H100 stock. The company described the consideration as entirely equity, explicitly excluding any cash component.
On H100’s figures, the math is straightforward. The company said it currently holds 1,051 BTC, while the two Norwegian targets hold about 2,450 BTC, implying a combined total of about 3,501 BTC if the deal closes. H100 pegged that post-transaction total at about $239.7 million “at current prices,” though the ultimate valuation would move with Bitcoin’s price into closing.
The company framed the transaction as a scale play within the listed Bitcoin treasury cohort in Europe. H100 said completing the acquisition would make it the second-largest listed Bitcoin treasury company in Europe behind Germany’s Bitcoin Group, which it cited as holding 3,605 BTC.
Sander Andersen, chairman of H100, tied the rationale to capital markets access. “Scale, credibility and access to capital markets are increasingly important in the Bitcoin space, and this transaction would significantly strengthen H100 in all these areas,” he said.
H100 set an initial timetable, but its own public materials leave a key date unclear. The company said it expects to sign a definitive agreement by April 22 and is targeting closing after its annual general meeting. However, H100’s investor-relations calendar lists the AGM date as April 21, while a March 12 company notice referred to an AGM on May 21.
The LOI also lands as H100’s equity has been under pressure. The company’s stock fell by over 74% over the past nine months and over 26% year-to-date in 2026, based on Yahoo Finance data cited in the same context.
Next comes the conversion from LOI to binding terms. The immediate milestone is whether H100 signs a definitive agreement by April 22, followed by clarity on the AGM date that the company has linked to the targeted closing window.
