Sweden's H100 Group has completed the acquisition of NSD AS, adding 2,455.37 BTC to its balance sheet and pushing its total bitcoin holdings to 3,506.4 BTC, worth roughly $228 million. The deal makes H100 Europe's second-largest corporate bitcoin treasury, trailing only Germany's Bitcoin Group SE, which holds 3,605 BTC.
What makes the transaction unusual isn't just the size — it's the structure. Cointelegraph reported that the deal was executed on a pure 1:1 bitcoin-for-bitcoin basis with no cash changing hands at all, making it the world's first Bitcoin-for-Bitcoin transaction conducted entirely in public markets.
Shares for Bitcoin, Not Cash for Bitcoin
Rather than buying BTC on the open market, H100 issued approximately 790.5 million new shares to the owners of Moonshot AS and PDI AS, the entities behind NSD AS, in exchange for the 2,455.37 BTC those entities held on their own balance sheets. The shares were issued at an implied price of SEK 1.86, equivalent to 1.0x mNAV, using a bitcoin reference price of about $62,900 as of July 31. The all-share structure means existing H100 shareholders were diluted by roughly 70% — a steep cost for expanding the treasury, but one that avoided any cash outlay or new debt.
A New Playbook for Building a Bitcoin Treasury
The deal stands out against how most public companies have grown their bitcoin positions this year, typically through direct market purchases funded by equity or debt raises, or in some cases by selling down existing holdings to fund other priorities. H100's approach instead treated another company's bitcoin holdings as the acquisition target itself, using shares as the currency — a structure that could become a template for smaller treasury companies looking to consolidate holdings without competing for coins on the open market.
Related: Strategy Sells 1,690 BTC for $108.6M to Fund Preferred Stock Buyback
The move lands at a moment when several other public bitcoin holders have been trimming their positions rather than growing them — a reminder that the corporate bitcoin treasury trend isn't moving in one uniform direction, even as headline BTC counts across the sector continue to shift company by company.
With 3,506.4 BTC now on its books, H100 has more than tripled its prior holdings in a single transaction, though the roughly 70% shareholder dilution means the deal's actual value to existing investors will depend heavily on how the market prices the combined, bitcoin-heavier balance sheet going forward.
