H100 Group Executes First Bitcoin-for-Bitcoin M&A Deal, Expands Treasury Significantly

H100 Group AB, a publicly traded Swedish company, has made history by completing the world’s first merger and acquisition (M&A) deal where both sides of the transaction were entirely denominated in Bitcoin. The acquisition, finalized on August 10, involved the Norwegian Bitcoin treasury entities Moonshot AS and PDI AS, resulting in H100’s Bitcoin holdings increasing from 1,051 BTC to 3,506.4 BTC—a remarkable 234% rise.

In this unique transaction, H100 did not pay the sellers directly in Bitcoin. Instead, the company issued approximately 790.5 million new shares to the owners of Moonshot AS and PDI AS, who contributed 2,455.37 BTC from their balance sheets. The share price was set at SEK 1.86 per share, based on the merged net asset value, with no cash involved at any point.

This acquisition has positioned H100 as a significant player in the corporate Bitcoin accumulation landscape, which is becoming increasingly competitive. Executive Chairman Sander Andersen emphasized that the deal not only maintains Bitcoin-per-share ratios but also integrates experienced team members to enhance the company’s institutional engagement capabilities.

H100 Group originally focused on health technology but shifted its strategy towards Bitcoin in 2025, joining a growing number of public companies that prefer holding Bitcoin over traditional cash reserves. The Moonshot and PDI acquisition is touted as the largest M&A transaction in the European Public Bitcoin Equity sector, having received shareholder approval on June 23.

New Developments in Bitcoin SPAC Activity

• SilverBox Corp IV shareholders are set to vote on August 11 to extend the SPAC's business-combination deadline from August 19 to December 19.
• The trust fund associated with the proposed Bitcoin SPAC deal with Parataxis Holdings currently holds approximately $217 million.
• Each of the proposed amendments requires at least two-thirds approval from shareholders present at the meeting.
• Redemptions at the extension meeting are estimated to be worth about $10.85 per public share.
• The combined company must secure at least $25 million in net cash and equivalents after redemptions to close the Bitcoin SPAC deal.
• Parataxis raised $31 million in preferred equity and used about $30.8 million to acquire roughly 263.78 Bitcoin in August 2025, separate from SilverBox's trust.
• If the amendments fail and no business combination is closed by August 19, SilverBox will cease operations and seek to liquidate.