A merger, not a purchase
H100 Group added 2,455 BTC to its balance sheet on Monday without buying a single coin on an exchange. The Stockholm-listed health-tech and Bitcoin treasury company closed its acquisition of two Norwegian firms, Moonshot AS and Never Say Die AS, paying entirely in newly issued stock.
The combined treasury now stands at 3,506 BTC, up from 1,051. That is second place among Europe's listed Bitcoin treasury companies, just behind Germany's Bitcoin Group SE at 3,605 BTC, according to BitcoinTreasuries.
No cash changed hands and no debt was raised. H100 issued 790.5 million new shares priced at 1.86 Swedish kronor, valuing the transaction at roughly 1.47 billion kronor, or about $155 million. Existing shareholders were diluted by roughly 70%.
The company, whose backers include Blockstream's Adam Back, has described the deal as the first Bitcoin-for-Bitcoin merger executed entirely in public markets. Executive chairman Sander Andersen framed it in the only metric that matters for this business model: the transaction preserves Bitcoin-per-share.
Why the structure matters more than the size
For two years the corporate Bitcoin treasury model ran on a single mechanism. A company trading above the value of its coins, an mNAV above 1.0, issues shares, uses the proceeds to buy Bitcoin, and ends up with more Bitcoin per share than it started with. Shareholders are diluted in count but enriched in exposure. Repeat.
That mechanism inverts below 1.0. If the market values your company at less than the Bitcoin on your books, every share you sell to buy coins hands away more Bitcoin than it brings in. The flywheel runs backwards.
Roughly 40% of the hundred largest Bitcoin treasury companies are now in that position. The financing edge that defined 2024 and 2025 has gone for most of the sector.
H100's answer is the one piece of arithmetic that still works at a discount: do not buy coins, buy the companies holding them. If the shares you issue and the Bitcoin you receive are priced against each other at a ratio that leaves Bitcoin-per-share intact, the dilution is cosmetic. You have grown the treasury without needing a premium.
What this does to Bitcoin demand
Nothing. That is the part worth sitting with.
Moonshot and Never Say Die already owned those 2,455 coins. They did not move through an order book. Net new demand for Bitcoin from the largest treasury transaction in European public markets was exactly zero.
This is the quiet shift underneath the treasury-company story. Through 2024 and much of 2025 these vehicles were a genuine marginal buyer, raising fiat from equity markets and converting it into spot Bitcoin. That bid has largely stopped. What replaces it is reshuffling: the same coins moving between corporate balance sheets, plus a growing amount of outright selling.
The other half of the sector
The selling side is not hypothetical. Strategy has now sold Bitcoin in four separate tranches this year, including 1,690 BTC last week at an average of $64,262, below its $75,385 average cost, to fund preferred dividends and repurchase its STRC shares. MARA Holdings liquidated more than 15,000 BTC to retire convertible debt. Smaller treasuries locked out of equity markets have sold at realised losses simply to keep operating.
So the sector is bifurcating. Companies with a credible share currency and a clean balance sheet are consolidating, absorbing coins and teams from firms that can no longer fund themselves. Companies carrying dividend obligations or maturing debt are net sellers into a market trading around $65,000.
What to watch
Three things will tell you which way this resolves.
First, whether H100 shares hold their value after a 70% dilution. All-stock deals are only cheap if the currency stays sound. If the stock re-rates down, the next deal is harder to do.
Second, whether other treasury companies follow. There are dozens of sub-1,000-BTC vehicles trading below the value of their holdings, and they are acquisition targets rather than acquirers. Consolidation at those valuations is rational for the buyer and a capitulation for the seller.
Third, whether any treasury company returns to buying spot in size. That, not merger activity, is what would signal the financing model has genuinely recovered.
Bitcoin Gate Take
Treasury-company consolidation is a symptom of a bear market in Bitcoin equities, not a bull signal for Bitcoin. Coins changing corporate owners is not accumulation, and reading H100's new 3,506 BTC as fresh institutional demand gets the causation backwards: this deal happened because equity issuance stopped working, not because it started working better.
The number that matters over the next quarter is not how many treasury mergers close, but whether the sector as a whole is a net buyer or net seller of spot. Right now it is the latter, and that is a headwind worth accounting for.
If nothing else, this is a reminder that owning a treasury company's stock and owning Bitcoin are different positions with different risks. The self-custody material in the Bitcoin Gate course covers why that distinction exists.