Swedish-listed H100 Group AB announced the completion of its acquisition of NSD AS on August 10, 2026, significantly expanding its Bitcoin holdings to 3,506.4 BTC.
The deal, which brought in 2,455.37 Bitcoin, stands as the largest merger and acquisition (M&A) in the European public Bitcoin equity sector and the world’s first Bitcoin-for-Bitcoin transaction conducted entirely in public markets.
The transaction was structured on a pure 1:1 Bitcoin-for-Bitcoin basis with no cash consideration. H100 issued approximately 790.5 million new shares at an implied price of SEK 1.86, equivalent to 1.0x mNAV, using a Bitcoin reference price of roughly $62,900 as of July 31, 2026. The target carried no financial debt, and the deal preserved sats per basic share while increasing sats per fully diluted share by about 5%—as per the official release.
Executive Chairman Sander Andersen described it as the cleanest expression of focusing on Bitcoin per share as the key metric, nearly tripling the company’s holdings while integrating complementary teams and technology focused on active Bitcoin management and longevity infrastructure.
“Just as important is who joins us,” Andersen stated. “A team whose technology and market capabilities complete our own, and a principal owner who has spent more than a decade building Bitcoin infrastructure and holding Bitcoin. Together we can accomplish things neither of us could alone.”
At current Bitcoin prices near $65,000, H100’s expanded treasury is valued at around $228 million. The company’s overall average cost basis remains elevated from earlier purchases, leaving the position underwater, consistent with broader sector trends.
Bitcoin’s 2026 Drawdown Intensifies Pressure on Corporate Treasuries
Bitcoin’s sharp decline this year has placed many corporate Bitcoin treasury companies under intense scrutiny. After peaking at $126,198 in October 2025, the cryptocurrency has fallen roughly 50%, trading in the mid-$60,000s through early August 2026. This prolonged drawdown has erased substantial paper gains and exposed vulnerabilities in the once-celebrated treasury model.
Data from BitcoinTreasuries.NET shows that public companies collectively hold over 1.26 million Bitcoin. Of the largest digital asset treasury vehicles tracked by analysts, a clear majority now trade at a discount to the market value of their holdings, with mNAV ratios falling below 1.0 for most.
Strategy (formerly MicroStrategy), the sector leader with 842,138 BTC in hoard, carries an average cost basis near $75,000–$76,000 and sits roughly 13–15% underwater at current prices. Other firms face steeper losses: Metaplanet’s average cost exceeds $100,000, leaving it approximately 40% underwater. Smaller players have seen even deeper discounts and extreme share-price drawdowns, in some cases exceeding 90% from peaks.
Several companies have been forced to sell Bitcoin to manage debt, fund operations, or pay dividends. MARA Holdings liquidated more than 15,000 BTC earlier in the year. Strategy itself executed limited sales in 2026 to support preferred stock distributions after years of pure accumulation.
At least 20 public firms have reduced, exited, or loosened their pure accumulation strategies. Unrealized losses across crypto treasuries total tens of billions of dollars, with aggregate treasury values contracting sharply from earlier highs near $120 billion.
The premium-to-discount shift has broken the previous flywheel in which companies issued shares above NAV to buy more Bitcoin. With shares now often trading below the value of their holdings, raising capital for further accumulation has become more difficult and dilutive.
H100’s Strategic Positioning in a Stressed Sector
Against this backdrop, H100’s all-share, Bitcoin-for-Bitcoin structure stands out. By acquiring a debt-free target with complementary active management capabilities through PDI AS—focused on capital preservation, downside risk management, and cash-flow generation—the company avoided cash outflows and maintained focus on per-share Bitcoin metrics. The principal seller accepted a 12-month lock-up, providing some stability.
The document notes that the deal elevates H100 among Europe’s largest public Bitcoin treasury companies, trailing only a handful of peers. Yet it arrives as the broader model faces questions about sustainability during extended downturns.
While long-term Bitcoin holders emphasize conviction through volatility, the 2026 price action has demonstrated that elevated cost bases, leverage, and reliance on equity premiums create real pressures when prices retreat.
H100’s dual focus on health and longevity technology alongside its Bitcoin strategy may offer operational diversification that pure-play treasury firms lack. Whether similar structured acquisitions become more common, or whether further sales and strategy shifts continue among peers, will depend on Bitcoin’s path in the coming months.
For now, the completion of this pioneering European transaction underscores both the ongoing appeal of corporate Bitcoin accumulation and the heightened risks that a major drawdown has brought into sharp focus.
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