H100 Group completes world’s first Bitcoin-for-Bitcoin M&A deal

A publicly traded Swedish company just pulled off something that has never happened before in public markets: an M&A deal where both sides of the transaction were denominated entirely in Bitcoin. No dollars changed hands. No euros. No Swedish kronor. Just Bitcoin moving from one corporate treasury to another. H100 Group AB, listed on the NGM Nordic SME exchange, completed its acquisition of Norwegian Bitcoin treasury entities Moonshot AS and PDI AS on August 10. The deal catapulted H100’s Bitcoin holdings from 1,051 BTC to 3,506.4 BTC, a 234% increase that makes the company a considerably larger player in what’s becoming an increasingly crowded field of corporate Bitcoin accumulators. How the deal actually worked H100 didn’t pay the sellers in Bitcoin directly. Instead, it issued roughly 790.5 million new shares to the owners of Moonshot AS and PDI AS. The sellers’ entities held 2,455.37 BTC on their balance sheets, and those holdings rolled into H100’s treasury through the all-share transaction. No cash consideration was involved at any point. The share price was set at SEK 1.86 per share, based on the merged net asset value. The reference Bitcoin price used for valuation purp...