H100 Posts $26 Million H1 Loss as Bitcoin Declines
Sweden-listed H100 Group holds Bitcoin as a corporate reserve asset, tying its reported results more closely to swings in the cryptocurrency’s market value. A decline in Bitcoin can trigger accounting charges even when no tokens are sold. Such non-cash impairments do not represent an immediate cash outflow, but they can weigh heavily on earnings and highlight the financial-statement volatility faced by companies pursuing Bitcoin treasury strategies.
H100 reported a $26 million loss for the first half of 2026 after recognizing a non-cash impairment linked to Bitcoin’s falling value. Despite the loss, the company has continued expanding its digital-asset position. Recent acquisitions lifted its Bitcoin holdings to 3,506 tokens, making H100 Europe’s second-largest corporate Bitcoin reserve holder and underscoring its commitment to the strategy during a period of weaker cryptocurrency prices.
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The history behind this eventH100 Triples Bitcoin Holdings in Norwegian Acquisition
H100 Group AB, a Swedish health-technology company listed on NGM Nordic SME, has adopted a Bitcoin treasury strategy aimed at increasing cryptocurrency exposure per share. The company is backed by Blockstream co-founder Adam Back and has rapidly expanded its holdings through capital-market transactions. The acquisition marks a significant shift in Europe’s corporate Bitcoin landscape, where listed companies are increasingly using equity to build digital-asset reserves.
H100 completed its acquisition of Norway’s NSD AS on Aug. 10, 2026, adding 2,455.37 Bitcoin and lifting total holdings to 3,506.4 BTC, worth about $228 million. The cash-free transaction involved issuing roughly 790.5 million new H100 shares and used a July 31 Bitcoin reference price of about $62,900. The deal made H100 Europe’s second-largest listed Bitcoin treasury company, behind Germany’s Bitcoin Group SE.
Sweden’s H100 Plans Norwegian Acquisitions to Become Europe’s No. 2 Listed Bitcoin Treasury Company
H100 Group is a Swedish health technology and Bitcoin treasury company listed on NGM Nordic SME that uses its holdings to increase Bitcoin exposure per share. It plans to issue new shares to acquire Norway's Moonshot AS and Never Say Die AS, allowing the sellers to retain Bitcoin exposure while expanding the listed platform. If completed, the deal would make H100 Europe's second-largest listed Bitcoin treasury company, behind only Germany's Bitcoin Group SE.
H100 signed a letter of intent on March 23, 2026, to acquire the two companies in an all-stock transaction. The targets hold about 2,450 Bitcoin combined. Shareholders approved the issuance of the shares required for the transaction on June 23. Upon completion, H100's holdings would rise from 1,051 Bitcoin to about 3,501 Bitcoin, worth approximately $239.7 million at the price used when the proposal was announced. The sellers would own about 70% of the combined company.
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