H100 Group AB completed an acquisition on August 10 that lifts its bitcoin holdings to 3,506.4 BTC. The Swedish company bought NSD AS in a structure that brings Moonshot AS and PDI AS into the group and adds 2,455.37 BTC. Consideration was not a cash takeout. H100 describes a set-off share issue to the sellers and a strict bitcoin-for-bitcoin exchange logic around the treasury assets.

That design is the news. Most public bitcoin treasury stories are still open-market purchases funded by equity or convert issuance. Here the balance-sheet asset is itself the acquisition currency and the pricing reference. H100 positions the result among the largest listed European bitcoin treasuries after the close.

Concentration risk does not disappear because the deal is elegant. The company remains exposed to bitcoin mark-to-market, to whatever operating businesses sit around the coins, and to equity dilution from the set-off issue of hundreds of millions of new shares. Readers should separate treasury size from free cash generation.

Watch the post-deal free float and any follow-on purchases or sales, plus whether European peers copy bitcoin-settled M&A instead of cash bids.