Nordic Firm Jumps to Europe’s No. 2 Bitcoin Treasury as Major Firms Sell

H100 Group AB (H100) tripled its Bitcoin (BTC) treasury to 3,506 coins this week by absorbing another company’s Bitcoin holdings, thereby becoming Europe’s second-largest public holder.

The company funded the deal entirely with new stock. The move comes while several public firms sold or exited their BTC positions.

H100 Expands Bitcoin Stack in First Coin-for-Coin Public Deal

H100 acquired NSD AS and its 2,455 Bitcoin. The transaction settled on a one-to-one Bitcoin basis with no cash consideration.

“To the Company’s knowledge, this represents the largest M&A transaction in the European Public Bitcoin Equity sector and the world’s first Bitcoin-for-Bitcoin M&A transaction in public markets,” the firm noted.

The company paid entirely in stock, issuing 790.5 million shares at SEK 1.86 each. That diluted existing holders by roughly 70%. The reference Bitcoin price sat near $62,900 as of July 31.

The move reshuffled Europe’s rankings. H100 passed France’s Capital B at 3,140 BTC and the UK’s Smarter Web Company at 2,712 BTC, per BitcoinTreasuries data. It now trails only Germany’s Bitcoin Group SE, at 3,605 BTC.

“Bitcoin per share is the metric that matters, and this transaction preserves it fully while nearly tripling our holdings to more than 3,500 Bitcoin,” Sander Andersen, Executive Chairman of H100, said.

Public Treasuries Split as Bitcoin Slides

H100’s expansion runs counter to a broader retreat, with many other firms moving in the opposite direction. Bitcoin has dropped about 47% over the past year.

The decline has pressured corporate holders who once only accumulated. Strategy (MSTR), the largest corporate holder, offloaded 1,690 BTC this week, following a 1,638 BTC sale the previous week.

Others cut deeper. MARA Holdings (MARA) reduced its stash by 29%. Riot Platforms (RIOT) sold 3,778 Bitcoin in Q1, and both firms have continued the trend.

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Bitcoin mining companies are selling $BTC.MARA, which holds 36,303 $BTC($2.34B), deposited 200 $BTC($12.86M) into NYDIG 10 hours ago.Riot Platforms also continues to send $BTC to NYDIG, depositing another 381 $BTC($24.51M) 10 hours ago.https://t.co/fTOd8FQMxR… pic.twitter.com/cgjHgfXGJG

— Lookonchain (@lookonchain) August 7, 2026

The selling reached smaller players, too. Keel Infrastructure sold 1,085 Bitcoin between April 1 and August 7 as it continues its wind-down strategy. UK-listed Satsuma Technology’s shareholders voted to liquidate its entire position and also delist.

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