At the general assembly held on Monday, Sweden-based H100 Group shareholders approved the issuance of new shares necessary to complete the acquisition of Norwegian Bitcoin investment companies Moonshot AS and Never Say Die AS. With the decision, H100’s Bitcoin reserve is expected to increase from 1,051 BTC to approximately 3,500 BTC.
Purchasing structure clarified
According to the general assembly minutes, the most critical agenda item of the meeting was the authorization of the board of directors to issue the shares of consideration to be given to the sellers of both Norwegian companies within the scope of the share purchase agreement dated April 23. The company announced that other items on the agenda were also accepted.
No cash payment will be made in the transaction. The entire purchase price consists of newly issued H100 shares. This structure aims to collect these assets under a larger publicly traded company structure, while preserving the sellers’ Bitcoin position.
H100 reported that all other items on the agenda were approved at the general assembly.
Two changes were made to the articles of association
Two separate amendments to the company’s articles of association were also accepted at the meeting. The first amendment raised the capital ceiling to make room for future general share issuances. The second change was made conditional on the actual issuance of paid shares and further expanded the limits on the number of shares.
Accordingly, the lower limit of the number of shares of the company was updated to 1.1 billion and the upper limit was updated to 4.4 billion. This regulation prepares the legal basis for the new capital structure that will be formed after the acquisition.
Bitcoin reserve may top European rankings
Moonshot and Never Say Die are planned to move approximately 2,450 BTC into H100. Thus, the company’s total Bitcoin assets will increase from 1,051 BTC to approximately 3,501 BTC. H100 Group stands out as a public company based in Sweden and pursuing a strategy of holding Bitcoin on its balance sheet.
Following this increase, it was reported that H100 will be positioned right behind the Germany-based Bitcoin Group, which holds 3,605 BTC. In the global rankings, the company is expected to rise from 43rd to 26th place and leave behind companies such as Cango and France-based Capital B.
| Metric | Before the procedure | post procedure |
|---|---|---|
| H100 Bitcoin reserve | 1,051 BTC | Approximately 3,501 BTC |
| Global ranking | 43. | 26. |
| Location in Europe | lower row | After Bitcoin Group |
The company’s average Bitcoin cost is $114,615 per coin. In the current table, where the Bitcoin price is approximately $62,400, the value of H100’s current reserve is approximately $65.6 million, while the total cost base remains at $120.5 million.
Share performance remains under pressure
H100 shares closed at 1,162 Swedish crowns on the NGM Nordic SME exchange on Monday. This level gave the company a market value of approximately 399 million Swedish krona, or approximately $38 million. While the stock has fallen more than 91 percent in the last year, the loss since the beginning of the year is approximately 38 percent.
Chairman of the Board Sander Andersen stated in his statement in March that scale, reliability and access to capital markets are becoming increasingly important in the Bitcoin field, and this transaction will significantly strengthen H100 in all three areas.
At Monday’s meeting, Chief Executive Johannes Wiik was re-elected. Andersen and board members Joakim Dahl and Florence Aspinall also retained their positions. In his post at the beginning of the month, Wiik stated that he strongly believes in the company’s strategy and long-term opportunity.
