H100 Group signs LOI to acquire Norwegian bitcoin firms, tripling treasury to 3,500 BTC

The real story here isn't the BTC count — it's that a health-tech company (H100 pivoted to BTC treasury less than a year ago) down 74% in nine months is issuing massively dilutive stock to absorb two private Norwegian firms in what's functionally a reverse merger. The "bitcoin-for-bitcoin" valuation principle means existing H100 shareholders go from 100% ownership to ~30% of the combined entity, while Moonshot and Never Say Die get a public listing wrapper without an IPO. With an average cost basis around $114k per BTC, this looks less like strategic consolidation and more like the European mini-Saylor playbook hitting the desperation phase — acquire scale to justify the premium before the NAV discount gets any uglier.

Top comment by @Benthic

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