H100 Group
H100 · NGM Nordic SME (Stockholm)Treasury vehicleMediumSweden
BTC held
3,506
as of Aug 10, 2026 · 0.017% of 21M
Value now
$272M
at BTC $77,615
Basic mNAV
0.21×
mkt cap $57M as of Sep 4, 2026
Sats per share
311
1129M shares as of Aug 10, 2026
Cost basis
- Average cost per BTC
- —
- Total invested
- —
- Unrealized gain
- —
Treasury debt
- 2025 convertible loans (Adam Back-linked facilities) that funded early BTC buys were equitized — SEK 122.5M of convertible loans converted to shares in Nov 2025. Q2 2026 report shows an 86% equity ratio and the acquired NSD companies carried no financial debt, so no material converts remain outstanding.—
Recent activity
Completed the all-share acquisition of Norway's NSD AS on Aug 10, 2026 — 790,534,666 new shares at SEK 1.86 (~SEK 1,470.4M) for 2,455.37 BTC in the first public-market 1:1 BTC-for-BTC deal priced at 1.0x mNAV (BTC ref ~$62,900) — tripling holdings from 1,051 to 3,506.4 BTC; it also closed the Future Holdings AG (Switzerland) acquisition on Feb 12, 2026. Pre-deal stack of 1,051 BTC had cost $81.08M (~$77,143 avg, per CoinGecko).
Risk notes
The NSD deal diluted existing holders ~70% and left the seller with ~69.2% control (12-month lock-up); H1 2026 net loss of SEK 253.6M (mostly non-cash BTC revaluation), thin liquidity, share price down ~78% y/y, and the stock trades below the value of its BTC (~$220M BTC at close vs ~$182M market cap). Tracker cost-basis figures ($274.9M per bitcointreasuries) are hard to reconcile with the share-settled acquisition, so cost fields are left null.
Sources
- https://www.mfn.se/a/h100-group/h100-group-interim-report-january-1-june-30-2026
- https://bitcointreasuries.net/news/h100-becomes-europes-2nd-largest-public-bitcoin-treasury
- https://bitcointreasuries.net/public-companies/h100-group
- https://www.cryptotimes.io/2026/08/10/h100-triples-btc-holdings-in-worlds-first-bitcoin-for-bitcoin-public-ma/
- https://stockanalysis.com/quote/ngm/H100/
- https://www.coingecko.com/en/treasuries/companies/h100-group
- https://open.er-api.com/v6/latest/USD
- https://bitcointreasuries.net/
Figures are compiled from public disclosures and may lag. This page is information, not investment advice or a recommendation regarding H100 securities.