H100 Group CEO Eirik Grøttum has increased his exposure to the Swedish Bitcoin treasury company through additional share purchases, while the company continues to report a Bitcoin balance of 3,506.4 BTC.
According to H100’s latest insider disclosure, Kode Oslo AS purchased a total of 407,163 H100 shares for approximately SEK 621,887.
The purchases increase the combined holdings of companies associated with Grøttum to more than 5.3 million H100 shares.
Importantly, the transaction involved H100 equity rather than a new Bitcoin purchase by the company, meaning the firm’s disclosed Bitcoin treasury remains unchanged at 3,506.4 BTC.
H100 CEO increases exposure through Kode Oslo
H100 said Kode Oslo AS completed two share purchases.
The company acquired 405,663 H100 shares on September 15 at an average price of SEK 1.53 per share.
Another 1,500 shares were purchased on August 19 at SEK 1.40 each.
Together, the transactions brought Kode Oslo’s total holdings to 2,771,787 H100 shares.
Grøttum serves on the company’s board, owns a 20% stake and participates in its investment decisions.
A second company connected to Grøttum, Olav Grøttum Holding AS, holds another 2,627,677 H100 shares.
Grøttum owns that entity entirely.
Combined, the two companies now hold 5,399,464 H100 shares.
Share purchase does not change H100 Bitcoin holdings
The latest insider transaction should not be confused with a Bitcoin acquisition by H100.
Grøttum and his associated companies bought shares in H100 Group, while the company itself did not disclose any new BTC purchases.
H100’s Bitcoin treasury therefore remains at 3,506.4 BTC.
Grøttum became H100’s chief executive on August 11, one day after the company completed a major acquisition that dramatically expanded its Bitcoin holdings.
Before joining H100 as CEO, Grøttum led Moonshot AS and had worked with H100 Chief Investment Officer Peter C. Warren managing Bitcoin assets connected to Geir Harald Hansen.
H100 has described Grøttum’s professional background as covering software development, quantitative trading, asset management and fintech.
His appointment also moved former CEO Johannes Wiik into the company’s chief operating officer role.
H100 holds 3,506.4 BTC after major acquisition
H100’s Bitcoin treasury increased sharply in August after the company completed its acquisition of NSD AS.
Through a corporate reorganization, the transaction brought Moonshot AS and PDI AS into H100.
The deal added 2,455.37 BTC to H100’s balance sheet.
Before the transaction, H100 held 1,051.03 BTC at the end of June.
After completing the acquisition, its holdings increased to 3,506.4 BTC.
H100 said the companies acquired in the transaction had no outstanding financial debt.
H100 used shares instead of cash for the acquisition
The acquisition was completed without cash consideration.
H100 issued 790,534,666 new shares to the sellers at SEK 1.86 per share.
That valued the transaction at approximately SEK 1.47 billion.
Following the issuance, H100’s total outstanding share count increased to 1,128,931,358.
The newly issued shares represented roughly 70% of the company’s outstanding shares immediately after closing.
Geir Harald Hansen received approximately 781.7 million shares through the transaction, giving him a controlling position of around 69.2%, according to H100’s interim reporting.
H100 described the deal as the largest merger and acquisition transaction completed in the European public Bitcoin equity sector and the first public-market acquisition carried out on a Bitcoin-for-Bitcoin basis.
Those descriptions are company claims and should not be treated as independently verified comparisons across every European or global transaction.
Bitcoin valuation played a major role in the deal
The agreed valuation used for the acquisition placed Bitcoin at approximately SEK 598,926.69, equivalent to roughly $62,900 at the reference exchange rate.
The figure was based on the Coinbase BTC/SEK spot price at a specified reference time on July 31.
That number represented a valuation benchmark used for the transaction rather than the open-market purchase price paid for the 2,455.37 BTC.
The distinction is important because H100 received the Bitcoin through a corporate acquisition rather than directly buying all of the coins on the open market.
Bitcoin has become central to H100’s balance sheet
H100 started its Bitcoin treasury strategy on a much smaller scale.
The company made its first purchase in May 2025, acquiring 4.39 BTC.
It later used equity and convertible financing to continue building its holdings.
By June 30, 2026, H100 had accumulated 1,051.03 BTC.
The August acquisition then nearly tripled its treasury to 3,506.4 BTC.
H100 describes itself as a technology company serving health and longevity providers while also pursuing an active Bitcoin treasury strategy.
As its BTC holdings have grown, Bitcoin price movements have become increasingly important to the company’s financial results.
Bitcoin exposure weighs on reported earnings
H100 reported an operating loss of approximately SEK 88.7 million in the second quarter.
Its pre-tax loss reached SEK 98.2 million.
However, the company said SEK 93.3 million of the pre-tax loss came from items that did not affect cash flow.
For the first half of 2026, H100 reported a pre-tax loss of SEK 253.6 million.
Operating cash flow was negative SEK 12.7 million, while the company’s equity ratio stood at 86% at the end of June.
A significant part of the quarterly accounting loss was connected to a non-cash write-down related to the lower valuation of Bitcoin during the reporting period.
This highlights how H100’s large Bitcoin position can influence reported earnings even when the company does not sell its BTC.
CEO says Bitcoin accumulation alone may not be enough
Grøttum has said that simply raising money and buying Bitcoin may not be sufficient on its own for companies pursuing treasury strategies.
In H100’s interim report, he said the company plans to combine its Bitcoin strategy with capital allocation, capital-market activity, acquisitions and operating cash flow.
That reflects management’s strategy rather than a guarantee of future financial performance.
The approach suggests H100 wants to use its Bitcoin treasury as one part of a broader capital strategy instead of relying only on BTC accumulation.
H100 considers future share buybacks
The insider purchase also comes shortly after H100 discussed potential future share repurchases.
Swedish public companies trading on multilateral trading facilities will be allowed to repurchase and hold their own shares starting December 5.
The rule change applies to NGM Nordic SME, where H100 shares are traded.
Grøttum said share repurchases could become one of several capital-allocation tools available to the company, particularly if H100 stock trades below its net asset value.
However, H100 has not announced an active repurchase program.
Any future buyback would require shareholder authorization, followed by a board decision and the necessary public disclosures.
H100 Bitcoin treasury remains unchanged
For now, H100’s latest insider filing changes the ownership position of entities associated with its CEO but does not alter the company’s Bitcoin treasury.
The company continues to report 3,506.4 BTC on its balance sheet.
With insider ownership increasing and Bitcoin remaining a central part of H100’s strategy, investors will likely continue watching both the company’s equity structure and any future changes to its BTC holdings.
