H100 Group to Acquire Swiss Bitcoin Treasury Firm Future Holdings

H100 Group AB has signed a letter of intent to acquire Future Holdings AG, a Zurich-based bitcoin treasury firm. This transaction marks the Swedish company's first major expansion outside of the Nordic region.

The proposed acquisition aligns with H100's strategy to strengthen its Bitcoin treasury capabilities and engage more directly with European institutional investors. Switzerland is identified as a strategic market due to its strong currency and deep capital markets expertise.

Under the terms outlined, H100 would acquire 100% of Future's shares for CHF 375,000 plus the company's cash balance, currently bringing the total to approximately CHF 600,000. The purchase price is expected to be paid through newly issued H100 shares.

Both parties anticipate simultaneous signing and closing in January 2026, subject to due diligence and regulatory approvals.

H100 Group AB is positioning itself to enter the Swiss market through the acquisition of Future Holdings AG. The agreement provides H100 with full ownership of the Zurich-based firm, facilitating its first major move outside the Nordic region.

Switzerland is considered a key market for the company's institutional strategy. The country is recognized for its strong currency, deep capital markets expertise, and sophisticated fixed-income investor base. By acquiring Future, H100 aims to leverage local experience to navigate the regulatory landscape and appeal to investors seeking transparent exposure to Bitcoin.

The acquisition supports H100's broader goal of expanding its public-market footprint while deepening its institutional expertise in Bitcoin treasury strategies. Sander Andersen, H100’s chairman, highlighted the strategic importance of this move.

"This transaction supports H100’s expansion into Switzerland. Future brings relevant local experience, and we see Switzerland as a key market as institutional investors continue to evaluate new approaches to capital allocation," Andersen said.

The acquisition is structured as a purchase of 100% of Future's shares. The agreed purchase price consists of a base amount of CHF 375,000 plus the target company's current cash balance.

Currently, this brings the total estimated consideration to approximately CHF 600,000. H100 intends to fund the acquisition by issuing new shares. The valuation of these shares will be based on the most recent trading day prior to the signing of the final agreements.

The transaction is not yet final. Completion remains strictly subject to several conditions:

• Satisfactory completion of due diligence
• Receipt of necessary regulatory approvals
• Execution of final transaction agreements

Both companies are targeting a simultaneous signing and closing of the deal in January 2026.

H100 Group AB currently holds 1,046 BTC on its balance sheet. According to the company, this holding makes it the largest Bitcoin treasury company in the Nordics.

Beyond its treasury operations, H100 operates in the health technology sector. The company offers AI-driven solutions and platform tools for health and lifestyle providers.

The acquisition of Future is intended to combine the company's listed Swedish platform with Future's regulatory and operational framework. Richard Byworth, chairman of Future, emphasized the benefits of this combination.

"Combining Future with H100 creates a public-market platform and governance framework that we believe is essential for building long-term institutional credibility in the Swiss market," Byworth stated.

This move aligns with a broader trend where low interest rates have driven institutional investors to explore alternative treasury strategies, including digital assets like Bitcoin.

The deal follows Adam Back's involvement with H100 established last year. Back provided a SEK 21 million convertible loan to the company, with an option to expand the facility to SEK 277 million. This financing was designated to support H100's Bitcoin treasury strategy.

Future Holdings AG has established a niche in Switzerland for institutional Bitcoin treasury management. The company's governance structures and capital market experience are tailored to local regulations.

Future had previously explored a public listing, though that process did not advance. The company views the combination with H100 as a new opportunity for regulatory and operational alignment.