H100 Group becomes 26th-largest Bitcoin treasury company after acquiring two European firms

A Swedish company most people have never heard of just quietly assembled one of the largest public Bitcoin treasuries on the planet. H100 Group AB has acquired both UK-listed The Smarter Web Company PLC and French-listed Capital B, combining their Bitcoin holdings into a single entity that now ranks as the 26th-largest public Bitcoin treasury company worldwide.

The combined stash totals over 6,900 BTC. At current prices, that’s a war chest worth north of $700 million, assembled not through a single massive purchase but through corporate M&A.

How the numbers stack up

The math is straightforward. Capital B contributed the largest chunk at 3,140 BTC. The Smarter Web Company brought 2,712 BTC to the table. H100 Group itself held 1,051 BTC before the deals closed.

Capital B had launched its Bitcoin treasury strategy on November 5, 2024, with an ambitious target: acquiring 1% of Bitcoin’s total supply by 2033. That would mean roughly 210,000 BTC, so 3,140 is a start, but the runway is long. In 2025, Capital B raised approximately €11.5 million through equity and convertible instruments to fund additional BTC purchases.

The Smarter Web Company purchased 100 BTC for $12.1 million in October 2025, one of several tranches that built its position to 2,712 BTC over time.

H100 Group listed in April 2025 with the stated goal of leading Bitcoin treasury ownership in the Nordics. The acquisition of two already-loaded Bitcoin treasury companies was apparently the fastest path to that objective.

Europe’s MicroStrategy clones are multiplying

If this playbook sounds familiar, it should. MicroStrategy, now rebranded as Strategy, pioneered the concept of a publicly traded company using its balance sheet as a Bitcoin accumulation vehicle. Michael Saylor’s firm holds over 568,000 BTC.

Across Europe, a growing cohort of public companies is adopting the same logic: raise capital through equity and debt, convert it to Bitcoin, and let shareholders get BTC exposure through traditional stock markets. H100 Group is now the most prominent European example of this trend, and notably, it got there through consolidation rather than just buying Bitcoin on the open market.

H100 Group had previously pursued acquisitions including Future Holdings AG, signaling that this roll-up approach is core to the company’s strategy rather than a one-off move.

What this means for the Bitcoin treasury landscape

The corporate Bitcoin treasury market has been dominated by North American companies. Strategy, Marathon Digital, Tesla, and others have grabbed most of the attention. European entrants have been smaller and more fragmented, operating across different exchanges and jurisdictions.

With over 6,900 BTC, the combined entity is large enough to appear on the radar of institutional investors scanning public companies for Bitcoin exposure. The 26th spot on the global leaderboard is notable for a company that most of the crypto world wasn’t tracking a few months ago.

Capital B’s stated goal of reaching 1% of Bitcoin’s total supply by 2033 is the kind of target that sounds outlandish until you remember that Strategy once seemed crazy for buying $250 million worth of Bitcoin in August 2020.

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