H100 Group records $10.3M quarterly loss as Bitcoin weighs on earnings

Sweden-listed H100 Group has reported a pre-tax loss of 98 million Swedish kronor ($10.3 million) for the second quarter as the decline in Bitcoin’s price weighed on the company’s treasury holdings.

H100 Group said in its interim report published Wednesday that its pre-tax loss reached SEK 253 million for the first six months of 2026, while operating income remained small compared with the losses recorded during the period.

The health-tech and Bitcoin treasury company reported SEK 3 million in operating income for the second quarter, unchanged from the same period in 2025. For the first half, operating income increased to SEK 6.1 million from SEK 5.8 million a year earlier.

In a separate X post on Wednesday, H100 attributed nearly all of its second-quarter loss to a non-cash write-down tied to Bitcoin’s (BTC) decline during the reporting period. The accounting charge reduced reported earnings without representing an equivalent cash outflow from the business.

Bitcoin traded through a difficult second quarter, putting companies holding large amounts of the cryptocurrency on their balance sheets under pressure as lower market prices affected the value of their treasury assets.

Bitcoin write-down drives H100 Group’s Q2 loss

For H100, the impact has become more significant as Bitcoin has taken a much larger role on its balance sheet over the past year.

The company started its treasury strategy with only 4.39 BTC in May 2025. Its shares jumped nearly 40% after the first purchase, which was worth about $490,000 at the time, as crypto.news previously reported.

H100 continued raising capital for additional purchases during the following months. By July 2025, the company had secured more than $54 million through share and convertible debenture issues, including a directed share issue of about SEK 173 million and a convertible debenture issue of SEK 342.3 million.

Blockstream CEO Adam Back was among the investors backing the strategy. Earlier financing included a SEK 150 million convertible loan guarantee from Back, following SEK 21 million in zero-interest convertible loans involving Back and other investors.

Those fundraising rounds helped H100 increase its Bitcoin holdings from a single-digit position into hundreds of coins during 2025. By late August that year, its treasury had reached 957 BTC after the company acquired another 46 BTC, according to earlier H100 coverage.

The company later increased its holdings to 1,051 BTC before turning to acquisitions as another way of expanding its treasury.

H100 has expanded its Bitcoin holdings through acquisitions

A major part of that expansion came from Norway.

H100 disclosed in March that it planned to acquire Norwegian Bitcoin companies through an all-share transaction that could take its holdings to roughly 3,500 BTC. At the time, the company held 1,051 BTC, while the acquisition targets collectively controlled about 2,450 BTC.

Under the proposed structure, H100 would issue shares to the sellers instead of paying cash, allowing the acquired Bitcoin holdings to move under the listed Swedish company.

The Norwegian acquisition plan initially involved Moonshot AS and Never Say Die AS and was subject to due diligence, corporate approvals, and stock exchange requirements. H100 later completed the transaction in August, acquiring the Norwegian businesses and their cryptocurrency holdings.

The completed deal added roughly 2,455 BTC and increased H100’s total position to 3,506 BTC. The company funded the transaction by issuing about 790.5 million new shares at SEK 1.86 per share rather than using cash.

H100 said the structure left satoshis per basic share unchanged while increasing satoshis per fully diluted share by about 5%. The transaction also substantially increased the company’s outstanding share count.

Before the Norwegian deal, H100 had also completed its acquisition of Switzerland-based Future Holdings AG in February, establishing an operating presence in Switzerland as part of its treasury business.

H100 becomes Europe’s second-largest Bitcoin treasury company

With 3,506 BTC following the Norwegian transaction, H100 has become Europe’s second-largest listed Bitcoin treasury company by holdings, according to BitcoinTreasuries data cited in the source report.

At a value of roughly $226 million, its position sits just behind Germany’s Bitcoin Group, which holds about 3,605 BTC.

The ranking represents a major change from H100’s position when it began buying Bitcoin in 2025. After holding 370 BTC in July of that year, the company was ranked 49th among publicly traded Bitcoin treasury companies worldwide.

H100’s expansion has also come while other treasury companies have faced pressure from weaker cryptocurrency prices. A June report found that several listed digital asset treasury companies were carrying large unrealized losses as Bitcoin, Ether and Solana prices declined, with the treasury sector facing pressure from lower asset valuations.

Bitcoin treasury companies can be particularly exposed to such moves because changes in cryptocurrency prices feed directly into the market value of the assets held on their balance sheets. The accounting treatment and resulting earnings impact depend on the reporting rules applied by each company.

For H100, Wednesday’s figures show how that exposure has affected reported earnings even as the company continued building its Bitcoin position through corporate transactions.

Q2 2026 is out.

The reported loss before tax was −98.2 MSEK. Almost all of it is non-cash, principally a write-down of our bitcoin. What the business actually consumed was −5.1 MSEK in the quarter and −12.7 MSEK for the half year, and we ended June with 18.1 MSEK in cash.…

— H100 (@H100Group) August 19, 2026

H100 shares remain down in 2026

H100’s treasury expansion has not prevented its listed shares from remaining under pressure this year.

The company’s stock fell 4.2% on Tuesday and was down about 24% since the beginning of 2026, according to StockAnalysis data cited in the source report.

The performance contrasts with the market reaction to H100’s first Bitcoin purchase in May 2025, when its shares climbed almost 40% after the company announced that it had bought 4.39 BTC.

H100 subsequently used equity and convertible debt to fund additional Bitcoin purchases before moving toward share-funded acquisitions. In July 2025, one directed share issue raised approximately SEK 14.1 million from qualified investors at SEK 9.30 per share, while a much larger financing round earlier that month brought the company roughly SEK 516 million through shares and convertible debentures.

By the time H100 announced the Norwegian transaction in March 2026, management had chosen an all-share structure that did not require cash consideration for the acquired Bitcoin holdings.

The transaction was completed in August, with H100 issuing approximately 790.5 million shares to acquire the Norwegian businesses and about 2,455 BTC, bringing the company’s total holdings to 3,506 BTC.