H100 CEO Eirik Grøttum increased his exposure to the Bitcoin treasury company after Kode Oslo AS bought 407,163 shares worth SEK 621,887. The filing covers shares only. H100 still reports 3,506.4 BTC.
H100 Group disclosed the transactions on Sept. 17 in a filing. Kode Oslo bought 405,663 shares on Sept. 15 at an average of SEK 1.53. It also purchased 1,500 shares on Aug. 19 at SEK 1.40.
The combined average price was SEK 1.53 per share. Kode Oslo now owns 2,771,787 H100 shares. Grøttum sits on its board, owns 20%, and participates in its investment decisions.
Olav Grøttum Holding AS owns another 2,627,677 H100 shares. Grøttum owns that company entirely. Together, the two entities now hold 5,399,464 H100 shares.
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What Did H100 Disclose About the Insider Purchase?
The filing is about the equity purchase and not the acquisition of a new Bitcoin by H100. H100’s Bitcoin reserve remains distinct from Grøttum’s indirect shares. H100 continues to disclose 3,506.4 BTC.
Grøttum was appointed CEO of H100 on Aug. 11. This happened a day after the completion of a significant Norwegian Bitcoin deal for the company. Grøttum had been serving as CEO of Moonshot AS prior to the recent appointment.
H100 stated that Grøttum had experience in software development, quantitative trading, asset management, and fintech. He had also worked alongside the Chief Investment Officer, Peter C. Warren, in handling Bitcoin investments related to Geir Harald Hansen of Moonshot.
The appointment has also seen a change in H100’s management structure. Johannes Wiik, who had been H100’s former CEO, was reinstated to his old position as chief operating officer of H100.
Who Is Behind H100’s Expanding Bitcoin Treasury?
H100 closed the purchase of NSD AS on August 10. Through a restructuring, NSD AS owned Moonshot AS and PDI AS. This acquisition brought 2,455.37 BTC into the portfolio.
This transaction brought H100’s holding from 1,051.03 BTC as of June’s end to 3,506.4 BTC. It has brought about the biggest gain in the company’s Bitcoin holdings up to now. H100 stated that these purchased companies had no financial debts.
H100 did not pay any money for the transaction. On the other hand, it issued 790,534,666 new shares to the shareholders worth SEK 1.86 per share. This transaction was valued at about SEK 1.47 billion.
The issuance of shares increased H100’s outstanding shares to 1,128,931,358 after completion. The newly issued shares accounted for about 70% of the outstanding shares. Geir Harald Hansen received about 69.2% through 781,676,551 shares.
When Did H100 Build Its Bitcoin Position?
H100 initiated its Bitcoin investment strategy in May 2025, acquiring 4.39 BTC. Later on, H100 acquired equity and convertible finance. Its rate of accumulation increased significantly in 2026.
As at June 30, H100 had accumulated 1,051.03 BTC. However, the August acquisition took it to 3,506.4 BTC. The latter is the most recent reported Bitcoin treasury amount.
H100 referred to the August acquisition as “the largest M&A in Europe’s public Bitcoin equity market.” It also referred to it as the first Bitcoin-for-Bitcoin acquisition in Europe’s public market for Bitcoin equities.
According to the August acquisition, Bitcoin had a value of SEK 598,926.69 (about $62,900). This was the value of Bitcoin calculated using the Coinbase BTC/SEK spot price on a certain date in July 31.
Why Does the Acquisition Matter for H100’s Finances?
The bigger position in Bitcoin makes the financial results reported by H100 even more vulnerable to cryptocurrency price changes. In its second quarter, the company lost SEK 88.7 million in its operations. Pre-tax loss amounted to SEK 98.2 million.
According to the company, SEK 93.3 million of this pre-tax loss resulted from non-cash items. For the six-month period of 2026, H100 posted a pre-tax loss amounting to SEK 253.6 million. Operating cash flow turned out negative in the amount of SEK 12.7 million.
The equity ratio of the company at the end of June was 86%. The firm continues calling itself a technology company working in health and longevity sectors. Besides, it runs an actively managed Bitcoin treasury strategy.
Where Could H100 Use Capital Next?
The September 16 filing by H100 also included changes to Swedish share repurchase rules. On December 5, companies listed on Swedish Multilateral Trading Facilities can repurchase their own shares. This rule applies to NGM Nordic SME, on which H100 is listed.
Grøttum said that buybacks could be considered an alternative for allocating capital. He referred to times when H100 shares were trading at below their net asset value. His comments referred to a potential future strategy and not a buyback plan.
H100 stated that no decision has been made regarding share repurchase. In order to start any such repurchase program in the future, it requires authorization from the shareholders, a decision of the board, and disclosure of the repurchases according to the rules.
For now, the September 17 filing shows that Grøttum will have more indirect investment into H100 shares. Bitcoin is not included in the balance sheet of the company yet. After the August acquisition, H100 still holds 3,506.4 BTC.
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