Shareholders of Sweden’s H100 Group voted on Monday for the board to issue the new shares it needs to complete the acquisition of the Norwegian Bitcoin-holding duo of Moonshot AS and Never Say Die AS.

The deal will lift H100’s Bitcoin reserve from 1,051 BTC to roughly 3,500 BTC.

The critical item at this year’s annual general meeting was to give the board the signal to issue consideration shares to sellers of both Norwegian companies under a share purchase agreement signed April 23, according to the official AGM report.

Every other item on the agenda got passed by the board as well, H100 confirmed.

What does the shareholder vote unlock?

No cash changes hands as the entire purchase price consists of newly minted H100 stock. This structure is designed to keep the sellers’ Bitcoin exposure intact while folding their coins into a larger, publicly traded vehicle.

The meeting also amended H100’s articles of association twice. The first amendment raised the share capital ceiling to accommodate general future issuances. The second, conditional on the consideration shares actually being issued, widened the limits further: minimum 1.1 billion shares, maximum 4.4 billion, up from current levels, according to the AGM report.

How many Bitcoins will H100 have now?

Moonshot and Never Say Die will be bringing their approximately 2,450 BTC to the table as part of the H100 deal, taking the acquiring firm’s total stash from 1,051 coins to around 3,501 BTC.

Once those numbers are revised, H100 will now place behind only Germany’s Bitcoin Group, which holds 3,605 BTC as Europe’s largest listed Bitcoin treasury company. Globally, H100 would move from 43rd to 26th on Bitcointreasuries.net’s rankings, leapfrogging Cango Inc. and France-based Capital B, among others.

H100’s average cost basis sits at $114,615 per coin. At Bitcoin’s current price near $62,400, the existing treasury is worth approximately $65.6 million, which is well below the $120.5 million total cost basis.

Is H100 stock under pressure?

H100 shares on the NGM Nordic SME exchange closed at 1.162 SEK on Monday, giving the company a market capitalization of roughly 399 million SEK ($38 million). The stock has lost more than 91% over the past year and is down about 38% year to date, according to TradingView data.

In March, Chairman Sander Andersen stated that the deal is a response to those headwinds. “Scale, credibility and access to capital markets are increasingly important in the Bitcoin space, and this transaction would significantly strengthen H100 in all these areas,” Andersen said.

CEO Johannes Wiik, who was re-elected at Monday’s meeting alongside Andersen and board members Joakim Dahl and Florence Aspinall posted on X earlier this month that he strongly believes in their strategy and in the long-term opportunity ahead of them.

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