H100 Group tripled its bitcoin treasury to more than 3,506 BTC by acquiring two Norwegian firms, paying entirely in new shares rather than cash. The deal lands alongside data showing the largest Bitcoin wallets bought a net 46,420 BTC over 60 days while smaller holders sold, and a wallet dormant since 2014 just moved its coins to a new address.
H100 Group, the Swedish health-tech company turned bitcoin treasury firm backed by Blockstream CEO Adam Back, added 2,455.7 BTC through an acquisition deal, tripling its holdings to more than 3,506 BTC. The purchase lifted H100 from the 42nd-largest to the 26th-largest public corporate bitcoin holder, according to Bitcoin Treasuries, putting it within striking distance of the Winklevoss-led Gemini treasury.
H100 pays in shares, not cash
H100 financed the deal by issuing roughly 790.5 million new shares to the sellers at SEK 1.86 apiece. The shares carried a combined value of about SEK 1.47 billion (~$155 million). That works out to an estimated 70% dilution of shares outstanding. H100 said sats per basic share held steady, while sats per fully diluted share rose about 5%. According to The Block, H100 Executive Chairman Sander Andersen called it: "This is the largest M&A transaction ever completed in the European Public Bitcoin Equity sector."
Yet the deal bucks a trend among the biggest bitcoin treasuries. Strategy, the largest public corporate bitcoin holder, sold 1,690 BTC for about $108.6 million last week. MARA disclosed Friday that it sold 2,213 BTC during Q2. That brought its first-half sales to 23,093 BTC for roughly $1.6 billion.
Whales keep buying, retail keeps selling
The pattern extends beyond H100 to the broader whale cohort. Wallets holding more than 10,000 BTC accumulated a net 46,420 BTC over the past 60 days. That haul was worth roughly $2.9 billion at current prices. It marks the most aggressive buying from that cohort since mid-March, when they scooped up 23,238 BTC in a comparable window. Wallets holding between 0.1 and 1 BTC, by contrast, distributed a net 9,700 BTC over the same stretch. Bitcoin, meanwhile, recovered toward the $65K mark during that window.
On-chain data also shows a negative Coinbase premium, a sign that US-based buyers aren't driving the demand. The buying pressure instead appears to be flowing through Asian and international exchanges such as Binance.
A 12-year-old wallet stirs
Elsewhere on-chain, a wallet untouched since 2014 moved its entire 26.96 BTC, worth $1.76 million, to a new address. Galaxy Research's on-chain radar detected the transfer in block #961845. The coins were bought at approximately $803 per BTC back in January 2014. That left the holder an unrealized $1.73 million gain of 7,975%.
The owner shifted the funds from a Legacy address to a Nested SegWit format that can cut future transfer fees by 20% to 40%. The move may be linked to the recent Coldcard hardware wallet breach, in which hackers drained more than $116 million from thousands of addresses. Market-wide panic has forced some long-standing holders toward spot ETFs; those funds recorded $80 million in inflows over the past four sessions.
Sources: The Block, Crypto Briefing, U.Today
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