Over the summer, Sander Andersen has repeated that bear markets are for those who act, not wait. Now H100 has completed a bitcoin-for-bitcoin acquisition that nearly triples its holdings to 3,506 bitcoin.
Sander Andersen, one of the most prominent voices in the Nordic bitcoin scene and chairman of the listed bitcoin treasury H100, has spent the summer repeating one message: a bear market isn't something to wait out, it's something to use. On Monday, that message got concrete proof — H100 announced it has completed the acquisition of the companies controlled by bitcoin pioneer Geir Harald Hansen, including Moonshot AS, nearly tripling H100's bitcoin holdings.
Andersen himself summed up the philosophy behind the deal and his bitcoin strategy this way, in a post eleven days before it closed: "Oil did it. Energy did it. Shipping did it. Bitcoin is next."— Sander Andersen, on X and LinkedIn, July 29
Andersen doesn't concern himself with guessing the bottom in bitcoin. In a LinkedIn post, he pointed to the dry bulk shipping market in 2016, when freight rates fell to their lowest level ever recorded and several shipowners went under. John Fredriksen did the opposite of panicking: he invested, and Golden Ocean bought up ships from owners forced to sell. Five years later, the same ships were earning four times as much. The lesson, in his view: the bear market is the time for acquisitions, boom times are the time to raise money.
For Andersen, acquisitions aren't the exception but the strategy itself: an organization that makes it a habit attracts banks and advisors who work deal flow, and builds knowledge it wouldn't otherwise gain. He points to venture capital, hedge funds, and private equity as precedent, concluding that bitcoin "will be no different." His own track record backs the point — the Future Holdings acquisition in February brought H100 advisors such as Richard Byworth and Marc Syz, while the acquisition of Hansen's companies now brings in people from the same network.
In the press release confirming the deal on Monday, Andersen was as focused on who H100 was gaining as on the transaction itself: "Just as important is who joins us. A team whose technology and market capabilities complete our own, and a principal owner who has spent more than a decade building bitcoin infrastructure and holding bitcoin. Together we can accomplish things neither of us could alone," Andersen says. Hansen has entered into a 12-month lock-up covering all consideration shares.
Eirik Grøttum, CEO of Moonshot AS, highlights the long-term vision: "From the beginning, our ambition has been to build at the intersection of technology, finance and bitcoin. We chose H100 because it shares our long-term vision and brings together the team, capabilities and ambition to drive the next phase of our growth." Moonshot runs an active bitcoin management strategy focused on capital preservation and cash flow, with no outstanding debt.
Behind the story of timing and philosophy sit the concrete terms the company laid out on Monday. The transaction was completed at 1.0x mNAV — without a discount or premium to net asset value — and financed entirely with new shares, not cash. That means Geir Harald Hansen and the other sellers are paid in H100 shares and thus become shareholders in the company going forward, not sellers who disappear from the picture. H100 acquired around 2,455 bitcoin, taking holdings from 1,051 to 3,506. Dilution came to around 70 percent, though sats per fully diluted share still rise by around 5 percent. The company itself describes the deal as the largest M&A transaction in the European public bitcoin equity sector, and the world's first completed bitcoin-for-bitcoin transaction in public markets.
When H100 reached 1,000 bitcoin, the company called it the start of a scalable build-out. The path forward is formalized in "Project Svalbard" — a 21-point plan for transparency and shareholder value, launched in October 2025, culminating in an investor gathering in Svalbard. The ambition is to tenfold holdings from that milestone.
Sources: H100 (press release), Sander Andersen (LinkedIn, X), Kaupr
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