H100 Group AB, a Swedish health technology and Bitcoin treasury company, has signed a letter of intent to acquire Future Holdings AG, a Zurich-based bitcoin treasury firm.
The agreement, announced today to Bitcoin Magazine, would give H100 full ownership of Future and mark its first major expansion outside of the Nordic region.
The proposed acquisition aligns with the company’s goal to strengthen its Bitcoin treasury capabilities and engage more directly with European institutional investors.
Switzerland is seen as a strategic market, known for its strong currency, deep capital markets expertise, and sophisticated fixed-income investor base.
Adam Back became involved with H100 through an investment agreement last year, providing a SEK 21 million convertible loan with the option to expand to SEK 277 million to support the company’s Bitcoin treasury strategy.
In recent years, low interest rates have driven institutional investors to explore alternative treasury strategies, including digital assets like Bitcoin.
Future Holdings has carved out a niche in Switzerland for institutional Bitcoin treasury management. The company’s governance structures and capital market experience are tailored to local regulations, and it has previously explored a public listing.
While that process did not move forward, the company said combining Future with its listed Swedish platform creates a new opportunity for regulatory and operational alignment, potentially appealing to institutional investors seeking transparent exposure to Bitcoin.
H100’s deal terms and timeline
Under the terms outlined in the letter of intent, H100 would acquire 100% of Future’s shares for CHF 375,000 plus the company’s cash balance, currently bringing the total to approximately CHF 600,000.
The purchase price is expected to be paid through newly issued H100 shares, priced based on the most recent trading day prior to signing. Completion remains subject to due diligence, regulatory approvals, and final transaction agreements, with both parties anticipating simultaneous signing and closing in January 2026.
H100 holds 1,046 BTC on its balance sheet, according to the company, making it the largest Bitcoin treasury company in the Nordics. The company also operates in the health technology sector, offering AI-driven solutions and platform tools for health and lifestyle providers.
The acquisition of Future is intended to broaden H100’s public-market footprint while deepening its institutional expertise in Bitcoin treasury strategies.
Sander Andersen, H100’s chairman, touched on the strategic importance of Switzerland and Future’s local experience. “This transaction supports H100’s expansion into Switzerland. Future brings relevant local experience, and we see Switzerland as a key market as institutional investors continue to evaluate new approaches to capital allocation,” Andersen said.
Richard Byworth, chairman of Future, emphasized the value of combining the two companies’ capabilities. “Combining Future with H100 creates a public-market platform and governance framework that we believe is essential for building long-term institutional credibility in the Swiss market,” he said.
