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H100 Group, a company listed in Sweden, has entered into a non-binding letter of intent to acquire 100% of the shares of Future Holdings AG. Future Holdings is a Switzerland-based Bitcoin treasury company that carries significant industry backing, most notably from Bitcoin veteran Adam Back. Back co-founded the Swiss firm in November 2025 alongside other industry veterans, including Richard Byworth and Sebastien Hess. At its inception, the company successfully raised $35 million to establish its BTC treasury, marking it as a significant player in the European digital asset space.
The proposed transaction involves a calculated purchase price based on Future Holdings’ current financial standing. H100 Group has set the acquisition price at approximately $753,000, which reflects a value of 600,000 Swiss francs. This total includes the company’s existing cash balance at the time of the deal’s closing. Without the cash balance adjustment, the transaction values Future Holdings at about 375,000 Swiss francs, or roughly $471,000. The acquisition is intended to create a unified public-market platform that combines the strengths of both entities to enhance institutional credibility within the Swiss and broader European markets.
Context
Future Holdings AG was established in November 2025 as a dedicated Bitcoin treasury entity. The involvement of Adam Back as a co-founder provided the firm with immediate industry visibility, particularly following its initial $35 million raise for BTC holdings. Back’s relationship with the acquiring entity, H100 Group, also predates this acquisition; in June 2025, he provided the Sweden-listed company with a convertible loan valued at $2.1 million. This financial arrangement included an additional option for H100 to invest a further $12.8 million, demonstrating a deep financial linkage between the parties involved.
The strategic background of this deal is rooted in the burgeoning Bitcoin treasury sector in Europe. Adam Back has a history of supporting similar ventures, having previously backed entities such as Capital B—formerly known as The Blockchain Group—and The Bitcoin Standard Treasury. The leadership at Future Holdings, led by chairman Richard Byworth, emphasizes that moving into a public-market framework via H100 is essential for long-term growth. This transition is designed to provide the governance and transparency required by institutional investors who are increasingly exploring specialized Bitcoin capital allocation strategies within regulated environments.
Impact
The acquisition of Future Holdings AG is expected to significantly alter H100 Group’s market position by enabling its expansion beyond its original Nordic roots. Sander Andersen, the chairman of H100, has identified Switzerland as a pivotal market for the company’s growth. By integrating a Swiss-based company with established local experience, H100 aims to transform into a leading Bitcoin treasury and financial platform across the European continent. This move is particularly relevant as institutional investors continue to evaluate new approaches to managing digital asset reserves and capital allocation.
For the Swiss market, the impact involves the introduction of a public-market platform through H100’s Sweden listing. Richard Byworth, chairman of Future Holdings, noted that this governance framework is a vital component for building credibility with institutional clients. The financial terms of the deal, which value the acquisition at approximately $753,000 or 600,000 Swiss francs, reflect the integration of Future’s cash positions into H100’s broader balance sheet. This consolidation allows H100 to leverage the $35 million previously raised for Future’s BTC treasury, potentially increasing the scale of its operations and its influence as a publicly traded Bitcoin-centric financial entity in Europe.
Outlook
The timeline for the completion of this acquisition is currently set for the beginning of 2026. Both H100 Group and Future Holdings AG have indicated that they expect the formal signing and closing of the transaction to take place in January 2026. However, several procedural steps remain before the deal is finalized. The agreement is currently in a preliminary stage under a non-binding letter of intent, meaning it is still subject to comprehensive due diligence by both parties. Furthermore, the finalization of the deal depends on the successful negotiation of definitive agreements and the receipt of all necessary corporate and regulatory approvals.
Looking forward, the combined entity intends to focus on its goal of becoming a dominant Bitcoin financial platform in Europe. The purchase price is expected to be settled through the issuance of new H100 shares, which will align the interests of Future Holdings’ founders and investors with H100’s public shareholders. As H100 continues its expansion into the Swiss market, it will likely utilize the $2.1 million convertible loan and potential $12.8 million investment options provided by Adam Back to further its treasury goals. The success of this integration will be a key indicator of the viability of public Bitcoin treasury models in the European financial landscape throughout 2026 and beyond.
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