Today we completed the largest M&A transaction in the history of European public Bitcoin Equity. It is also the first in the world done Bitcoin for Bitcoin. H100 acquired 2,455 BTC at around 62,900 dollars per bitcoin, taking our holdings from 1,051 to 3,506 Bitcoin. No cash changed hands. The company we acquired carries no debt, and we took on none to buy it. The deal was priced at 1.0x mNAV, Bitcoin valued in Bitcoin on both sides of the table. That counts each H100 share at SEK 1.86, its bitcoin value. Sats per fully diluted share went from 288 to 303, up 5%. 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.

A Bitcoin treasury company is not an ETF with a CEO. It's for Bitcoiners and allocators who want a company that measures success in one number: Bitcoin per share. It has tools an ETF doesn't: – sell shares at a premium – buy back at a discount – access unique liability structures But what most people underestimate is the cash flow and equity value these companies can build on top of their balance sheet. That's the real edge in the next phase. Grow Bitcoin per share faster than holding can, or don't exist.

Thanks to @julian_liniger and @relai_app for having me on the Relai Bitcoin Podcast. We talked about @H100Group bitcoin plans, bitcoin in the Nordics and how family offices allocate to bitcoin. Self-custody is the base. Bitcoin equity is a method to get more bitcoin. Both matter for the ecosystem.

European family offices are coming to Stockholm to build public companies. Yesterday Infinitas Capital a Swiss Family Office owned by @RobinLauber_ hosted international family offices and companies at Nasdaq, followed by a great dinner. 3.8 million Swedes in a country of 10 million hold an investment account. Sweden listed 501 companies in the past decade, more than France, Germany, the Netherlands and Spain combined. What makes Sweden unique is the full ladder. Spotlight, NGM and Nasdaq First North for growth, Nasdaq main market at the top. A company can go from first listing to large cap without leaving the country supported by great a retail and institutional community. We listed H100 on NGM in April 2025 with 0 BTC. Today we hold 3,506 BTC, and we are still on the same exchange, with the whole ladder above us. That is why @RobinLauber_ and I are backing @KrisLippert to build @reverioncapital. So the rest of Europe can use it, international investor can join and Sweden becomes the place companies want to list and stay listed, even during hypergrowth.

Its time to be Long Europe again.

Europe has too many Bitcoin treasury companies and not enough Bitcoin treasury. Dozens of listed vehicles. Most hold a few hundred coins. The only right thing to do is consolidation.

Volatility goes both ways

Bitcoin doesn't care about borders. Neither do investors. They go where the opportunities are. I built my career in the gaps between the borders. Those gaps are closing faster than you think.

I took my first company public at 28. Today it is @H100Group. I started my first company at 17. Before that I swam on Norway's junior national team and won the Nordic junior championship. Public markets are sport. You get a score every day, you work on your weaknesses and win with your strengths. I love this sport.