Capital B Increases Bitcoin Holdings to 2,888 BTC

Capital B, the first Bitcoin treasury company listed on Euronext Growth Paris, announced on March 23 that it had acquired 44 BTC for €2.7 million. That purchase lifted its total Bitcoin holdings to 2,888 BTC.

The company said its average acquisition cost now stands at €92,495 per bitcoin. The latest purchase came after the completion of a €1 million capital raise through warrants subscribed by UTXO Management.

That funding was part of a broader €3 million raise announced on March 17, which involved strategic partners TOBAM and UTXO Management. Capital B also reported a BTC Yield of 0.72% year-to-date.

Alongside its treasury holdings, the company noted that it holds an additional 60 BTC set aside for operational needs outside its treasury strategy.

H100 Group Pursues Norwegian Bitcoin Firms in All-Share Deal

H100 Plans to Acquire Moonshot AS and Never Say Die AS

Stockholm-listed H100 Group announced over the same weekend that it had signed a letter of intent to acquire two privately held Norwegian Bitcoin firms, Moonshot AS and Never Say Die AS.

The proposed transaction is structured as an all-share deal with no cash consideration. If completed, the acquisition would add about 2,450 BTC to H100's existing holdings of 1,051 BTC.

That would bring H100's total holdings to roughly 3,501 BTC, representing an increase of about 233%.

H100 Could Become Europe's Second-Largest Listed Bitcoin Treasury Company

If the transaction closes, H100 would become Europe's second-largest listed Bitcoin treasury company by holdings, behind Germany's Bitcoin Group.

H100 chairman Sander Andersen said the market environment remains challenging, but described the acquisition as a way to strengthen the company's position in a capital-efficient manner. He said that scale, credibility, and access to capital markets are becoming increasingly important in the Bitcoin space.

Leadership and Backing Behind the Target Companies

The two target companies bring experienced leadership to the proposed deal. Moonshot CEO Eirik Grøttum is a former systematic trader, and CIO Peter Warren is a hedge fund veteran.

Both acquisitions also have backing from cryptographer Adam Back, co-founder of Blockstream.

A definitive agreement is expected by April 22, and closing is targeted after H100's annual general meeting on May 21.

Bitcoin Treasury Consolidation Trend Gains Momentum in Europe

Twin Announcements Point to a Broader Consolidation Wave

The announcements from Capital B and H100 point to a wider consolidation trend among corporate Bitcoin holders in Europe. Both companies moved to expand their holdings over the same weekend, signaling that scale is becoming more important in the regional Bitcoin treasury landscape.

Earlier this year, BTCS chief strategy officer Wojciech Kaszycki said crypto treasury companies were likely to consolidate in 2026 as firms with operating businesses acquire those trading below net asset value.

H100 Builds on Its Earlier Combination

H100's latest move follows its January combination with Switzerland-based Future Holdings AG, another Bitcoin treasury firm.

The broader push comes as European companies work to build enough scale to compete with larger U.S. and Asian counterparts in the institutional Bitcoin space.

What These Deals Mean for European Bitcoin Treasury Companies

Capital B's latest purchase shows a continued focus on growing treasury reserves through targeted capital raises and steady accumulation. H100's planned acquisition takes a different route, using an all-share structure to rapidly expand holdings and strengthen market position without cash consideration.

Taken together, the deals show that Europe's active Bitcoin treasury companies are pursuing scale through both direct purchases and corporate combinations. And that's really the heart of it: bigger balance sheets, stronger market standing, and better access to capital markets are starting to matter more and more.