H100 Group said its Bitcoin treasury has risen to more than 3,506 BTC after an all-stock acquisition of NSD AS that brought in about 2,455 Bitcoin with no cash consideration, making the Swedish-listed company Europe's second-largest public holder behind Germany's Bitcoin Group SE. The company issued 790.5 million new shares at SEK 1.86 each, implying roughly 70% dilution, but said the one-for-one Bitcoin structure preserved Bitcoin per share while nearly tripling holdings. H100 said the transaction is the largest M&A deal in Europe's public Bitcoin equity sector and the first Bitcoin-for-Bitcoin transaction in public markets. BitcoinTreasuries data show H100 has moved ahead of France's Capital B and the UK's Smarter Web Company. The expansion contrasts with a broader pullback among corporate holders as Bitcoin has fallen about 47% over the past year, with Strategy, MARA Holdings, Riot Platforms, Keel Infrastructure and Satsuma Technology all reducing or exiting positions.