H100 Group Reports $10.3M Loss as Bitcoin Holdings Weigh on Balance Sheet

The company’s interim report reveals a total pre-tax loss of 253 million kronor for the first half of the year, starkly contrasting with its modest operating income of 6.1 million kronor. While the accounting charges significantly impacted the bottom line, management emphasized that these figures do not reflect actual cash outflows. The business consumed roughly 5.1 million kronor in cash during the quarter, leaving 18.1 million kronor in liquid reserves as of June 30.

H100 has aggressively expanded its digital asset footprint over the past year. Following the recent acquisition of two Norwegian firms, Moonshot AS and Never Say Die AS, the company now controls 3,506 BTC. This move, executed through an all-share transaction rather than cash, solidified its position as Europe’s second-largest publicly traded Bitcoin treasury, trailing only Germany’s Bitcoin Group. The acquisition involved the issuance of approximately 790.5 million new shares.

Despite the rapid accumulation of assets, market sentiment toward the firm has cooled. H100 shares have declined by approximately 24% since the beginning of 2026, a sharp reversal from the 40% surge that followed the company’s initial Bitcoin purchase in May 2025. Investors are increasingly evaluating the risks associated with treasury-heavy models, as lower cryptocurrency market prices directly dictate the valuation of balance sheets across the sector.