H100 enters into letter of intent to acquire Future Holdings and expand into Switzerland
H100 Group AB (“H100” or the “Company”) has entered into a letter of intent with the shareholders of Future Holdings AG (“Future”), a Swiss-based bitcoin treasury company, regarding the potential acquisition of 100% of the shares in Future. The proposed transaction represents an expansion of H100’s activities into Switzerland and is intended to further strengthen the Company’s capabilities within Bitcoin treasury management and related capital markets activities.
Switzerland as a strategic market
Switzerland is one of Europe’s most established and institutionally driven financial markets, characterised by a strong currency, a large and sophisticated fixed income investor base, and deep capital markets expertise.
In recent years, declining interest rates have reduced yields across large parts of the traditional fixed income market. As a result, institutional investors are increasingly reassessing portfolio construction and capital allocation strategies, including the role of alternative treasury and balance sheet assets.
In this environment, Bitcoin treasury strategies are increasingly being evaluated as a potential complement to traditional assets, particularly with respect to long-term value preservation, balance sheet resilience and capital efficiency. H100 believes that disciplined, transparent and institutionally aligned treasury management is a prerequisite for participating in this segment, and that a Swiss presence is strategically important for this ambition.
Future Holdings
Future is a Switzerland-based company focused on Bitcoin treasury activities, with governance structures and market positioning adapted to the Swiss institutional environment.
Among European peers, Future has attracted attention for its institutional approach to Bitcoin treasury management and its experience with capital market instruments tailored to the Swiss market. Future has previously explored a public listing in Switzerland. While that process did not proceed, H100 believes that combining Future with an established listed group provides a materially different starting point from a regulatory, operational and capital markets perspective.
Through the proposed acquisition, H100 intends to combine its public-market platform and operating history in Sweden with Future’s local market knowledge and institutional finance experience.
Strategic rationale
If completed, the acquisition would support H100’s ambition to establish a local presence in Switzerland and further develop its Bitcoin treasury and capital markets capabilities.
A professionally structured Bitcoin treasury platform provides investors with transparent exposure to Bitcoin within a public-company framework, while also enabling the use of capital markets instruments to enhance balance sheet efficiency over time. Through the acquisition of Future, H100 expects to strengthen its institutional expertise, geographic positioning and engagement with Swiss institutional investors.
The transaction represents an important step in H100’s ambition to move beyond a regional Nordic footprint and establish itself as a leading Bitcoin treasury and financial platform in Europe.
Sander Andersen, Chairman of H100, commented:
“This transaction supports H100’s expansion into Switzerland. Future brings relevant local experience, and we see Switzerland as a key market as institutional investors continue to evaluate new approaches to capital allocation.”
Richard Byworth, Chairman of Future, added:
“Combining Future with H100 creates a public-market platform and governance framework that we believe is essential for building long-term institutional credibility in the Swiss market.”
Transaction structure
H100 has entered into a non-binding letter of intent regarding the acquisition of 100% of the shares in Future. The proposed purchase price consists of CHF 375,000 plus Future’s cash balance at closing. Based on Future’s current cash position, the total purchase price is currently expected to amount to approximately CHF 600,000.
The purchase price is intended to be settled through the issuance of newly issued shares in H100, with a subscription price based on the closing price per share on the most recent trading day preceding the date of the letter of intent.
Completion of the transaction is subject to customary due diligence, the execution of definitive transaction documentation, and the receipt of all required corporate and regulatory approvals. The parties currently expect signing and closing to occur simultaneously during January 2026.