In its interim report, the Swedish listed company H100 Group disclosed a pre-tax loss of SEK 98 million, or approximately $10.3 million, in the second quarter of 2026, as a result of the fall in bitcoin prices. According to the company, the quarterly losses were almost entirely due to non-cash impairments related to the decline in the price of Bitcoin, rather than actual cash outflows.

Increased losses in the first half of the year

According to the bulletin, the total pre-tax losses for the first half of H100 amounted to SEK 253 million. By contrast, operating income remains small. The company ' s income from operating in the second quarter is SEK 3 million, which is the same as the same period in the previous year; the income from operating in the first half of the year is SEK 6.1 million, which is higher than SEK 5.8 million in the same period in the previous year.

This means that the core factor that slows performance is not the change in the main income, but the fluctuation in the book value of the Bitcoin hold hold on the balance sheet. In the case of listed companies that include encrypted assets in the treasury, a fall in the value of a currency would have a direct impact on the book-entry performance.

Holder increased to 3506 BTC

Over the past year, H100 has continued to expand the Bitcoin Treasury. Companies buy bitcoin at an early stage through equity financing and reversible financing, and then shift to M & As. In the meantime, Chief Executive Officer Blockstream Adam Back was involved in supporting the route, including the provision of SEK 150 million in debt-transferable guarantees and participation in earlier rounds of zero-interest-transferable debt financing.

H100 In 2025, the bitcoin holding warehouse rose rapidly from single digits to hundreds, then to 1051. Since then, the focus of expansion has shifted to acquisitions.

Norway's M & As led to a significant expansion

The company subsequently completed the acquisition of Moonshot AS and Never Say Die AS, two of Norway's Bitcoin Treasury enterprises, with approximately 2455 new BTCs added to the related transactions, raising the total H100 holding warehouse to 3506 BTCs. The transaction was not cash-intensive, but was paid on the basis of approximately 790.5 million new shares issued per share of SEK 1.86.

Prior to this, H100 also completed the acquisition of Future Holdings AG in February of this year, thereby establishing an operational layout in Switzerland and continuing its Bitcoin Treasury.

Second in the list of European companies.

By BitcoinTreasuries data, H100 became the second-largest-listed Bitcoin Treasury in Europe, after Germany ' s Bitcoin Group with approximately 3605 BTCs. The value of H100, as quoted in the text, is approximately $226 million.

This is a significant change compared to the company's entry into the Bitcoin Treasury in early 2025. At that time H100 held 370 BTCs and ranked 49th among the world-listed Bitcoin Treasury.

Additional information:According to StockAnalysis data, H100 stock prices fell by 4.2 per cent on Tuesday, a cumulative decline of about 24 per cent since the beginning of the year. While the company ' s losses in the second quarter were mainly accounting impairments, which did not correspond to cash outflows of the same size, book profits continued to fluctuate significantly with price fluctuations in bitcoin.