SKN | Bitcoin Treasury Firms Backed by Adam Back Move Toward Merger to Scale Institutional BTC Strategy

Two bitcoin-focused treasury companies linked to Adam Back, one of the earliest figures in the Bitcoin ecosystem, are taking steps toward a potential combination as institutional interest in balance-sheet-driven crypto strategies continues to evolve. The proposed transaction would bring together a publicly listed Nordic firm with a newly capitalized Swiss treasury platform, underscoring how corporate bitcoin accumulation models are becoming more structured and geographically strategic.

On Tuesday, H100 Group said it signed a letter of intent (LOI) to acquire all outstanding shares of Future Holdings AG, a Zurich-based bitcoin treasury firm that raised $35 million in November to build an institutional, balance-sheet-oriented BTC platform. The agreement is preliminary and non-binding, but it outlines a path toward a full acquisition if due diligence and final terms are completed.

Building scale around corporate bitcoin treasuries

H100, originally a Swedish health-technology company, has increasingly positioned itself as a publicly listed bitcoin treasury vehicle. The firm currently holds 1,046 bitcoin, worth roughly $95 million at current prices near $91,000 per BTC, and has framed its treasury strategy as a core pillar alongside its operating business.

Future Holdings, meanwhile, has focused on designing a bitcoin treasury model aimed squarely at institutional capital markets. While the company has not disclosed the size of its bitcoin holdings, it has described its strategy as balance-sheet driven, with the goal of offering professional investors exposure to BTC through familiar corporate and financial structures rather than direct custody.

Both companies count Adam Back — best known as a co-founder of Blockstream and inventor of Hashcash — as a backer. Back’s involvement links the transaction to a broader ecosystem of long-term Bitcoin advocates who favor corporate accumulation and capital markets integration over short-term trading models.

Why Switzerland matters

A central motivation behind the proposed acquisition is Switzerland. H100 said that acquiring Future Holdings would help establish a local Swiss presence, which it views as strategically important for scaling its treasury operations.

Switzerland has long been considered one of the most crypto-friendly financial jurisdictions in Europe, offering a stable currency, sophisticated institutional investors, and deep capital markets. For bitcoin treasury firms, operating from Switzerland can provide regulatory clarity, access to private capital, and credibility with global investors seeking structured exposure to digital assets.

If completed, the transaction would position H100 to operate across Nordic and Swiss capital markets, potentially broadening its shareholder base and improving its ability to raise funds for further bitcoin accumulation.

Market reaction and investor sentiment

Investors responded positively to the announcement. H100 shares rose about 6% to 2.33 Swedish kronor, lifting the company’s year-to-date gain to roughly 23%. The move suggests that markets are increasingly receptive to companies that clearly articulate their bitcoin treasury strategies, even amid periods of broader crypto market consolidation.

That reaction also reflects a wider trend: investors are differentiating between speculative crypto exposure and firms that treat bitcoin as a long-term balance-sheet asset, often drawing comparisons to models pioneered by companies like Strategy (formerly MicroStrategy).

Strategic implications for bitcoin treasuries

The potential merger highlights a shift in how corporate bitcoin strategies are evolving. Rather than isolated balance-sheet bets, treasury firms are beginning to emphasize scale, jurisdictional positioning, and institutional-grade structures. Combining operating businesses with dedicated treasury platforms may also help smooth volatility, diversify revenue narratives, and appeal to a broader class of investors.

Still, risks remain. Bitcoin price fluctuations directly affect balance-sheet valuations, and regulatory scrutiny of crypto-linked public companies continues to intensify across jurisdictions. The non-binding nature of the LOI also means the deal could still fall apart if conditions change.

Looking ahead, the proposed H100–Future Holdings combination offers a glimpse into the next phase of bitcoin treasury adoption — one where consolidation, capital markets access, and regulatory geography matter as much as the underlying asset itself.