Norway raised its policy rate to 4.25%. Sweden held at 1.75%. Sweden lost IKEA's founder to Switzerland. It learned from the mistake. Killed the wealth tax in 2007. Launched the ISK in 2012. Stockholm has Europe's deepest retail equity culture. Norway kept the wealth tax, added an exit tax. Its richest builders moved to Switzerland in 2022. More are about to leave. This week Norges Bank tightened further while Swedish capital flows into AI startups and public-market equity. That's why we chose Stockholm for H100's listing. Politicians need to learn: mobile talent and mobile capital don't wait.

Norway’s largest financial newspaper, @Finansavisen, has now written about why Geir Harald Hansen is putting his life’s work into @H100Group. A Bitcoin pioneer who helped mine close to 1% of all the Bitcoin that will ever exist going all in alongside the rest of us. finansavisen.no/finans/2026/…

On 23 June, H100 shareholders decide whether to grow the company to approximately 3,500 Bitcoin and bring in a new long-term owner, alongside a team that has worked together in Bitcoin for years. Here's how I think about it. Bitcoin started as an idea about money. Neutral money, outside any government's printer. I believe that idea can change how capital, credit and markets work, and make them more open. The new owner founded Bitminter in 2011, one of the first Bitcoin mining pools. Over its life it mined more than 200,000 Bitcoin, close to 1% of all the Bitcoin there will ever be. He has been in this since the very beginning, and he's still here. That experience, on top of the shareholders we already have, is what gives us real insight going forward. But an idea only matters when it solves real problems for the real economy. That's the test every industry has to pass, and Bitcoin is starting to pass it. Look at what exists now that didn't a few years ago. Passive and active ways to get exposure. Credit built on Bitcoin. Bitcoin-backed loans. A US strategic reserve. The use cases keep growing. This is no longer a bet on price. It's an asset class with working business models. A company built on it has one job: keep compounding in every market climate. Bull market, the public capital markets are open. Bear market, M&A and consolidation gets attractive. And the industry itself is starting to generate real cash flow. Do we want more Bitcoin? Yes. Do we want cash flow? Yes. The board recommends the deal. I'm voting in favor on 23 June, and I'd encourage fellow shareholders to do the same.

Strategy sold Bitcoin for the first time in years. 32 BTC, around ~$2.5M. 32 BTC is irrelevant. It was a signal to the market. The asset he holds can be sold if needed. Saylor has also talked about using derivatives. The point is to show the market the balance sheet has more than one lever to meet obligations.

On our road to 3500 BTC 🟠 One step at the time, we are building the Nordic Bitcoin capital markets.

On 23 June at 12:00 CEST, H100 Group's shareholders decide the next step. One year ago we bought 4.39 BTC, with a long view: build a Bitcoin equity company anchored in the Nordics. The vote on 23 June gives the board the mandate to close the Moonshot transaction, taking H100 to approximately 3,500 BTC and a leading position in Europe. It also expands our authorisation to issue shares so we can keep pursuing the strategy, and brings in asset management and technology capabilities that let us generate cash flow while keeping the organisation lean. Europe is not the US. We do not have the same depth of capital markets. The inefficiency is the opportunity. You win in Europe by being early, by going when broader interest is low, by doing what consensus is not yet ready for. European companies are cheaper. The cost of building and retaining a competitive organisation is lower. And European savers need a credible Bitcoin equity option inside their own market. We will keep accumulating Bitcoin through capital market, work the balance sheet harder, and build cash flow from products and services. The Nordic high yield debt market is a particularly interesting lever for a European Bitcoin company. If you own H100, please vote.

H100 Group AB has today published its Q1 2026 interim report. Q1 was a transformational quarter for H100. We advanced a proposed debt-free, bitcoin-for-bitcoin acquisition expected to increase total Group holdings from 1,051 BTC today to approximately 3,500 BTC upon closing in Q3 2026, subject to customary conditions and approval by the general meeting. No cash consideration. No new debt. Just more bitcoin. During the quarter, we also established our operational presence in Switzerland, launched a scalable group coaching product through Entirebody, and maintained a strong cash position giving us flexibility to execute with a long-term perspective.

Q1 2026 report is out. From 1,051 to approximately 3,500 BTC once our Norwegian acquisition closes. Bitcoin for Bitcoin with no new debt and no warrants. Existing shareholders keep their full proportional bitcoin exposure inside a much stronger company. ~220 MSEK in convertibles sitting against approximately 3,500 BTC. A largely unencumbered treasury, and the room to build new products and services on top of it. Switzerland is live. Operational base since 12 February. The strongest balance sheet and operational position in H100's history. Full report on our website.

Gratulerer med dagen Norge 🇳🇴 I dag er en fin dag å bli påminnet grunnlov § 106. «Alle som oppheld seg lovleg i riket, kan fritt ferdast innanfor grensene og velje bustad der. Ingen kan nektast å forlate riket om det ikkje trengst av omsyn til effektiv rettsforfølging eller fordi dei skal gjere verneplikt. Norske statsborgarar kan ikkje nektast tilgjenge til riket.»

US spot Bitcoin ETFs hold 1.3 million Bitcoin. European Bitcoin ETPs hold 106,000. The EU does not have a spot Bitcoin ETF. UCITS rules require diversification, so a single-asset fund cannot be approved. ETPs are the legal workaround. Debt instruments, not funds. European ETPs have existed since 2015. US spot ETFs launched in January 2024. The European market had a nine-year head start. In just over two years, the US market grew to more than 12 times the European one. This is about ownership culture. Americans allocate. Europeans deposit.

Sweden's ISK taxes savers 1.065% flat on the account base. No tax on gains. The Netherlands voted in February to tax unrealised gains at 36% from 2028. Sweden built the ISK in 2012 to turn depositors into owners. Below 300,000 kronor, zero. Above, a flat 1.065% on the wrapper, regardless of how often you trade or what you earn. Result: Europe's deepest retail capital market and a generation of Swedes who own instead of deposit. The Netherlands chose the opposite. Tax the act of holding shares. Above €1,800, 36% on unrealised gains from 2028. Europe doesn't have a savings problem. It has an ownership problem. Household deposits at 0.46% don't fund jobs. They fund banks. Banks fund someone else's equity. Europeans pay the spread their entire lives without owning the assets they finance.

We are in serious danger of losing one of the most important capital markets in the world. 36% tax on unrealized gains, each year, whether or not you sold. That's the Netherlands' Box 3, effective January 2028. Brussels simultaneously wants the €33T of European household savings the Draghi report identified flowing into capital markets via the Savings & Investments Union. Both can't be true. A tax on unrealized gains is a tax on compounding, and compounding is the substrate of equity culture. Norway already ran the experiment. 300 wealthy residents moved to Switzerland after the wealth tax tightened. Brussels' answer is exit taxes, not deeper markets. Europeans don't have an investment problem. They have an ownership policy problem.

Bitcoin equity is a new asset class. Public companies that hold the scarcest collateral on Earth, denominated in their local currency, governed by their local market. Every major economy will issue its version. The first generation is being built right now. The continent that invented capital markets is not going to skip this one. Let’s go Europe!

Switzerland has built the regulatory infrastructure for Bitcoin. Sweden has the AI ecosystem and one of Europe's most efficient capital markets. Neither of them has what Norway has: clean energy at scale, industrial expertise, a digital society, and the world's largest sovereign wealth fund producing top-tier financial talent. Norway should be the country that wins the next era of financial innovation. It is choosing not to. I'm in Norway this week to make the case, to investors and to policy makers. The case is this: Bitcoin, AI, and energy are merging into the foundation of capital markets and finance. Bitcoin stops being a separate asset and becomes infrastructure. AI sits on top, making financial services cheaper, faster, more transparent, and available to everyone.

bitcoin treasury companies are an arbitrage between the fiat present, and the hyperbitcoinized future.

Freedom isn’t given by the system. It’s exercised through the assets you choose to hold. Especially when it’s hardest.