The correction in the digital asset market continues to pressure public companies that have bet on bitcoin as a strategic reserve. Sweden's H100 Group, one of the notable players in European corporate treasury, recorded a pre-tax loss of 253 million Swedish kronor (approximately $26 million) for the first half of 2026. In the second quarter, losses amounted to 98 million kronor ($10.3 million), and nearly all of that sum is the result of a non-cash revaluation of bitcoin assets amid the decline in the price of the leading cryptocurrency.
Accumulation strategy and market risks
It is important to emphasize: this is not about realized losses, but about an accounting revaluation that reflects current volatility rather than a fundamental weakness in the company's strategy. H100 continues to aggressively expand its holdings in digital gold. In August, a deal was completed to acquire two Norwegian firms along with their cryptocurrency reserves, bringing the total BTC volume to 3,506 coins. At current prices, this is about $226 million, which automatically places H100 in second position among public bitcoin treasuries in Europe.
Such dynamics demonstrate the dual nature of corporate investments in bitcoin. On the one hand, long-term holders gain exposure to the growth of an asset that many analysts consider a protective tool. On the other hand, short-term reporting becomes hostage to market fluctuations, which may deter conservative investors and create excessive pressure on shares.
In my view, the H100 situation is a classic example of how companies using bitcoin as a treasury asset must be prepared for volatility in their financial statements. As long as the price of digital gold remains in a sideways trend or declines, such losses will recur, but if the trend reverses upward, the revaluation will bring equally significant profits. The key question is whether the patience horizon of shareholders and the market is sufficient to weather the current phase without panic selling.