Corporate bitcoin treasuries continue to face pressure amid market volatility. Swedish investment company H100 Group ended the first half of 2026 with a pre-tax loss of 253 million Swedish kronor, equivalent to approximately $26 million. In the second quarter alone, losses amounted to 98 million kronor ($10.3 million), and almost all of this figure is attributed to non-cash revaluation of digital assets on its balance sheet.
The key factor is the decline in the bitcoin price, which directly impacted the fair value of the company's reserves. Unlike operating losses, this item is not related to cash flow, but it clearly demonstrates how sensitive corporate balance sheets are to price fluctuations of the first cryptocurrency. For H100, which is actively expanding its exposure to BTC, this has become a serious reminder of the two-sided nature of such a strategy.
Aggressive expansion and reserve growth
Despite the negative revaluation, the company continues to adhere to its course of accumulating the asset. In August, H100 completed a deal to acquire two Norwegian companies along with their holdings of "digital gold." As a result, the Swedish firm's total reserves grew to 3,506 BTC, which at current prices amounts to approximately $226 million. This allowed H100 to take second place among public European companies by bitcoin treasury volume, trailing only the market leader.
H100's strategy reflects a growing trend among European public firms that view bitcoin not as a speculative instrument but as a long-term reserve asset. However, the current situation highlights a key risk: accounting standards that require assets to be reported at fair value create volatility in financial statements, even if the company does not sell its coins.
My view: H100's loss is not a failure of strategy but rather a consequence of the imperfect accounting system. Until companies transition to standards that allow recording the long-term value of digital assets without tying them to the current price, we will continue to see such "paper" losses. Nevertheless, H100's confidence in bitcoin, reinforced by the purchase of Norwegian assets, suggests that institutional players are looking at a horizon of years, not quarters.