Swedish investment company H100 Group has faced significant pressure on its balance sheet: for the first six months of 2026, the net loss before tax reached 253 million Swedish kronor, equivalent to approximately $26 million. In the second quarter, the figure stood at 98 million kronor ($10.3 million), and virtually the entire amount is the result of a non-cash revaluation of bitcoin reserves.
The key factor is the volatility of the leading cryptocurrency. During the reporting period, the BTC price showed a noticeable decline, which directly impacted the value of digital assets on the company's balance sheet. It is important to emphasize: this is about a paper revaluation, not realized losses. H100 did not sell coins at a loss, but the market dictates its own rules — public companies holding cryptocurrency are forced to reflect fair value in their reporting.
Despite the losses, management continues an aggressive accumulation strategy. In August, H100 completed a deal to acquire two Norwegian companies along with their digital gold reserves. As a result, total holdings grew to 3,506 BTC — about $226 million at the current exchange rate. This moved the Swedish firm into second place among public bitcoin treasuries in Europe, trailing only larger players.
My view on the situation
H100's strategy is a classic example of corporate bitcoin accumulation with a long-term horizon. Revaluation losses are not a stop signal but rather a price paid for volatility during a period of market consolidation. However, it is worth noting that this approach requires strong nerves from shareholders: if BTC drops by 20-30%, paper losses could reach tens of millions of dollars. The question is whether the company is ready to hold its positions until the next growth cycle — so far, management's actions indicate confidence in the asset's long-term value.