TL;DR
- Future Holdings AG and Sweden-listed H100 Group signed a non-binding letter of intent for H100 to buy 100% of Future’s shares.
- Another report described a preliminary agreement to combine, taking H100 into Switzerland and deepening its institutional bitcoin treasury strategy.
- The proposal prices Future near $753,000, expects payment in newly issued H100 shares, targets signing and closing in January 2026, subject to due diligence and required approvals.
Future Holdings AG, a Switzerland-based bitcoin treasury firm backed by Adam Back, is facing a potential takeover push from Sweden-listed H100 Group after the firms signed a non-binding letter of intent for H100 to acquire 100% of Future’s shares. Another report described a preliminary agreement to combine the businesses, a step that would take H100 into Switzerland and deepen its institutional bitcoin treasury strategy. Future’s chairman said the combination would create a public platform and governance framework for credibility in Switzerland. The emerging deal frames bitcoin treasury management as a public-market consolidation play in Europe.
Deal terms and integration logic
The announcement values Future at about 375,000 Swiss francs, roughly $471,000, plus its cash balance at closing, putting the expected purchase price near 600,000 Swiss francs, or about $753,000. Payment is expected in newly issued H100 shares, set at the closing price from the last trading day before the letter of intent. The consideration structure signals a share-based combination designed to keep exposure aligned after closing. Both sides said the proposal still depends on due diligence, definitive agreements, and corporate and regulatory approvals, with signing and closing expected in January 2026 under the current timetable.
The talks come months after Back co-founded Future in November 2025 with Richard Byworth and Sebastien Hess, positioning the firm as a Switzerland-based bitcoin treasury company. Future said it raised $35 million for its bitcoin treasury, capital that now sits at the center of the takeover proposal. Byworth said combining with H100 would create a public-market platform and governance framework that supports long-term institutional credibility in Switzerland. Back provided H100 a $2.1 million loan in 2025 and can add $12.8 million. That credibility pitch is the deal’s narrative spine, linking corporate structure to capital-market access.
For H100, the acquisition is pitched as a key step to expand beyond the Nordic region and position itself as a bitcoin treasury platform in Europe’s public markets. Chairman Sander Andersen said the transaction supports an expansion into Switzerland, with Future bringing local experience as institutional investors evaluate approaches to capital allocation. The companies expect signing and closing in January 2026, but the non-binding letter remains subject to due diligence, definitive agreements, and required corporate and regulatory approvals. Until closing, the proposal reads as a signal of where bitcoin treasury strategies want to scale next.
