H100 Group posts SEK 98M Q2 loss as Bitcoin slump drags treasury valuation — but cash burn stays limited Sweden-listed H100 Group reported a pre-tax loss of SEK 98.2 million (about $10.3 million) for Q2 2026, largely driven by a non-cash write-down on its Bitcoin holdings as the cryptocurrency’s price slid. For the first half of the year the company posted a pre-tax loss of SEK 253 million (roughly $26.6 million), while operating income remained marginal compared with the valuation hit. In its interim report, H100 said operating income for Q2 was SEK 3 million — unchanged from the same quarter in 2025 — and rose slightly to SEK 6.1 million for the six months versus SEK 5.8 million a year earlier. In an X post accompanying the report, management attributed “almost all” of the Q2 loss to a non-cash bitcoin write-down, stressing that the charge reduced reported earnings without representing an equivalent cash outflow. H100 said the business actually consumed SEK 5.1 million in cash during the quarter and SEK 12.7 million for the half year, ending June with SEK 18.1 million in cash on the balance sheet. A rapid pivot to a Bitcoin treasury has left H100 especially exposed to market swings. The company began buying BTC in May 2025 with an initial 4.39 BTC purchase (worth about $490,000 at the time), a move that pushed its shares up nearly 40%. Over the following months H100 raised capital through equity and convertible-debt financings and attracted high-profile backing — including Blockstream CEO Adam Back, who provided a SEK 150 million convertible loan guarantee and participated in earlier zero-interest convertible loans. Those funding rounds turbocharged H100’s accumulation. By late August 2025 the company had grown its treasury to roughly 957 BTC and later boosted holdings to 1,051 BTC. H100 then pursued acquisitions to scale faster: it bought Switzerland’s Future Holdings AG in February and announced in March a plan to acquire Norwegian Bitcoin firms via an all-share deal that would transfer their crypto holdings to the listed group. The Norwegian transaction closed in August, adding about 2,455 BTC and taking H100’s total to 3,506 BTC. The acquisition was funded by issuing approximately 790.5 million new shares at SEK 1.86 each. H100 said the structure left satoshis per basic share unchanged while increasing satoshis per fully diluted share by about 5%, but it also substantially raised the company’s outstanding share count. With 3,506 BTC (valued at roughly $226 million in the report), H100 is now Europe’s second-largest publicly listed Bitcoin treasury by holdings, behind Germany’s Bitcoin Group (about 3,605 BTC). That rise from a handful of coins in 2025 to one of the continent’s largest listed treasuries underlines how quickly the company has transformed — and how directly its earnings can be affected by crypto price moves. The results mirror wider stress in the listed treasury sector: falling prices for Bitcoin, Ether and other tokens have produced large unrealized losses on balance sheets and pushed some companies to record significant non-cash charges. H100’s shares have come under pressure this year as well, sliding about 24% year-to-date and falling 4.2% on Tuesday, according to market data cited in the report. Bottom line: H100’s aggressive, share-funded push to scale its Bitcoin treasury has vaulted it into the top ranks of listed holders — but it also leaves reported earnings vulnerable to crypto market volatility, even when actual cash consumption remains relatively modest. Read more AI-generated news on: undefined/news