Future Holdings AG, a Swis Bitcoin treasury firm backed by Adam Back, has agreed to preliminary takeover terms with Sweden-listed H100 Group, marking a potential milestone in Europe’s growing institutional Bitcoin landscape. The move reflects rising interest in public-market Bitcoin treasury structures as companies seek regulated exposure to digital assets.
Future Holdings confirmed it has signed a non-binding letter of intent with H100 that outlines the acquisition of 100% of its shares. The transaction aims to merge Future’s Swiss presence with H100’s listed structure, creating what both parties describe as a credible governance framework for long-term institutional adoption.
Founded in November 2025, Future Holdings was co-established by Adam Back alongside industry veterans and raised $35 million to build its Bitcoin-focused treasury strategy. Back has also played a financial role in H100, providing a $2.1 million convertible loan, with an option for additional investment.
Under the proposed terms Future is valued at approximately 375,000 Swiss francs, plus its remaining cash at closing. Based on current balances, the total transaction value is estimated at around 600,000 Swiss francs, to be paid in newly issued H100 shares.
The deal, expected to close in January 2026 pending approvals, supports H100’s ambition to expand beyond the Nordic region. With Switzerland viewed as a key hub for institutional Bitcoin allocation, the acquisition underscores the continued momentum behind corporate Bitcoin treasury adoption in Europe.
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