Woofun AI reports that shareholders of Sweden's H100 have formally approved the issuance of new shares required to finalize the acquisition of Moonshot AS and Never Say Die AS, a move that will expand the company's Bitcoin treasury from 1,051 BTC to approximately 3,500 BTC. This critical vote removes a primary regulatory hurdle for the transaction, enabling the Nordic SME-listed health technology firm to absorb the two Norwegian investment vehicles in exchange for equity rather than cash. The deal structure dictates that the owners of Moonshot and Never Say Die will assume majority control, holding roughly 70% of the combined entity once the merger is consummated. Ownership distribution within the new corporate structure is strictly calculated based on the volume of Bitcoin contributed by each participating party, ensuring a direct correlation between asset contribution and equity stake.

Per Woofun AI data, the completed transaction would elevate H100 to the position of Europe's second-largest publicly traded Bitcoin treasury company, trailing only Germany's Bitcoin Group SE according to metrics from BitcoinTreasuries.com. The market reacted positively to the shareholder vote, with H100 shares closing 9.6% higher on Tuesday.

However, this single-day rally does not obscure the broader negative trend, as the stock remains down about 30% since the start of 2026, a figure confirmed by Yahoo Finance data. The timing of this aggressive expansion contrasts sharply with the prevailing sentiment among Bitcoin treasury companies, which are currently navigating a deteriorating market environment characterized by months of declining cryptocurrency prices and evident stress in the financing models traditionally used to fund BTC accumulation.

The sector's fragility was highlighted in May when France-based semiconductor maker Sequans Communications announced it would abandon the Bitcoin treasury strategy it had adopted less than a year prior. Sequans stated its intention to gradually liquidate its remaining holdings, which totaled 658 Bitcoin at the time, to refocus resources on its core Internet of Things semiconductor business. This strategic pivot underscores the difficulty of maintaining a digital asset-heavy balance sheet when market conditions turn adverse. The company plans to monetize its remaining Bitcoin holdings over time, signaling a retreat from the aggressive accumulation tactics that defined the previous market cycle.

Even Strategy, the world's largest corporate Bitcoin holder, has encountered significant headwinds in recent months that challenge the viability of its current growth trajectory. Earlier this month, the company's preferred stock STRC fell below its intended $100 par value, trading at a steep discount to its liquidation preference and raising concerns about capital efficiency.

Furthermore, the pace of Bitcoin accumulation by Strategy has decelerated markedly compared to its previous sprint. After purchasing more than 34,000 BTC in a single week in April and nearly 25,000 BTC in a week in May, the company added roughly 1,500 BTC in each of the first two weeks of June, representing a drastic reduction in buying velocity.

Market data analytics provider CryptoQuant issued a warning on Wednesday, suggesting that the firm led by Michael Saylor should pause Bitcoin purchases immediately to prioritize replenishing its cash reserve, which has declined 38% year-to-date. Ki Young Ju, the CEO of the analytics provider, articulated this stance in a Wednesday X post, arguing that the entity should "pause Bitcoin purchases, rebuild cash reserves, and adopt a systematic framework for purchase timing." Ju further recommended that the biggest public Bitcoin treasury holder establish a "disciplined selling framework" to prepare for the next bull market, emphasizing the need for liquidity management over blind accumulation. This marks a significant shift in expert consensus regarding the sustainability of high-leverage Bitcoin treasury strategies in the current macroeconomic climate.