Mr.Andersen

Norway raised its policy rate to 4.25%. Sweden held at 1.75%. Sweden lost IKEA's founder to Switzerland. It learned from the mistake. Killed the wealth tax in 2007. Launched the ISK in 2012. Stockholm has Europe's deepest retail equity culture. Norway kept the wealth tax, added an exit tax. Its richest builders moved to Switzerland in 2022. More are about to leave. This week Norges Bank tightened further while Swedish capital flows into AI startups and public-market equity. That's why we chose Stockholm for H100's listing. Politicians need to learn: mobile talent and mobile capital don't wait.

@RoryCooney @_ALCPB @dannyfonse @AlexandreLaizet @Kosanovic_V 🤝

@Sanderandersenn @_ALCPB @dannyfonse @AlexandreLaizet @Kosanovic_V To be clear, I’m backing you both and have been stacking Capital B, H100 and SWC since last year. Haven’t sold a share. Love the 3 way friendly competition When one wins we all win 🏆 Looking forward to your next moves!

🟠 Capital B confirms the acquisition of 192 BTC for €13.0 million, the holding of a total of 3,135 BTC, and a BTC Yield of 1.82% YTD ⚡️ Full Press Release (EN): cptlb.com/wp-content/upl… Full Press Release (FR): cptlb.com/wp-content/upl… BTC Strategy (EN): cptlb.com/wp-content/upl…

H100 Group AB has today published its Q1 2026 interim report. Q1 was a transformational quarter for H100. We advanced a proposed debt-free, bitcoin-for-bitcoin acquisition expected to increase total Group holdings from 1,051 BTC today to approximately 3,500 BTC upon closing in Q3 2026, subject to customary conditions and approval by the general meeting. No cash consideration. No new debt. Just more bitcoin. During the quarter, we also established our operational presence in Switzerland, launched a scalable group coaching product through Entirebody, and maintained a strong cash position giving us flexibility to execute with a long-term perspective.

Q1 2026 report is out. From 1,051 to approximately 3,500 BTC once our Norwegian acquisition closes. Bitcoin for Bitcoin with no new debt and no warrants. Existing shareholders keep their full proportional bitcoin exposure inside a much stronger company. ~220 MSEK in convertibles sitting against approximately 3,500 BTC. A largely unencumbered treasury, and the room to build new products and services on top of it. Switzerland is live. Operational base since 12 February. The strongest balance sheet and operational position in H100's history. Full report on our website.

@RoryCooney @_ALCPB @dannyfonse @AlexandreLaizet @Kosanovic_V We are all building the Bitcoin industry together in Europe. We need all the Bitcoin we can get to help the region win and deliver the best products to European investors. Great to see that @AlexandreLaizet and @Kosanovic_V always deliver 🤝

@_ALCPB @dannyfonse @AlexandreLaizet @Kosanovic_V @Sanderandersenn , @AlexandreLaizet is not going to just let you capture the top spot in European treasuries that easily. Your move!

@HAmbjoernsen Gratulerer med dagen!

@Sanderandersenn Gratulerer med dagen Sander! 🇳🇴

Gratulerer med dagen Norge 🇳🇴 I dag er en fin dag å bli påminnet grunnlov § 106. «Alle som oppheld seg lovleg i riket, kan fritt ferdast innanfor grensene og velje bustad der. Ingen kan nektast å forlate riket om det ikkje trengst av omsyn til effektiv rettsforfølging eller fordi dei skal gjere verneplikt. Norske statsborgarar kan ikkje nektast tilgjenge til riket.»

@chcbearsfan 🤝

I don't know who needs to hear this. You can like Strategy and Bitcoin You can root for Metaplanet and Strive at the same time You can appreciate what Capital B, Smarter Web and H100 are building in Europe You can be equally bullish on Méliuz and Oranje in Brazil You can be excited about BSTR and XXI entering the market This isn't sports. Your team doesn't need to lose for my team to win These companies serve different markets, draw from different capital pools, operate under different leaders, and take different approaches That's the point If you believe in what Bitcoin treasury companies are doing, there's room for more than your favorite at the table

To become the world's money, Bitcoin needs seven things money alone can't deliver: 1. Big institutions need a way to legally buy it. 2. Real things like oil need to be priced in it. 3. Bonds need to be issued in it, so pension funds can hold them. 4. Settlement has to be as reliable as the rails banks use today. 5. The price has to stop swinging 60% a year. 6. Either one country backs it, or no country can dominate anymore. 7. The next generation of allocators has to grow up treating it as normal. The British pound took more than a century to build that stack. The dollar inherited most of it from Britain. Bitcoin started in 2009. Every one of those seven gaps is a business waiting to be built. And whoever builds it earns Bitcoin for shareholders along the way.

Why did the dollar replace the British pound as the world's money? Not because the dollar was better money. It won because of the plumbing around it. US Treasuries became where the world parked its savings. Oil got priced in dollars after 1974. The US Navy backed the trade routes. Reserve currencies don't win on the quality of the money. They win on the plumbing around it. Bitcoin already has the best monetary properties ever engineered. What it doesn't have yet is the plumbing. That's not a problem. That's the business model of Bitcoin equity.

US spot Bitcoin ETFs hold 1.3 million Bitcoin. European Bitcoin ETPs hold 106,000. The EU does not have a spot Bitcoin ETF. UCITS rules require diversification, so a single-asset fund cannot be approved. ETPs are the legal workaround. Debt instruments, not funds. European ETPs have existed since 2015. US spot ETFs launched in January 2024. The European market had a nine-year head start. In just over two years, the US market grew to more than 12 times the European one. This is about ownership culture. Americans allocate. Europeans deposit.

Sweden's ISK taxes savers 1.065% flat on the account base. No tax on gains. The Netherlands voted in February to tax unrealised gains at 36% from 2028. Sweden built the ISK in 2012 to turn depositors into owners. Below 300,000 kronor, zero. Above, a flat 1.065% on the wrapper, regardless of how often you trade or what you earn. Result: Europe's deepest retail capital market and a generation of Swedes who own instead of deposit. The Netherlands chose the opposite. Tax the act of holding shares. Above €1,800, 36% on unrealised gains from 2028. Europe doesn't have a savings problem. It has an ownership problem. Household deposits at 0.46% don't fund jobs. They fund banks. Banks fund someone else's equity. Europeans pay the spread their entire lives without owning the assets they finance.

@doctorbaytas 100% agree. It creates ownership culture.

@Sanderandersenn ISK is one of the most excellent inventions

Norway raised its policy rate to 4.25%. Sweden held at 1.75%. Sweden lost IKEA's founder to Switzerland. It learned from the mistake. Killed the wealth tax in 2007. Launched the ISK in 2012. Stockholm has Europe's deepest retail equity culture. Norway kept the wealth tax, added an exit tax. Its richest builders moved to Switzerland in 2022. More are about to leave. This week Norges Bank tightened further while Swedish capital flows into AI startups and public-market equity. That's why we chose Stockholm for H100's listing. Politicians need to learn: mobile talent and mobile capital don't wait.

@MSTR_Norway 100%

100%! And also very naive (by government) to believe that people won't move from their country. Many of the 1% richest in Norway have left. If Norway introduce tax on unrealized gains then many of the 10% richest will move. Loyalty (between country and the people) is a two-way street. If loyalty is taken for granted, don't be surprised if the response is betrayal

@bitcoinist_ch I'm glad I'm already here 😂

@Sanderandersenn We don't have that much space in Switzerland for all the rich Europeans. Getting crowded. 🤣

We are in serious danger of losing one of the most important capital markets in the world. 36% tax on unrealized gains, each year, whether or not you sold. That's the Netherlands' Box 3, effective January 2028. Brussels simultaneously wants the €33T of European household savings the Draghi report identified flowing into capital markets via the Savings & Investments Union. Both can't be true. A tax on unrealized gains is a tax on compounding, and compounding is the substrate of equity culture. Norway already ran the experiment. 300+ wealthy residents moved to Switzerland after the wealth tax tightened. Brussels' answer is exit taxes, not deeper markets. Europeans don't have an investment problem. They have an ownership policy problem.

Thanks for sharing, Bobby. Appreciated the depth of the analysis. A few points worth correcting and clarifying: - H100 is listed on NGM (Nordic Growth Market) in Sweden, not Nasdaq. - Eirik and Peter also own equity in the target companies alongside Geir, who holds the majority. - The target companies are debt-free, and H100 receives full value for their Bitcoin, so Bitcoin per common share actually increases. - The target teams bring complementary asset management and technology capabilities that meaningfully strengthen ours. - The EGM will not be held on 21 May. It will be held by 31/06/26 at the latest, with the full agenda to follow shortly.

Deep Dive #3 is live. Full piece at the link cebetracker.io/insights/h100-…

I spent a week on H100's capital structure The press release says the Norwegian deal is "non-dilutive to Bitcoin per share." That is accurate and incomplete BPS stays flat. CEBE goes from 226.6 sats to ~300. Drag collapses from 27% to 8%. The debt stays fixed while the Bitcoin reserve triples. BPS cannot see any of that But the bigger thing I found is not in any coverage of this deal Geir Harald Hansen, the principal seller, owns both target companies outright. He founded Bitminter in 2011, one of the earliest large mining pools. 208,000 BTC mined. He is not being acquired. He is taking his private Bitcoin stack public through H100's listing, with 70% of the combined company as the price of admission That is a different transaction than the press release describes. The CEBE math for existing shareholders is still good. The governance picture is more complicated x.com/chcbearsfan/st…

Bitcoin equity is a new asset class. Public companies that hold the scarcest collateral on Earth, denominated in their local currency, governed by their local market. Every major economy will issue its version. The first generation is being built right now. The continent that invented capital markets is not going to skip this one. Let’s go Europe!

@julian_liniger Thanks Julian 🤝🟠

@Sanderandersenn You are on to something, keep rocking!🧡🚀

Switzerland has built the regulatory infrastructure for Bitcoin. Sweden has the AI ecosystem and one of Europe's most efficient capital markets. Neither of them has what Norway has: clean energy at scale, industrial expertise, a digital society, and the world's largest sovereign wealth fund producing top-tier financial talent. Norway should be the country that wins the next era of financial innovation. It is choosing not to. I'm in Norway this week to make the case, to investors and to policy makers. The case is this: Bitcoin, AI, and energy are merging into the foundation of capital markets and finance. Bitcoin stops being a separate asset and becomes infrastructure. AI sits on top, making financial services cheaper, faster, more transparent, and available to everyone.

@Erik__Iversen 🤝

@Sanderandersenn Lykke til! 🥳