Adam Back’s H100 And Future Holdings To Merge In Swiss Deal

Future Holdings AG, a Switzerland-based Bitcoin treasury company backed by industry veteran Adam Back, has agreed to preliminary terms that may see it acquired by Sweden-listed H100 Group.

The Swiss Bitcoin () treasury company on Monday it had entered a non-binding letter of intent with H100 covering the potential acquisition of 100% of its shares.

“Combining Future with H100 creates a public-market platform and governance framework that we believe is essential for building long-term institutional credibility in the Swiss market,” Future Holdings’ chairman Richard Byworth said in a joint statement.

The proposed acquisition comes months after in November 2025 with industry veterans Richard Byworth and Sebastien Hess, when the company raised $35 million for its BTC treasury.

Back also H100 with a $2.1 million convertible loan in June 2025, with the option to invest an additional $12.8 million.

H100 sets acquisition price for Future at $753,000

The proposed transaction values Future at about 375,000 Swiss francs, or roughly $471,000, plus the company’s cash balance at closing.

Based on Future’s current cash position, the companies said the total purchase price is expected to be about 600,000 Swiss francs, or roughly $753,000, according to the announcement.

The purchase price is expected to be paid in newly issued H100 shares at the closing price on the last trading day before the letter of intent.

Transaction expected to be completed in January

The deal remains subject to due diligence, the negotiation of definitive agreements and the receipt of required corporate and regulatory approvals. The companies said they expect signing and closing to take place in January 2026.

For H100, the acquisition is a key step in its plan to expand beyond the Nordic region and position itself as a leading Bitcoin treasury and financial platform in Europe.

“This transaction supports H100’s expansion into Switzerland. Future brings relevant local experience, and we see Switzerland as a key market as institutional investors continue to evaluate new approaches to capital allocation,” H100 chairman Sander Andersen said.

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Apart from Future and H100, Blocksteam founder Back has backed a number of Bitcoin treasury companies, the French treasury Capital B (formerly The Blockchain Group) and The Bitcoin Standard Treasury.

During a boom in Bitcoin treasuries in summer 2025, Back described Bitcoin adoption by public companies .

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