Today in crypto, Sweden’s H100 signed a letter of intent to acquire two Bitcoin treasury companies and their BTC holdings, which could make it the second-largest Bitcoin treasury company in Europe. Elsewhere, crypto and stocks fell on escalating threats by the US and Iran, and Fidelity told the SEC that it supports trading tokenized securities on alternative trading systems.
Sweden’s H100 eyes Europe’s No. 2 Bitcoin treasury with 3,500 BTC deal
Sweden-listed health-tech and Bitcoin (BTC) treasury company H100 Group has entered into a letter of intent (LOI) with the shareholders of privately-held Norwegian Bitcoin companies Moonshot and Never Say Die to acquire all shares of the target companies in exchange for newly issued H100 stock.
The proposed transaction would be completed with newly issued H100 shares and no cash consideration, a structure intended to preserve the sellers’ Bitcoin exposure while moving the assets into a larger listed vehicle, according to a Monday press release.
A definitive agreement is expected by April 22, with closing targeted after H100’s annual general meeting. H100’s public materials currently show inconsistent AGM dates: its investor-relations calendar lists April 21, while a March 12 company notice referred to an AGM on May 21.
If the deal goes ahead, it would make H100 the second-largest listed Bitcoin treasury company in Europe behind Germany’s Bitcoin Group, which holds 3,605 BTC. H100 currently holds 1,051 Bitcoin, while the target companies hold about 2,450 BTC, bringing H100’s total to 3,501 BTC (worth around $239.7 million at current prices) after the deal, the release states.
Crypto falls as Iran vows response to Trump threat
Crypto and the wider markets tumbled on Monday as the US and Iran escalated threats toward each other, as the Iran war entered its fourth week, sending oil prices seesawing.
US President Donald Trump said on Sunday that the US would “hit and obliterate” Iranian power plants if the country didn’t open the Strait of Hormuz within 48 hours. Iran responded by saying it will answer any US strikes with similar attacks on US and Israeli infrastructure in the Gulf and threatened to completely close the Strait, a vital oil shipping lane.
Rachael Lucas, an analyst at BTC Markets, said that crypto “is trading in lockstep with equities right now, not as a haven,” as Bitcoin (BTC) dropped to a low of below $67,600 in late trading on Sunday, which caused a surge in liquidations.
Crude oil also surged, which Lucas said would increase inflation expectations and the probability of a rate hike in the US.
She added that if the Iran war de-escalates, “crypto would be among the fastest risk assets to recover. However, this conflict has no clear negotiating counterpart and no defined exit timeline, which makes that outcome difficult to call in the near term.”
Fidelity urges SEC to move further on crypto activity by broker-dealers
Fidelity Investments told the US Securities and Exchange Commission (SEC) on Friday that it should continue to develop the regulatory framework for broker-dealers to offer, custody and trade crypto assets on alternative trading systems (ATS).
The letter from the US’ third-largest asset manager was in reply to a call for comments earlier this month by the regulator’s Crypto Task Force.
Fidelity said it is “critical” for the SEC to develop a comprehensive regulatory framework and clear rules of the road for tokenized securities trading, including rules for trading tokenized securities issued by third parties.
Fidelity also urged the SEC to bridge the regulatory gap between centralized and decentralized trading systems to “consider how intermediated and disintermediated trading venues can evolve and coexist,” the company’s general counsel, Roberto Braceras, wrote.
