Adam Back-backed Future Holdings to be acquired By Sweden’s H100 Group

TLDR

Table of Contents

Future Holdings AG valued at $753K in proposed all-share deal with H100 Group
Deal includes 100% acquisition paid via newly issued H100 shares
Future raised $35M in Nov 2025, co-founded by Adam Back and Richard Byworth
H100 expands beyond Nordic region, entering Swiss institutional BTC market

Adam Back-backed Bitcoin treasury firm Future Holdings AG has agreed to a potential acquisition by Sweden-listed H100 Group. The deal, currently at a non-binding stage, is valued at approximately 600,000 Swiss francs and would be paid entirely in newly issued H100 shares. The move marks H100’s strategic expansion into Switzerland and aims to build institutional trust in the European Bitcoin treasury space.

Non-Binding Acquisition Deal Announced

Future Holdings AG, a Switzerland-based Bitcoin treasury company backed by Adam Back, announced it has entered a non-binding agreement with Sweden-listed H100 Group. The proposed acquisition, subject to due diligence and regulatory approval, values Future Holdings at about 600,000 Swiss francs or approximately $753,000.

The purchase price includes 375,000 Swiss francs in equity value, with the remainder reflecting Future’s current cash position. The entire payment is set to be made in newly issued H100 shares, using the share price from the last trading day before the agreement.

The transaction is expected to be finalized in January 2026, pending successful negotiations and regulatory sign-offs.

Strategic Expansion into the Swiss Market

The acquisition supports H100’s ongoing strategy to expand its presence beyond the Nordic countries. By entering the Swiss market, the group aims to tap into a growing institutional interest in Bitcoin as a treasury asset.

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

Future Holdings, founded in November 2025 by Adam Back, Richard Byworth, and Sebastien Hess, raised $35 million to fund its Bitcoin treasury. The company has positioned itself as a local Swiss platform focused on institutional Bitcoin adoption.

Adam Back’s Continued Role in Bitcoin Treasury Expansion

Adam Back, co-founder of Future Holdings and CEO of Blockstream, has played a growing role in advancing Bitcoin-focused treasury strategies. He also extended a $2.1 million convertible loan to H100 Group in June 2025, with an option to invest up to $12.8 million more.

His involvement adds weight to the acquisition, given his influence in the Bitcoin ecosystem. Back has also supported other Bitcoin treasuries like France-based Capital B and The Bitcoin Standard Treasury.

“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,” said Richard Byworth, chairman of Future Holdings.

Transaction Details and Timeline

The proposed deal covers 100% of Future Holdings’ shares. H100 will issue new shares to Future shareholders based on H100’s market price at the time of signing. The companies expect the signing and closing of the deal to take place in January 2026, following due diligence.

The agreement remains non-binding until definitive agreements are signed. The completion of the deal is also subject to required corporate approvals and regulatory clearances in both Switzerland and Sweden.

The acquisition is part of a broader trend of Bitcoin adoption among public companies, which Adam Back has described as a new phase of growth for crypto-focused treasuries.