Sweden-listed H100 Group reported a SEK 253 million ($26 million) pre-tax loss for the first half of 2026, driven primarily by a non-cash impairment of its Bitcoin holdings as prices fell during the period.
The company’s second-quarter loss reached SEK 98 million, following a SEK 155 million loss in the first quarter. Operating income remained flat at SEK 3 million in Q2, unchanged from the same period last year, while total H1 operating income rose slightly to SEK 6.1 million from SEK 5.8 million in H1 2025, according to its interim report published on Wednesday.
Nearly all of the quarterly loss stemmed from a write-down of its cryptocurrency portfolio, the company said in a statement. H100’s Bitcoin holdings totaled 3,506 BTC as of the report, valued at approximately $226 million at current prices. The holdings were expanded through the August acquisition of two Norwegian Bitcoin treasury firms, which added to its existing crypto reserves.
H100 now ranks as Europe’s second-largest corporate Bitcoin treasury holder, trailing only Germany’s Bitcoin Group, which holds 3,605 BTC. The expansion followed a strategic move to bolster its digital asset exposure amid broader market volatility.
H100’s share price declined 4.2% on Tuesday, extending a 24% year-to-date drop, according to StockAnalysis data.
