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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 (<a href="https://cointelegraph.com/bitcoin-price" rel="noopener noreferrer nofollow">BTC</a>) treasury company on Monday <a href="https://storage.mfn.se/96a69cee-167f-41f2-b024-f4fc5a258599/h100-enters-into-letter-of-intent-to-acquire-future-holdings-and-expand-into-switzerland.pdf" rel="noopener noreferrer nofollow" target="_blank">announced</a> 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 <a href="https://cointelegraph.com/news/future-bitcoin-treasury-raises-34m-fulgur-tobam" rel="noopener noreferrer nofollow">Back co-founded Future Holdings</a> in November 2025 with industry veterans Richard Byworth and Sebastien Hess, when the company raised $35 million for its BTC treasury.
Back also <a href="https://x.com/H100Group/status/1930003718373814301" rel="noopener noreferrer nofollow" target="_blank">provided</a> H100 with a $2.1 million convertible loan in June 2025, with the option to invest an additional $12.8 million.
<h2 id="h100-sets-acquisition-price-for-future-at-753-000">H100 sets acquisition price for Future at $753,000</h2>
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.
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 <img src="https://s3.cointelegraph.com/uploads/2026-01/019bb165-89a1-78d8-b8c7-9ee96919f01e.png" title="" alt="Adam Back-backed Bitcoin treasury Future Holdings set for takeover by H100">
 <figcaption style="text-align: center;">
 Source: <a href="https://x.com/future_hodlings/status/2010609183981478043" rel="noopener noreferrer nofollow" target="_blank">Future Holdings</a>
 </figcaption>
</figure>
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.
<h2 id="transaction-expected-to-be-completed-in-january">Transaction expected to be completed in January</h2>
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.
Related: <a href="https://cointelegraph.com/news/msci-keeps-digital-asset-treasury-companies-indexes" rel="noopener noreferrer nofollow">Win for Strategy: MSCI keeps crypto treasury companies in indexes</a>
Apart from Future and H100, Blocksteam founder Back has backed a number of Bitcoin treasury companies, <a href="https://live.euronext.com/en/products/equities/company-news/2025-07-28-capital-b-formerly-blockchain-group-confirms-acquisition" rel="noopener noreferrer nofollow" target="_blank">including</a> 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 <a href="https://cointelegraph.com/news/bitcoin-treasury-adoption-alt-season-adam-back" rel="noopener noreferrer nofollow">as the “new altcoin season” for crypto speculators</a>.
Magazine: <a href="https://cointelegraph.com/magazine/big-questions-will-bitcoin-survive-10-year-power-outage/" rel="noopener noreferrer nofollow" target="_self">Would Bitcoin survive a 10-year power outage?</a>

Adam Back-backed Bitcoin treasury Future Holdings set for takeover by H100

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