Nordic Bitcoin treasury firm H100 has put out its annual shareholders’ letter, clarifying its stance on how it will be approaching its business strategy for the year, along with noting trends specific to the cryptocurrency sector, such as Bitcoin ETFs.
The firm—which is strongly supported by entrepreneur Adam Back—will be entering 2026 when Bitcoin prices are depressed from the November liquidations and when Bitcoin-focused firms are hard pressed to clarify if they want to remain committed to their asset class, or transition to new sectors, a trend apparent among BTC mining firms.
Other broad-scale issues plaguing the industry include a call for clarity on how investors who’ve put their money with large-scale BTC treasury firms will be paid and being included in MSCI indexes.
The letter acknowledges that H100 is trading at a discount to NAV (Net Asset Value).
“We are fully aware of this and view it not as a reflection of weak fundamentals, but as a sign that the value and ambition of what we are building are still in the early stages of being understood. From our perspective, this represents an opportunity rather than a limitation.” read the letter.
Market Net Asset Value—in the context of Bitcoin Hodling—is the ratio of the company’s market capitalization to its BTC net asset value.
At the time of writing, H100’s share price according to TradingView is SEK 1.935.
After the formal launch of its strategy, H100 has raised a total of 1.2 billion Swedish kronor, and its treasury currently holds BTC 1,046.