Future Holdings AG, a Switzerland-based Bitcoin treasury company backed by Adam Back, has agreed to preliminary terms that could see it acquired by Sweden-listed H100 Group. The proposed transaction values Future at about 600,000 Swiss francs in total, roughly $753,000 based on the company’s current cash position. The companies said they expect signing and closing to take place in January 2026, subject to due diligence and required approvals.
Overview of the Acquisition
The two firms entered a non-binding letter of intent covering a potential acquisition of 100% of Future Holdings’ shares. The announced deal structure values Future initially at about 375,000 Swiss francs plus the company’s cash balance, with the total purchase price expected to be about 600,000 Swiss francs. 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.
Key Players Involved
Adam Back co-founded Future Holdings in November 2025 alongside industry veterans Richard Byworth and Sebastien Hess; Byworth serves as Future’s chairman. Byworth emphasised the combination with H100 as a way to build institutional credibility and governance in the Swiss market. On H100’s side, chairman Sander Andersen has characterized the transaction as a step in the company’s expansion into Switzerland.
Financial Details
Future Holdings raised $35 million for its BTC treasury when it was founded in November 2025, and Adam Back previously provided H100 with a $2.1 million convertible loan in June 2025, with an option to invest an additional $12.8 million. The proposed transaction values Future at about 375,000 Swiss francs plus cash on hand, with the total expected purchase price around 600,000 Swiss francs, to be settled in newly issued H100 shares at closing.
For context on how companies are financing and expanding their treasuries, see expansion funding in related corporate treasuries coverage.
Strategic Importance
H100 describes the acquisition as part of its plan to move beyond the Nordic region and establish a public-market platform and governance framework in Switzerland. Future brings local experience in the Swiss market that H100 says is relevant as it positions itself as a European Bitcoin treasury and financial platform. This deal fits into a broader picture of corporate Bitcoin treasuries gaining attention; for an overview of market participants, see corporate bitcoin leaders.
Why this matters (short)
For an individual miner in Russia with between 1 and 1,000 devices, this transaction is mainly a corporate-level shift and does not alter day-to-day mining operations such as hardware, electricity, or pool choice. The deal signals continued consolidation and professionalisation among companies that hold Bitcoin on their balance sheets, which may affect institutional flows and industry structure over time. At the same time, the immediate practical impact on small-scale miners in Russia is minimal.
What to do?
- Keep operating as usual: this acquisition does not change mine-level factors like hashing strategy, cooling, or electricity management.
- Monitor custody and corporate-treasury news: if you use third-party custodial services or sell holdings to institutions, follow announcements about partnerships and market entrants.
- Follow regulatory updates: large corporate moves in Switzerland can influence how institutional services develop, so track applicable rules if you consider institutional custody or services tied to European providers.
- Review treasury exposure if relevant: if you hold BTC off-miner (in pools, custodial accounts, or company treasuries), ensure your custody and risk approach match your goals and regulatory position.
