H100 appoints Peter Warren CIO after 2,455 BTC deal

H100 Group appointed Peter C. Warren as chief investment officer on Aug. 12, placing the veteran markets executive in charge of derivatives and risk management after the Swedish company nearly tripled its Bitcoin treasury through a Norwegian acquisition, according to a release.

Warren previously managed approximately 2,450 BTC with H100 Chief Executive Eirik Grøttum through Moonshot AS and PDI AS. Those businesses entered H100 two days earlier when the company completed its acquisition of NSD AS, bringing 2,455.37 BTC into the group and raising total holdings to 3,506.4 BTC.

Warren will lead H100’s Bitcoin derivatives strategy

The group said Warren will develop its derivatives investments and risk management capabilities, including the active strategy operated through PDI. The company says that strategy is intended to preserve capital, manage downside risk and generate additional cash flow while maintaining exposure to Bitcoin.

Warren has more than 45 years of capital markets experience as a trader, market maker, fund manager and chief investment officer, according to the group. He said the objective is to “manage risk and generate additional cash flow while retaining exposure to Bitcoin’s long-term potential.” That is the company’s stated investment objective rather than a promised return.

Appointment follows H100’s 2,455 BTC acquisition

As previously reported, H100 completed its acquisition of 2,455.37 BTC on Aug. 10 through its purchase of NSD AS, which owns Moonshot and PDI. The transaction raised the company’s treasury to 3,506.4 BTC from roughly 1,051 BTC and brought Warren’s existing investment management work inside the listed group.

The group paid no cash for the acquisition. It issued 790,534,666 new shares to the sellers at SEK 1.86 each, creating roughly 70% dilution based on the share count when the deal closed. The group said basic sats per share were unchanged because the transaction used a Bitcoin for Bitcoin valuation, while fully diluted sats per share increased about 5%.

The transaction was completed at 1.0x mNAV using a July 31 Bitcoin reference price of SEK 598,926.69, or about $62,900. The target had no outstanding financial debt, according to the group. Principal seller Geir Harald Hansen also agreed to a 12 month lockup on his consideration shares, subject to specified exceptions.

The enlarged treasury was worth about $223 million at Bitcoin’s price near $63,637 on Wednesday. The company has built the position rapidly since its first treasury purchase in May 2025. It later raised $54 million for its Bitcoin treasury strategy and cross listed its shares in Frankfurt.

H100 shares had already advanced before Warren’s appointment. S&P Global Market Intelligence data show the stock closed at SEK 1.198 on Aug. 11, up 11.55%, after gaining 11.99% on Aug. 10. Those moves followed the acquisition announcement and preceded Wednesday’s CIO news.

H100 shares price chart, source: StockAnalysis

Shareholders will vote on Warren’s board seat August 28

Warren’s executive appointment comes one day after the group called an extraordinary general meeting for Aug. 28. Shareholders representing more than 10% of the company’s shares and votes have proposed electing Warren, Geir Harald Hansen, Donald Ewer and Daniel Nyberg as new directors, while re-electing Sander Andersen as chairman, according to the notice.

The notice says Warren owns 2,472,692 H100 shares, including shares issued through the Aug. 10 transaction. It classifies him as dependent on both company management and major shareholders because he is an H100 employee and sits on the board of majority shareholder Geir Harald Hansen’s family office.

For the meeting, shareholders must be entered in the Euroclear Sweden register by Aug. 20 and notify H100 of participation by Aug. 24. The company also expects the 790.5 million consideration shares from the NSD acquisition to begin trading on NGM Nordic SME as soon as practicable.

The next test for the strategy will be how the company deploys PDI’s derivatives capabilities across its larger treasury. The company has not disclosed specific options positions, target yields or risk limits. Any cash flow or downside protection from the strategy will therefore depend on future execution and market conditions.