Swedish Refine Group AB launches Bitcoin treasury strategy with $1m funding

Swedish digital-commerce company Refine Group has announced that it will be diving into digital assets as a third business area by launching a Bitcoin-focused treasury strategy.

According to a recently published press release, the company aims to strengthen its financial position and expand its opportunities to partner with web3-aligned firms by establishing a Bitcoin (BTC) treasury strategy. Inspired by the current global trend of companies adopting crypto treasury strategies, the firm intends to make Bitcoin its core reserve asset.

In order to support its newly established BTC treasury strategy, Refine Group has raised 10 million krona through directed share issuance of more than 54.37 million shares. Each stock is valued at a subscription price of 0,1839 krona per share. From the directed share issuance, Refine will gain 10 million krona or around $1 million which it will use to buy BTC for its new treasury.

Alongside its BTC treasury, the company will also start implementing a new business metric to measure its digital asset foray. Starting July 16, Refine Group will start disclosing the Bitcoin per share metric to reflect its ability to create long-term shareholder value through BTC accumulation.

CEO of Refine Group, David Wallinder, said that the Bitcoin treasury strategy is meant to boost the company’s financial position in the industry. Not only that, it also aligns with the firm’s goal to advance innovation in the digital commerce sector.

“Bitcoin’s scarcity and global liquidity make it a powerful complement to traditional cash management, and we look forward to continuing expanding this business area,” said Wallinder.

So far, the company claimed that a number of investors and shareholders have subscribed to all the shares set to be issued and the company’s board of directors has allocated the shares to the subscribed entities.

According to the press release, the largest investor is Caldas Capital, led by entrepreneur and investor João Caldas. Existing shareholders, that represent 20% of all shares and votes in the firm, have requested to the board of directors to appoint Caldas as a new board member.

Refine Group joins the ever-growing list of companies that have started adopting a Bitcoin treasury strategy in light of increasing institutional demand for the crypto asset. Earlier this year, Swedish gaming and web3 company Fragbite Group announced that it will establish a BTC treasury by issuing $530,000 worth of shares.