Swedish Firm Refine Group Launches Bitcoin Reserve Strategy to Strengthen Finances

Highlights:

• Refine Group has launched a Bitcoin treasury to strengthen its balance sheet.
• The company has raised funds through a directed share issue to fund its first purchase.
• Refine will start reporting Bitcoin per share to track shareholder value.

Refine Group, a Swedish digital commerce company, plans to adopt a Bitcoin-focused treasury strategy as part of its new business segment. The strategy aims to boost its financial position and build long-term shareholder value by accumulating Bitcoin as a core reserve asset.

The company will further grow its current business segments, Products and Digital Services, with a new business segment, Digital Assets, to drive upcoming growth. Refine is confident that Bitcoin has become an efficient financial management tool because of its limited quantity and free liquidity worldwide. The company will retain Bitcoin on its balance sheet to attract Web3-aligned partners as well as to enhance capital efficiency. Refine becomes the latest in a list of international companies deploying Bitcoin to supplement conventional treasury activities.

10 Million Krona Raised to Back Bitcoin Reserve Strategy

To support the treasury launch, Refine raised 10 million Swedish krona, or about $1 million, through a directed share issue. The company issued more than 54 million shares at a subscription price of 0.1839 krona per share. This pricing was based on recent trading averages and discussions with investors. The issue attracted both new investors and existing shareholders. Caldas Capital, led by João Caldas, became the largest subscriber in the round. With this move, Caldas also became Refine’s largest shareholder. Shareholders representing 20 percent of the firm’s voting rights have asked the board to consider appointing him as a board member.

The board plans to convene an extraordinary general meeting within three months to address the proposal. Directors opted for a directed issue instead of a rights issue due to timing and cost factors. They concluded that a rights issue would delay the launch of the new business segment and raise additional expenses from underwriting.

This decision increased Refine’s total outstanding shares from about 67.5 million to nearly 122 million. The share capital also grew from 6.75 million krona to over 12.18 million krona. As a result, existing shareholders face a dilution of roughly 45%, though the board believes this change supports the company’s strategic direction. Meanwhile, the H100 Group purchased 4.39 Bitcoin in its latest move to reorganize its finances as part of its Bitcoin treasury strategy.

Refine to Report Bitcoin per Share Starting July 16

Starting July 16, Refine will introduce a new performance metric named Bitcoin per Share. This figure will reflect the company’s Bitcoin holdings in relation to its total outstanding shares. Refine expects this metric to offer clear insight into how its Bitcoin strategy creates value for shareholders.

The metric will help track progress as the firm builds its position in digital assets. It also signals the company’s goal of transparency and long-term planning. Refine confirmed that it remains committed to growing its core digital commerce businesses.

The firm’s decision to pursue a Bitcoin treasury strategy follows a growing trend in Sweden. Fragbite Group, another digital company, also launched a similar plan earlier this year. In a related development, Swedish lawmakers have recently urged the government to consider including Bitcoin in the nation’s official reserves.

🚨JUST IN: 🇸🇪 Refine Group AB is launching a #bitcoin treasury strategy and raised 10 MSEK via a directed share issue to fund its first BTC purchase. pic.twitter.com/PwOeyWuBVw

— NLNico (@btcNLNico) July 16, 2025