Swedish Firm Refine Group Allocates $1M to Bitcoin Treasury Strategy

The Stockholm-based company raises $1 million to build a Bitcoin treasury as part of its broader digital commerce strategy.

Swedish digital commerce company Refine Group AB has unveiled its strategic move into cryptocurrency, launching a Bitcoin treasury strategy backed by 10 million Swedish krona (approximately $1 million). The company is making Bitcoin a core reserve asset while continuing its operations in traditional digital commerce. This development signals growing corporate interest in Bitcoin as a hedge and store of value, joining the ranks of other publicly traded firms that have adopted similar strategies.

A New Direction: Refine Group’s Bitcoin Treasury Strategy

Refine Group has allocated fresh capital to initiate its Bitcoin treasury with the launch of a directed share issue. According to the official press release, the company issued 54.37 million shares at 0.1839 krona each, representing a 20% discount from the volume-weighted average price over the past week, which was 0.2299 krona per share. The move will significantly bolster Refine’s balance sheet with Bitcoin holdings as it diversifies its business model by introducing a new “Digital Assets” division alongside its existing “Products” and “Digital Services” units.

Refine’s decision to implement a Bitcoin treasury strategy follows the path set by other notable publicly traded firms, such as MicroStrategy and Metaplanet. MicroStrategy, the largest corporate holder of Bitcoin, currently holds over 600,000 BTC after a recent bold purchase, while Metaplanet, a Japanese firm, has accumulated more than 16,000 BTC.

CEO David Wallinder explained the company’s decision by emphasizing Bitcoin’s unique value proposition: “Bitcoin’s scarcity and global liquidity make it a powerful complement to traditional cash management,” he said, outlining the strategic advantage of using Bitcoin as a long-term store of value.

Funding Strategy and Stakeholder Interest

The capital raise saw robust interest from both new investors and existing shareholders, with the full 10 million krona issuance fully subscribed. The largest contributor to the funding round was Caldas Capital, led by João Caldas, an experienced entrepreneur with a background in both traditional business and cryptocurrency markets. Caldas’s firm previously sold a cosmetics business for 550 million krona, and his involvement brings both strategic capital and financial expertise to the company.

With this transaction, Caldas Capital will become Refine Group’s largest shareholder. Furthermore, several existing shareholders, who collectively hold 20% of the company, are keen to propose that Caldas be appointed to the board of directors, signaling strong confidence in his leadership.

Impact on Refine’s Capital Structure

The share issuance will increase Refine’s outstanding shares from 67.5 million to 121.9 million, resulting in a 45% dilution for existing shareholders. Following the issuance, the company’s share capital will grow from 6.75 million krona to 12.19 million krona, bolstering its financial standing and supporting the new Digital Assets initiative.

The Growing European Corporate Bitcoin Movement

Refine Group’s foray into Bitcoin is part of a wider trend across Europe, where institutional adoption of cryptocurrency treasury strategies is becoming more commonplace. Notably, Sweden’s H100 Group became the country’s first publicly listed Bitcoin treasury firm in May 2025, acquiring 4.39 BTC, worth roughly $475,000.

This growing interest coincides with political shifts in Sweden, where lawmakers are actively pushing for the country to adopt Bitcoin as a national reserve. In April 2025, Swedish members of Parliament Dennis Dioukarev and Rickard Nordin presented a proposal to Finance Minister Elisabeth Svantesson, urging the government to consider accumulating Bitcoin as part of its policy, potentially through means like retaining seized cryptocurrency assets.

The trend also extends beyond Sweden, with the UK seeing a rise in Bitcoin treasury adoption. Several UK-listed companies have recently disclosed plans to integrate Bitcoin into their treasury strategies. This momentum is also being felt outside of Europe, with global companies—including Blockchain Group—raising significant funds to build Bitcoin reserves. France’s Blockchain Group, for instance, is targeting an ambitious goal of accumulating 260,000 BTC by 2033.

Global Confidence in Bitcoin as a Treasury Asset

The rising interest in Bitcoin as a corporate treasury asset highlights the growing global recognition of Bitcoin’s potential as a hedge against currency devaluation and inflation. While traditional financial institutions have been cautious about their exposure to cryptocurrencies, businesses are increasingly confident in Bitcoin’s ability to function as a reliable store of value.

This shift is not confined to Europe. In Asia, companies like Japan’s Metaplanet are also embracing Bitcoin as part of their treasury strategy. As more corporations and governments follow suit, Bitcoin is cementing its place as a legitimate alternative to traditional assets in treasury management.

A Future of Institutional Bitcoin Adoption

The corporate adoption of Bitcoin as a treasury asset is poised for continued growth, especially as the current market rally pushes prices higher. As seen with Refine Group and its peers, institutional players are increasingly viewing Bitcoin as a tool for capital preservation rather than a speculative asset.

With mounting institutional interest and political support for Bitcoin adoption, it’s clear that this digital asset is becoming an integral part of the global financial ecosystem. As the cryptocurrency market matures, the role of Bitcoin in corporate treasuries will likely expand, shaping the future of digital finance.