TLDR:
Refine Group enters crypto with a new division and Bitcoin added to its balance sheet.
10 MSEK raised via a directed share issue to fund the firm’s Bitcoin-focused strategy.
João Caldas becomes largest shareholder, bringing crypto and business experience.
Refine’s board may appoint Caldas as director to support digital finance expansion.
Sweden-based Refine Group is entering the crypto space with a bold move.
The digital-commerce firm is launching a new business arm focused on digital assets. As part of this strategy, Refine will begin holding Bitcoin as a reserve asset. The company has already raised 10 million SEK to kick off this initiative.
This signals a shift as more tech companies lean into Bitcoin as a financial tool.
Refine Group Integrates Bitcoin Into Treasury Strategy
Refine announced the formation of a third business line called Digital Assets. Unlike its current focus on digital services and products, this unit will manage Bitcoin holdings. The goal is to use Bitcoin as a strategic reserve to build long-term value.
According to Refine, this approach aligns with a growing trend among global tech and e-commerce companies. The firm plans to accumulate Bitcoin gradually to strengthen its treasury. It believes this will boost financial resilience while creating new business opportunities.
To support the new strategy, Refine’s board approved a directed share issue that raised 10 MSEK. The funding round included 54.4 million shares priced at SEK 0.1839 each. This came at a 20% discount from the seven-day volume-weighted average.
The share sale was limited to select new investors and existing shareholders. Among the biggest investors is João Caldas, who has now become the largest shareholder. Caldas, known for his success in cosmetics and crypto, brings fresh capital and experience to the table.
Strategic Capital and Leadership Shift
Caldas’ involvement marks a turning point for Refine. The board plans to propose his appointment at an upcoming extraordinary general meeting. This move could further solidify Refine’s shift toward digital finance.
Meanwhile, the company emphasized that its digital-commerce operations remain a priority. It continues to focus on growth through new product launches and digital service expansion. The Bitcoin strategy is intended to complement, not replace, its core business.
The capital raise increases the company’s share count by 80%, resulting in around 45% dilution. Still, Refine sees the trade-off as worthwhile. Management stated that a traditional rights issue would have slowed the rollout and raised costs.
CEO David Wallinder explained the strategy’s intent to reinforce financial stability and innovation. By holding Bitcoin, Refine aims to diversify treasury assets and stay ahead in the evolving digital economy.
With its eyes set on Bitcoin as a core reserve, Refine enters the crypto space with a long-term vision.
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