Fragbite Group AB (STO: FRAG), a Swedish corporate entity, saw a surge of 54.14% in its stock price on June 30. As per market watchers, the spike in prices has been backed by the approval of the company’s board to establish a new business strategy to invest in Bitcoin.
As per the press release, “ The company views Bitcoin not only as a hedge against inflation, but as a global monetary network with the potential to radically transform the way companies store value. In line with international frontrunners, Fragbite Group intends to undertake smart capital raising through instruments like convertibles in order to build a Bitcoin reserve that grows over time. The group’s existing operations are managed in a decentralized manner and are not directly affected by the new business area.”
It is worth noting that Fragbite Group aims to raise capital for Bitcoin purchase through the issuance of 0% convertible bonds worth approximately 5 million Swedish kronor.
The strategy includes offering conversion prices for the bonds at 110% premium to a 20-day volume-weighted average price, with subscription to be finalized in the future.
In the release, Patrik von Bahr, the Treasury Director at Fragbite Group, said, “ I am incredibly honoured and, above all, motivated to take on the role of Treasury Director at Fragbite Group. We believe that the KPI “Bitcoin/share” and the ability to increase it will be a fundamental way to value companies in the future. By being early movers in this paradigm shift, we look forward to establishing disproportionately much shareholder value in both the short and the long term.”
A quick overview of Fragbite Group (STO: FRAG)
When writing, Fragbite Group stock was priced at 8.38 SEK with a surge of 46.50% in the weekly time frame and added more than 90% to its price in a month.
Source: TradingView
In the intraday frame, Frag stock traded highest at 10.25 SEK and lowest at 7.70 SEK, and in the past 52 weeks, it traded highest at 65.00 SEK and lowest at 3.56 SEK.
According to the data from TradingView, Fragbite Group reported a revenue of 42.23 million SEK in Q1, 2025, with a net income of -17.16 million SEK and a net margin of negative 40.62%.
Fragbite’s 5.65 million shares are free floating, and around 1.69 million shares are closely held. The debt of the company by Q1, 2025 was 27.81 million SEK, with a free cash flow of 856.00K SEK, and Cash & equivalents were 8.27 million SEK.
As of publishing, the market capitalization of Fragbite Group is $6.56 million and has grown around 45.98% compared to the capitalization in 2024. After a back-to-back spike since the last few quarters, it was currently trading above 20, 50, 100, and 200-day exponential moving averages.
