Strategic interest in Bitcoin among European companies is on the rise. Fragbite Group AB has taken its first steps in this direction.
Fragbite's Initial Bitcoin Purchase
Fragbite Group AB, a Swedish digital entertainment company, announced the purchase of 4.3 BTC at an average price of around $112,958 per coin. This purchase, made on July 22, is worth approximately $486,000 and marks the first step in their newly established Bitcoin Treasury strategy.
Bitcoin Accumulation Strategy
The company plans to continue increasing its BTC holdings as part of a long-term accumulation strategy. Fragbite views Bitcoin as a 'strategic asset' that can strengthen its capital structure and deliver value to shareholders over the long term. 'We are both pleased and excited to have officially pressed the start button for our Bitcoin Treasury strategy,' said Patrik von Bahr, Bitcoin Treasury Director.
Trends Among European Companies
Fragbite joins a growing number of European listed firms that are exploring Bitcoin as a treasury reserve. For instance, French company The Blockchain Group was the first to adopt a BTC-treasury strategy and now holds 1,955 BTC, while UK-based Smarter Web Company has also expanded its holdings to 1,600 BTC.
The rising corporate interest in Bitcoin highlights its status as a long-term investment asset, despite price volatility.
