Swedish gaming company Fragbite Group has announced the establishment of a Bitcoin treasury aimed at safeguarding its financial assets. A new Treasury Director will oversee asset management.
New Business Strategy of Fragbite Group
The Board of Directors of Fragbite Group has approved a new strategy that includes managing profits to invest some corporate funds into acquiring Bitcoin. The company views Bitcoin as a hedge against inflation and a means to transform value storage.
Appointment of Treasury Director
As part of the new strategy, a new role has been created for a Treasury Director. Patrik von Bahr, the Lead Game Designer at FunRock, has been appointed. His remuneration will be performance-based, aimed at delivering value to shareholders.
Market Reaction to Business Model Changes
Following the announcement of the Bitcoin accumulation strategy, Fragbite's stock rose by 64% in the last 24 hours. The company assures that these changes will not significantly impact its day-to-day operations, which are largely decentralized.
The changes in Fragbite Group's business model mark a significant step towards adapting to a changing economy where Bitcoin may play a central role in corporate asset management.
