Sweden-based digital trading company Refine Group has announced the launch of a new Digital Assets division, following the raising of 10 million SEK for Bitcoin investments.
Launch of the New Digital Assets Division
Refine Group has initiated a third business unit, Digital Assets, in addition to its existing businesses of "Products" and "Digital Services". With this new division, the company aims to adopt a treasury strategy involving holding Bitcoin as a strategic reserve asset.
Investment in Bitcoin and Company Strategy
The board of directors approved the issuance of directed shares worth 10 MSEK to finance the company's first Bitcoin investment. This new business unit will measure long-term shareholder value using the "Bitcoin per Share" metric, reflecting the company's growth potential through its Bitcoin accumulation strategy.
Investment Raising Measures
To raise funds for its initial Bitcoin investment, the company issued 54,377 shares at a price of 0.1839 SEK per share, representing a 20% discount compared to the weighted average price over the last seven trading days. This new Bitcoin-focused business is expected to strengthen Refine's financial position and pave the way for new partnership opportunities with institutional investors.
Refine Group's actions reflect a growing interest among institutional companies in integrating Bitcoin into their reserve strategies, highlighting the significance of this cryptocurrency in today's financial landscape.
