Another Nordic publicly listed company is focusing on Bitcoin on the balance sheet. Refine Group has in total raised 15 MSEK to strengthen the company in its Bitcoin Treasury strategy and its new business area Digital Assets.
It was just before the weekend that Refine Group announced that the Board of Directors had decided to carry out a directed issue of approximately SEK 5 million. A limited number of strategic investors and existing shareholders have subscribed the shares in the issue.
The week before, Refine Group had announced that the company would establish a third business area called Digital Assets, and then announced an issue of 10 MNOK.
“This new capital raising marks an important step in the execution of our Bitcoin Treasury strategy and the broader rollout of our Digital Assets business area,” said David Wallinder (picture), CEO of Refine Group.
Refine's other two business areas are scheduled to continue to operate in accordance with their previously communicated strategic objectives. One of Refine's key differentiating factors compared to other Bitcoin-focused companies is its underlying assets in digital commerce. As of March 2025, Refine's consolidated subsidiaries reported a pro forma revenue for the last 12 months of SEK 154 million.
