In a press release published recently, Refine Group revealed that it raised 10 million krona (approximately $1 million) through a directed share issuance of over 54.37 million shares, each priced at 0.1839 krona. The company plans to deploy the entire proceeds to purchase Bitcoin, making it its core reserve asset.
The initiative follows a global trend of companies adding Bitcoin to their balance sheets as a hedge against fiat currency risks and to align with web3 innovation. Refine Group’s CEO, David Wallinder, described the move as a strategic approach to strengthen the firm’s financial position and drive further innovation within digital commerce.
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“Bitcoin’s scarcity and global liquidity make it a powerful complement to traditional cash management,”
Wallinder said, adding that the company looks forward to expanding this business area in the near future.
To align with its new strategy, Refine Group will begin disclosing a new business metric – Bitcoin per share – from July 16. This aims to reflect the company’s ability to deliver long-term shareholder value through BTC accumulation.
According to Refine Group, the share issuance was fully subscribed, with Caldas Capital, led by entrepreneur João Caldas, emerging as the largest investor. Existing shareholders representing 20% of all shares and votes have requested that Caldas be appointed to the board of directors.
Refine Group now joins a growing list of Swedish firms integrating Bitcoin into their treasuries. Earlier this year, Fragbite Group, a Swedish gaming and web3 company, announced a similar BTC treasury initiative with a $530,000 share issuance. To kickstart this treasury initiative, Fragbite is currently negotiating a SEK 5 million interest-free convertible loan. The convertible instrument is expected to be priced at approximately SEK 10.00 per share, representing a 110% premium over the 20-day volume-weighted average price (VWAP).
Refine exits Bitcoin treasury in 2026, rebrands as Vetted Assets
In March 2026, Refine announced it planned to sell its Browgame Sweden subsidiary, acquire a 51% stake in direct-to-consumer company Andy Okay, and discontinue its Digital Assets business, including its Bitcoin treasury strategy.
The decision was tied to a renewed focus on fast-growing direct-to-consumer businesses rather than maintaining Bitcoin as a separate business area.
On May 22, Refine Group announced that its name had officially changed to Vetted Assets AB, with the new ticker VETT beginning trading on Nasdaq First North Growth Market Stockholm on May 25.
Vetted Assets describes itself as a group focused on acquiring, building and developing brands within digital commerce. Its strategy centres on profitable, founder-led direct-to-consumer businesses with international growth potential.
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