Swedish gaming and web3 company Fragbite Group AB has unveiled plans to incorporate Bitcoin into its treasury reserves, allocating approximately 5 million Swedish krona (roughly $530,000) to acquire the cryptocurrency.
The strategic move will be financed through the issuance of convertible bonds. The bonds are structured with a conversion price set at a 110% premium above the company’s 20-day volume weighted average stock price.
Fragbite Group’s stock price surged significantly following the announcement, gaining 64% on the Nasdaq First North Growth Market. This sharp increase reflects strong market confidence in the company’s strategic pivot.
To oversee the initiative, the company has appointed Patrik von Bahr as its new Treasury Director. Von Bahr will lead the Bitcoin acquisition and manage related treasury and financial operations.
Fragbite Group’s decision positions it alongside companies viewing Bitcoin as a strategic asset reserve, leveraging its position within the gaming and emerging web3 sectors.